Liberty Star’s Hay Mountain Project Update
December 03 2013 - 09:40AM
Business Wire
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”) (OTCQB: LBSR) has an update on its premiere
copper-gold-moly-REEs (rare earth elements) Hay Mountain
exploration project in Cochise County, southeast Arizona.
- 2D inversion ZTEM report received and
geochem, geology, drill holes map(s) overlays on the ZTEM model are
ongoing and nearing completion. As soon as the images have been
completed and interpreted they will be submitted to SRK for
assessment and inclusion in the “Technical Report on Exploration,
Hay Mountain.”
- The company has concluded an equity
financing for net $215,000 general operating funds (11/26/2013 Form
8K).
- Liberty Star expects to start
negotiations soon on a mutual non-disclosure non-compete letter
with a major global mining company that may lead to talks and
perhaps a joint venture regarding the development of the Hay
Mountain Project.
Briscoe’s summary of current events and future planning:
“All of our hard work continues to bring the
Hay Mountain story to the attention of the international mining
community. While financing has been difficult we are able to speak
with growing confidence about what we are seeing at Hay Mountain.
The Company also has accepted a detailed budget for our plan of
exploration from Mr. Gene Rosenlund, geologist and our financial
planning consultant. This plan is for the next four years of
projected drilling on a 24/7/365 aggressive schedule, assuming
availability of funding through a joint venture partner(s) and
successful drill results. The development plan envisions an
expenditure of $65 million in drilling of 737 thousand feet of core
over four years. Year one would be for $6.1 million and would yield
67 thousand feet of diamond core drilling. Costs and timing were
compiled by Rosenlund over the last six months and include 5,000
lines of details using Microsoft Project software, Gantt chart
projections. The chart data can be updated from 'projected' to
'actual' and Rosenlund will do updating every day from data
supplied electronically from the project site. Community outreach
and preliminary permitting will start with the drill program. Post
initial drilling, years five, six and seven will be occupied with
additional permitting, mine design and construction. At this
current stage only extensive drilling will prove a minable mineral
body. But if an ore body is proven, we will use innovative
contemporary design and construction techniques as presented by
myself at the Nuclear Regulatory Commission (NRC) annual meeting in
Denver, Colorado seven years ago. This approach assures that water
or other fluid will not ever leave the mine site, nor dust, noise
or light (except a minor glow visible from aircraft).
Rehabilitation of the surface with native plants will take place
concurrent with mining so that when the last ton of mined material
is removed the last planting will be done and the overburden
storage will look like the surrounding land and be covered with
mature native vegetation. During the mine life and thereafter the
operation will be essentially invisible.
“There is a lot of work to be done between
now and then but all is technically feasible as confirmed by our
environmental consultants with the definition of potential for an
ore body suggested by our technical data.”
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ
CACEO/Chief GeologistLiberty Star Uranium & Metals Corp.
Safe Harbor
Statements in this news release that are not historical are
forward looking statements. Forward-looking statements in this news
release include our plans regarding Hay Mountain and potential
funding of Liberty Star’s Hay Mountain Project.
Factors which may delay or prevent these forward-looking
statements from being realized include: our inability to agree with
a potential investor on terms of their participation in the Hay
Mountain Project or any project; we may not be able to raise
sufficient funds to complete our intended exploration or carry on
operations; an inability to continue exploration due to weather,
logistical problems or hazards even if funds are available. Despite
encouraging data, there may be no commercial minerals in our
projects. 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.
Agoracom Investor
Relationslbsr@agoracom.comhttp://agoracom.com/ir/libertystarorLiberty
Star Uranium & Metals Corp.Tracy Myers, 520-425-1433Investor
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