Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”)(OTCQB: LBSR) is pleased to announce Company CEO/Chief
Geologist Jim Briscoe is scheduled to visit Saudi Arabia leaving
May 23 and returning June 1. naseba extended the invitation for the
Saudi Arabia visit to Liberty Star subsequent to Briscoe’s visit to
China with naseba in October 2013 (NR 166). Preparation for this
visit has been continuous since then but required the completion of
geophysical compilation and interpretation of the Hay Mountain
porphyry copper geophysical data along with geochemistry. naseba
requested the event specifically for their Saudi clients, with the
purpose to present the Company’s Hay Mountain Project in
conjunction, at the Saudis’ request, with a unique educational
program to train and mentor young qualified geoscientists from
Saudi Arabia in the art and science of Mine Finding. Details are
found below.
The Proposed Joint Venture
Criteria and Funding, Saudi Arabia May 23 – June
1
A joint venture financing on the Hay Mountain Project for
porphyry copper, gold, silver, moly, REEs and other metals has been
requested specifically by naseba’s Saudi clients to include a
structured program of instruction and mentoring of students from
Saudi Arabia, in the science and art of mineral exploration in
order that they will become Mine Finders for Saudi Arabia. Liberty
has agreed to such an educational and mentoring program and through
past experience has that expertise.
Funding of Hay Mountain drilling program
through ore definition and Bankable Feasibility Study Leading to
ProductionRequired capital funding for the Hay Mountain Project
would be Phase 1 drilling at US $5.5 million for 20,422 meters
(67,000 feet) of HQ diamond core drill hole to be expended in the
first year to verify the presence of ore grade mineralization. Post
phase 1 drilling activities in the amount of US $60 million
including 204,000 meters (670,000 feet) of HQ diamond drill core
are to be drilled over the next three years. Assuming success in
defining a mineral resource, permitting, metallurgical studies,
mine planning and plant design would quickly follow as would a
Bankable Feasibility Study, which would be completed at the end of
year five. Production would follow and is projected to be attained
in the seventh year.
Mine Finding Instruction and Mentoring
ProgramThis program would proceed simultaneously with the
drilling of the Hay Mountain Project, and would be conducted with
Mine Finding geoscientists, with particular expertise in specific
types of mineral deposits and geologic terranes. Jim Briscoe will
oversee both projects but the work will be accomplished by
others.
The program will be of one year duration and
be a hands-on physical visit and study of ore deposits and the
alteration and geochemical zoning that reveal their presence. This
will also include tours of active and dormant, mines and mills and
metallurgical plants i.e. smelters and electrowinning plants and in
situ leaching for uranium & copper. Arizona has examples of all
of these for copper-gold-moly deposits. But it also has many other
types of deposits. They are prevalent all over Arizona and too
numerous to mention here, but include the Precambrian window in the
central part of the State, exposing layered mafic intrusives with
classic mineralization, volcanogenic massive sulfide deposits of
copper zinc and other metals at Jerome, Arizona, distal Precambrian
gold and base metal deposits, associated with the Jerome system.
Additionally roll front uranium-copper and silver in the northeast
part of the State, and rich breccia pipe uranium and associated
poly metallic mineralization in the Grand Canyon area.
During the year of instruction a six day work
week will be maintained. As an average, four days per week will be
dedicated to field trips and two days will be dedicated to
equipment, software training and lectures pertaining to mineral
deposits and ore finding techniques, extractive metallurgy and open
pit, underground mining of various types and in situ leaching
techniques.
Most of the western USA states will be
visited to look at different types of deposits including diamonds
in Wyoming, platinum in Montana, gold deposits of several different
types in California and Nevada, exposed rare earths in New Mexico
and so on. All of these metals/minerals may be present in Saudi
Arabia. We plan to also visit the home office of Geotech in Aurora,
Ontario, Canada where the students will be trained in the
understanding of the ZTEM geophysical technique that has been so
successful at the Hay Mountain Project, Arizona.
