TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”) (OTCQB: LBSR) is pleased to announce that one international mining entity and three domestic investing groups have expressed interest in continuing due diligence and possible negotiations for financing Phase 1 drilling, on the Company’s Hay Mountain Project in Cochise County, southeast Arizona. Another company has expressed an interest in the North Pipes Project for uranium and other minerals in northern Arizona. In all cases, these are preliminary expressions of interest but these discussions are underway.
Liberty Star’s Hay Mountain Project (13.45 sq. miles) is located 15 miles northwest of the Bisbee Mining District and shares geologic traits with that area as direct similarities. Hay Mountain has direct similarities to other nearby Arizona porphyry copper deposits as well, including the Mission Pima Mine (ASARCO) which was discovered by drilling into a strong magnetic anomaly like the anomaly over the geochemical anomaly at Hay Mountain, the Silver Bell Mine (ASARCO), the Christmas Mine, the nearby Johnson Camp (Nord Resources), the I-10 porphyry copper, and the recently announced Hermosa Project mine south of Tucson (Wildcat Silver). A successful discovery was recently announced using the almost exact procedures (geochem followed by ZTEM and drilling) at the Balboa porphyry copper at the Cobre Panama Project in central Panama.
Hay Mountain Exploration highlights include:
- Geochemical anomalies indicative of a covered porphyry copper-gold-silver-moly mineral zone (NR 104)
- Geochemical testing indicative of a large (7 to 9 square mile) rare earth elements anomaly (NR 122)
- Ten target areas mapped via data provided by ZTEM geophysical/electromagnetic surveys (NR 170)
- A technical report recommending a phased drilling program
- Budgets and plans call for Phase 1 drilling at a budget of $6.5 million, followed on success of Phase 1 by a Phase 2 drilling program - $59 million of three years duration (24/7/365) to define an economic mineral zone.
Comments Jim Briscoe, Liberty Star’s CEO/Chief Geologist: “We have been very busy working on the follow-up from my Middle East travels (NR 183) and working on permitting. Now I have additional interested parties to talk to. The Hay Mountain Project is ready for drilling once we can obtain full financing for Phase 1 drilling. We haves plans set in place to fully mobilize for our innovative, cost efficient and environmentally sensitive drilling program as soon as we receive sufficient funding. We will also be working aggressively to finalize a draft agreement for the North Pipes uranium program.”
“James A. Briscoe” James
A. Briscoe, Professional Geologist, AZ CA
Liberty Star Uranium & Metals Corp.
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that the Hay Mountain Project is ready for drilling once we can obtain full financing for phase 1 drilling; that we can fully mobilize for our innovative, cost efficient and environmentally sensitive drilling program as soon as we receive sufficient funding; and that we will also be working aggressively to finalize a draft agreement for the North Pipes uranium program. Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals to be accepted; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and an inability to continue development due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if our proposal is accepted, we may not be able to carry out project development as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.