div class="entry-content" itemprop="articleBody">
TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (???Liberty
Star??? or the ???Company???)
(LBSR:
OTCBB) is pleased to announce that the Company has entered into an
Agreement for Exploration Services (???Agreement???), including encampment
construction, operation and diamond core drilling services, with MBGS
LLC (???MBGS???) of Anchorage, Alaska, for work at the Company???s Big
Chunk Super Project (???BCSP???). The camp is to be established in the
center of the Big Chunk South block. This agreement will be the first
step in Liberty Star???s long-term objective of engaging and working with
the Alaskan native people in a true business relationship.
An exploration camp is in the process of being set up on a 40 acre
Alaskan Native allotment, owned by the principals of MBGS, which lies in
the approximate center of the Big Chunk South Claim block. All field
mobilization will be centered on this camp facility which will include
all the typical amenities such as secure and comfortable accommodations,
water, power, cooking facilities and so forth. Fuel and aircraft landing
facilities will also be provided, as will Internet computer
communication. As this camp will be proximate to all drill targets in
both North Big Chunk and South Big Chunk, we foresee that its usefulness
will span potentially many years. We believe that substantial cost
savings will result from reduced aircraft usage because of proximity to
drill targets. There is plenty of room for expansion, and nearby large
lakes are available for the landing of pontoon equipped aircraft of any
size. The first phase of the Agreement??for exploration services is
scheduled to run from approximately August 1 through September 2012. We
anticipate this agreement will be successful and continue for many
years. Among MBGS???s responsibilities is to obtain AK State mandated
permits and complete diamond core drilling of HQ size for at least 10
drill holes at a depth ranging from 500 to 2,000 feet.
The location of the drill holes is the result of careful analysis of
several data sets: detailed aeromag work contracted by Liberty Star in
early 2004, interpretation of geochem work completed by the Company in
2004-2005 by members of Liberty Star???s Technical
Advisory Group, recommendations made within the 2010 SRK
Technical Report covering the BCSP, original and completely
reprocessed ZTEM geophysics imaging provided by Geotech
LTD. (NR
128), and evaluation by Liberty Star???s Chief Geologist James A.
Briscoe and Liberty Star Technical Advisory Board Member Dr.
Erik Murdock.
Comments James Briscoe: ???The work we plan to undertake at Big Chunk
fulfills our obligations to complete labor on our claims for this year
and several years ahead and sets us on a path to engage in a drilling
program that I believe will confirm that Liberty Star owns lands that
will have commercially important quantities of copper, gold and moly [molybdenum].
The manager of MBGS, Jim Stevens, is an Alaskan native, a very
experienced contractor and entrepreneur, a lifelong resident of, was
born and grew up in the area. He conceived this approach over the last
year and a half, along with my suggestions. We believe he will head the
best operation to complete the program quickly and efficiently over the
near and long term. We look forward to working with this Alaska native
corporation.???
???James A. Briscoe??? James
A. Briscoe, Professional Geologist, AZ CA
|
CEO/Chief Geologist
|
Liberty 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: that the camp may be useful for years and could
result in cost savings; that MBGS can obtain drilling permits; and that
we have commercially important quantities of copper, gold and molybdenum.
Factors which may delay or prevent these forward-looking statements
from being realized include; we may not be able to raise sufficient
funds to complete our intended exploration 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. 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.