We expect to cover about 80,000+ km (50,000+
miles) road miles with geologic guide books available for most of
that travel and at destination points, and visit about 200 mines
and mineral deposits, and associated infrastructure. The western
USA is about the same size as Saudi Arabia which, if overlaid on
the map of the USA would cover the area from the Mexican border to
the Canadian Border and the Pacific Ocean to the eastern borders of
Wyoming – New Mexico. The mineral endowment of Saudi Arabia, mostly
never explored since early Egyptian, and Greek-Roman times, may
have a similar mineral endowment to the western USA though this is
not known until it is scientifically explored. Qualified experts
will number about 50 and will be retained by Liberty Star to guide
and give field lectures on each mine or mineral/geologic
feature.
Cutting Edge Mineral Exploration Equipment
for the Saudi StudentsLiberty Star will arrange for each
student participant to be equipped and trained by Liberty Star’s
experts, on the most recent sophisticated personal mineral
exploration equipment currently available. This equipment will
become part of their personal field gear to be used in the field
trip examinations and exercises. At the end of their one year study
period it will be shipped with them on their return to Saudi Arabia
for immediate use in their Mine Finding work. The last month of
their training in Arizona will be dedicated to their work to design
an effective exploration program in their home area, under the
mentoring by the experts of the Liberty Star team.
Continuing Education and Mentoring
ProgramThe mentoring by Liberty Star will continue as long as
needed. Because of the availability of the Internet and the
computers, cameras and other visual software/hardware acquired for
the students as part of the Mine Finding program, communication by
any of the students to their Liberty Star mentors will be quick and
easy. Further it is estimated that two trips per year of one or two
weeks’ duration will be made for an in person field examination and
mentoring, by one or more of the Liberty Star team members. Because
of the relations established during the training program, it is
expected that the association and mentoring could continue for many
years, on a consulting basis, for many of the Mine Finder experts
from Liberty Star.
It is also proposed that the instruction
program under Liberty Star will train a class of new students each
year for the next 10 years, resulting in a core of 200 fully
equipped and trained Mine Finders in Saudi Arabia. This is similar
to the number of geologists in exploration hot spots in the USA
such as Tucson or Reno or Elko, Nevada or Denver, Colorado, or
various centers in Canada. This crop of 200 Mine Finders will be
able to train additional geologists in the region in the art and
science of Mine Finding in future years. It is believed the
training program will allow a full stream of new mineral
discoveries to meet the needs of Saudi Arabia for internal
consumption and export in the future, by the Mine Finder students.
Liberty Star proposes this will have mutual benefits beyond Hay
Mountain in both the USA and Saudi Arabia, for both Liberty Star
and the Saudi venture partner(s).
Comments Briscoe: “One package, two projects--The joint venture
proposal fulfills two purposes efficiently and at a low cost in an
environment that fosters Mine Finding education and copper mines.
We have the experience and expertise to administer the Mine Finders
program and the drilling & development of Hay Mountain
simultaneously. We hope that our proposals are accepted and that we
can do both projects.”
Naru Capital, a division of naseba, has organized meetings for
Mr. Briscoe in Riyadh, Jeddah, and Dammam and has pre-qualified
attendees.
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ
CACEO/Chief GeologistLiberty Star Uranium & Metals Corp.
Forward-Looking Statements
Statements in this news release that are not historical are
forward-looking statements. Forward-looking statements in this news
release include our entire planned drilling program and our planned
instruction 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
exploration 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 the
instruction program 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.
Agoracom Investor
Relationslbsr@agoracom.comhttp://agoracom.com/ir/libertystarorLiberty
Star Uranium & Metals Corp.Tracy Myers, 520-425-1433Investor
Relationsinfo@LibertyStarUranium.comFollow Liberty Star Uranium
& Metals Corp. on Facebook, LinkedIn & Twitter
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