Liberty Star Uranium & Metals Corp. (“Liberty Star” or
the “Company”) (OTCQB: LBSR), which holds 100% interests in
the Company’s premier exploration property for porphyry copper,
gold and associated commercial metals, The Hay Mountain Project
(southeast Arizona - Cochise County), is pleased to announce a
shareholder update and comments from the CEO. Additionally, new
travel arrangements have been set: Mr. Briscoe and Director Brett
Gross depart for Manila, Philippines, February 26th to meet a group
of mining professionals introduced to the Company by a long-time
Liberty Star shareholder, mining engineer and investor, in an
all-day meeting on Monday, March 2, 2015. The pair plan to make
multiple in-depth presentations to an audience of potential
investors that have signed binding non-compete/non-disclosure
agreements. The naseba roadshow announced in NR 193 has been
postponed.
James A. Briscoe, Chairman, CEO and Chief Geologist, offers the
following update and comments:
“At this time I feel it is important to reaffirm our goals for
the Hay Mountain Project and the company at large. The financing of
our yearlong Phase 1 drilling program at our Hay Mountain Project
remains priority one. I plan to travel to Manila, Philippines, to
meet sophisticated potential investors with this goal in mind. We
were scheduled to travel to the Middle East for a roadshow
sponsored by naseba/Naru Capital, but events there and ensuing
turmoil have intervened and I and the board of directors have
decided that I should not travel to the area until security issues
have been resolved. I have arranged with Naru/naseba to undertake
teleconference meetings with appropriate candidates from the Middle
East area for now. While Hong Kong was on the agenda and is a good
venue, we will have to put it off until more contacts have been
made.
“Let me go over some of the financial realities we are operating
under right now that have impacted the Company. Natural resource
prices have hit multiyear lows which have turned investment not
only away from our efforts, but the industry at large. I invite you
to look at the stock trading charts of any exploration or mining
company and you will see red ink everywhere. I believe this will
not last long term and that copper and gold prices must go up: if
not immediately, the trend must return to conform to the global
demand for resources that is widely acknowledged. While I am in no
position to take responsibility for this mega-trend knowledge, I do
intend to capitalize on it for shareholders when negotiating with
potential investors in Hay Mountain. Right now the cost of
exploration is depressed: it will be a sage partner who will enter
the market at its very lowest and understands the adage 'buy low,
sell high' and understands the supercycle for metal prices,
especially copper (see Don’t Get Hung Up on Short-term Copper
Prices: Lawrence Roulston, Jan 22, 2015).
“I also want to address questions that have come to my
attention:
“Question 1: Is a reverse split under consideration? I am
not considering this option at this time. Even if I did decide to
reverse split because of a new regulatory requirement or other
unforeseen reason, I would first seek approval of the shareholders
to increase the authorized capital, and there would be prior notice
through our filings with the SEC. When we progress to the drilling
stage and as the copper price rises, as it always does and will
again, I believe our fortunes will rise as well, and a rollback
will have seemed inconsequential.
“Question 2: Am I considering changing the Phase 1 drilling
program to drilling a couple of mother holes soon, using Liberty's
funds, rather than waiting for a JV? No, I think that is not a
good idea for the Company and its shareholders. My thinking stems
from my experience and the history of exploration in the area. I’ve
been involved in porphyry copper exploration and mining for 50
years. It was my good fortune to have worked directly for two of
the world’s great ore finders and lifelong business partners,
ASARCO geologists Kenyon Richard, and James Harold Courtright,
respectively VP Exploration and Chief Geologist. I’ve spent many
hours and days with these two mentors, who took time to review the
exploration histories of the discovery of Silverbell, the Mission
Mine (both in Pima County, Arizona), and many others in Arizona,
Nevada, Canada, southern Peru, Mexico, the Mother Lode gold belt,
California and the Mesquite and Cargo Muchacho gold mines in
southeast California. I spent two intensive years working in the
Silverbell mine under them where I extended and expanded the
seven-year-long drill program which had about 'six weeks' to go on
my arrival to an additional 4 years with additional drill rigs. I
found with this intimate contact with a classic operating open pit
porphyry copper mine that even a porphyry copper can have dead
spots in it. In a study I personally set up, I determined that if
Silverbell had been completely covered and had only an IP (induced
polarization study and anomaly: the primary geophysical tool at the
time) it would have required 21 holes spaced on a 1,000 foot grid,
to be sure that one intersected ore grade material.
