The acquisition was completed by the merger of the Company's subsidiary, Liberty Star Acquisition Corp. ("Liberty Star Acquisition") with Liberty Star Gold Corp. ("Liberty Star Nevada"). Liberty Star Nevada was a Nevada corporation owned by Alaska Star Minerals LLC ("Alaska Star Minerals") prior to the merger. Alaska Star Minerals is an Arizona limited liability company, 50% owned by Liberty Star President, James Briscoe. The merger became effective February 3, 2004, leaving Liberty Star Acquisition as the surviving corporation. 17,500,000 shares or 46.6% of the 37,500,000 outstanding Company's common stock was issued and allocated to Alaska Star Minerals as the sole shareholder of Liberty Star Nevada. Subsequent to the merger, Liberty Star Acquisition was merged into the Company through a parent/ subsidiary merger completed pursuant to NRS 92A.180. This parent/ subsidiary merger was completed effective February 5, 2004. The Company's name was changed to "Liberty Star Gold Corp." in connection with the completion of the parent/subsidiary merger.
The Company currently holds 981 mineral claims, spanning 237 square miles in the Iliamna region of Western Alaska. These claims are held by the Company's subsidiary, Big Chunk Corp., an Alaska corporation ("Big Chunk"), named as such due to the enormous size of the property. Big Chunk was originally a subsidiary of Liberty Star Nevada and was acquired by the Company through the Liberty Star Nevada merger. The Big Chunk claims adjoin Northern Dynasty's Pebble Project on the North border, forming a large donut shape and adjoining their border to the Southeast.
Porphyry copper-gold specialist Mr. Jim Briscoe, President of Liberty Star Gold Corp., states, "Liberty Star is in the unique position to be holding this substantial land position, in what is believed to be the largest porphyry mineralized system in the world. Pattern recognition through a variety of geologic procedures including satellite imagery interpretation, geomorphology or the study of land forms, geologic compilation, structural interpretation and relation to known porphyry systems led Mr. Briscoe to recognize that the Pebble alteration zone was part of a much larger feature. This feature is an ancient volcanic structure known as a caldera. Recently it was recognized that porphyry mineralized alteration zones occupy the ring structure of such calderas. Gold, copper porphyry experts have known that where there is one porphyry mineral deposit frequently others are discovered. This result is known as a porphyry cluster. The Highland Valley of British Columbia is a good example. It is now known that the clusters are largely due to porphyry mineral zones in caldera ring structures. Recognizing the ring-like structural extension of Northern Dynasty Minerals Pebble alteration zone has led to the acquisition of the large Liberty Star claim block, the Big Chunk.
Additional geophysical, geochemical, and geological studies will be undertaken in a sequential manner in the near future. Liberty Star plans to implement this initial exploration program during the late winter and spring. Commencement of a preliminary drill program is anticipated to begin during the summer field season. The ability of the Company to undertake this exploration program is subject to the ability of the Company to achieve additional financing, of which there is no assurance.
The Company's board of directors have been re-constituted in connection with the completion of the merger. Mr. James A. Briscoe, Mr. Jon Young and Dr. John M. Guilbert are now appointed as directors. Mr. Chen (Jason) Wu and Mr. Paulo Martins have resigned as directors. The Company's board of directors will now be comprised of the following individuals: Mr. James A. Briscoe, President, Chief Executive Officer and Chairman; Mr. Jon Young; Dr. John M. Guilbert; and Mr. Gary Musil.
Biographical information on each of the Company's new directors is provided as follows:
Mr. James A. Briscoe
Mr. James A. Briscoe, P. Geo. and Chairman of the Board, is one of the chief founders of Liberty Star Gold Corp. Mr Briscoe's involvement in mineral exploration and discoveries spans over 40 years. He is a Registered Professional Geologist in the States of California and Arizona since 1969 and 1972, respectively. Credited with expanding porphyry copper ore reserves at Silver Bell, Arizona, and identifying major gold deposits in the Randsburg District in California, he was also instrumental in the discovery of the large disseminated McDermitt open-pit mercury mine in Nevada. Mr. Brisco co-discovered and co-owned the Wind Mountain gold-silver mine in Nevada and has served as either an officer and or director of three other publicly trading exploration and development companies.
Mr. Jon Young
Mr. Jon Young, CPA, ABV, CVA -- CEO of Oracle Capital, President, Young Accounting, and Strategically Allied with Beach Fleischman Accountants, Southern Arizona's largest accounting firm. Mr Young brings a broad range of business and accounting experience.
Dr. John M. Guilbert
Dr. John M. Guilbert currently holds the position of Professor Emeritus at the University of Arizona. Dr. Guilbert is a world-renowned and award-winning geologist & author. He is the co-developer of the Lowell-Guilbert porphyry copper model, and recipient of mining's two most prestigious awards back to back (the R. A. F. Penrose Medal and the D. C. Jackling Award). Dr. Guilbert has served as a director on two TSX Venture companies and now brings his extensive exploration experience to Liberty Star Gold Corp.
ON BEHALF OF THE BOARD OF DIRECTORS,
James A. Briscoe
This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's expectations and beliefs, and involve risks and uncertainties. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Key factors that could cause actual results to differ materially from those described in forward-looking statements are:
(i) the inability of the Company to obtain additional financing to fund its planned geological exploration program;
(ii) the inability of the Company's planned exploration program to identify commercially exploitable mineralization on the Alaska mineral claims;
(iii) the cost of completion of the Company's planned exploration program.
Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.