“To hope that ‘a hole or two’ would intersect ore is a sure road
to a ‘gambler’s ruin’ and would never have been allowed under
the Richard and Courtright team management. Note it took them 27
holes into the Mission target before ore grade material was cut by
the diamond drills, resulting in the massive Mission Mine that has
now been operating 50 years with at least 30 years left. Liberty
Star will continue to pursue our careful plan that will result in a
thorough and professional test of the world-class anomaly at the
Hay Mountain Target 1. Remember, the Hay Mountain target is
projected to be a mega multiyear exploration, development and
mining project. The dimension of the geochemical and geophysical
response is 4 miles long by 2 miles wide, a permissible size to
contain a ‘World Class’ very large mineral deposit. The only way to
determine where the hot spots are is to drill diamond drill holes
to test for mineralization while confirming and honing our
geophysics, geology, and geochemistry knowledge. Rather than making
Phase 1 small and desperate, careful analysis sees the project
expanding the possible number of viable targets and the funding
requirements. One of the key attributes of Phase 1 is its economic
practicality: that would be completely destroyed if a drilling rig
was employed to only drill two holes because the drill and all of
its men and equipment is expensive to mobilize and demobilize. Also
ore grade mineralization might be missed entirely.
“Raising money is very hard in the current economic
circumstances, but given recent interest the Hay Mountain Project
has generated, certainly possible.
”We have serious interest from experienced mining professionals
that also possess the financial means to invest in Hay Mountain and
will also participate in the conceptualizing of operations there.
The invitation to present in Manila came from Mr. Tomas Malihan,
CEO & President of Oremet Corp., Mr. Angelito Doria, VP Civic
Corp., and Mr. Alfonso Doria, Philippine mining engineer and
longtime supporter and major Liberty Star shareholder. Mr. Alfonso
Doria completed a 3 day trip with me to southeast Arizona copper
mines surrounding Hay Mountain and then Hay Mountain, examining
surface outcrops, and technical documents concerning the Hay
Mountain Project. He was duly impressed with the thoroughness of
the approach and indications of the presence of a large but covered
metal source resulting in geochemical, alteration and geophysical
indications. His report of his evaluation resulted in the
above-mentioned invitation to present in Manila. In an all-day
meeting at a major hotel in downtown Manila between 10 and 20
mining professionals, including mining representatives from the
Philippines, China, and India, will listen to me and Mr. Brett
Gross, Mining Engineer, Attorney and Liberty Star Director. I will
speak extensively about the geology, geochemistry and geophysics of
Hay Mountain and why they indicate a mineral body at depth. Mr.
Gross will present an innovative and financially attractive
proposal to them for funding Hay Mountain, Phase 1 and beyond.
There will be time for detailed information transfer as well a
question and answer session.
“Multiple copper and precious metal mines are underway in
southern Arizona, primarily funded by Canadian junior to
intermediate companies. We have now been contacted, regarding
interest in Hay Mountain, by three major international mining
companies that are among the world's largest. This is indicative of
the perceived quality of the Hay Mountain Project. We hope these
expressions of interest generate visits to the Hay Mountain area,
continued due diligence by multiple parties and the eventual
signing of a joint venture agreement. This is not a quick process
to undertake a large project, but it is a beginning. We are
optimistic that even during this period of low metal prices we are
generating genuine interest and feel optimistic that a deal or
deals will be struck on Hay Mountain.”
"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; that mineral
prices will rebound; and our planned route to access partners or
funding sources. 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 attract any partners or
funding sources; we may not be able to raise sufficient funds to
complete our intended exploration, keep our properties or carry on
operations; mineral prices may not rebound in time for us to keep
our properties; and we may encounter an inability to continue
exploration due to weather, logistical problems, labor or equipment
problems or hazards even if funds are available. Even if we find a
partner, we may not be able to reach agreement or carry out the
development 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 &
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