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Liberty Star Provides 2012/2013 Exploration Plans Update
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TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (???Liberty
Star??? or the ???Company???)
(LBSR:
OTCBB) is pleased to provide an updated program for exploration
activity on its properties in Alaska and Arizona. The 2012/2013
exploration program will include:
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Phase 1 drilling on a portion of its Big
Chunk Super Project (???BCSP???) in southwestern Alaska. As announced
in NR
130, Liberty Star has engaged the services of MBGS LLC of
Anchorage, Alaska. MBGS has contracted several local vendors to
provide services including camp construction, transportation and
diamond core drilling. The initial 10 drill sites (at depths ranging
from 500 to 2,000 feet) will fulfill the Company???s statutory
obligation to provide labor or cash in lieu of labor no later than
September 1st to the State of Alaska. As funding becomes
available, the Company will undertake drilling on more sites according
to the recommendations within the SRK
Technical Report and suggested by the Phase I results. This will
take place starting about May 15, 2013 when weather conditions are
traditionally good enough to commence drilling. Depending on results,
this drilling could extend into November and restart in February 2014,
as detailed in the SRK Technical Report. This is of course depending
on a variety of factors including metal prices.
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ZTEM geophysical surveys provided by Geotech
Ltd., Ontario, Canada are planned over the Company???s Tombstone
Super Project (???TSP???). ZTEM will be flown by helicopter at a low
level over the claim areas including Hay Mountain, and Walnut Creek
and other targets. ZTEM over flight is planned in September or October
this year depending on the availability of equipment. The Company
plans to undertake Phase I drilling on its Hay Mountain claims in fall
2012. At this time one large anomaly was defined by our geochemical
sampling in the area where it was expected by compilation of previous
data. However, 4 additional targets of significant area that were not
suspected were defined in the geochemical interpretation. These are
simply identified as Targets 2, 3, 4, and 5. They are based on
anomalous copper, gold, molybdenum (moly), silver and rare earth
elements (REEs) anomalies. Drill site permits are applied for Targets
1 through 5. Up to 38 drill sites will be considered and applied for.
We estimate the process from application to the State of Arizona to
actual drilling should take 3 months, but could take longer depending
on the State???s bureaucratic process. The drill targets exist in low,
flat topography, in rather bland desert areas, and little to no road
preparation is necessary. Existing roads, most of which have been in
use for more than 120 years, will provide access close to the drill
sites. Arizona law requires archaeological reconnaissance for
historical artifacts must be completed over the Company???s proposed new
access trails; this process is currently underway. For Phase I, the
Company plans to drill up to 10 diamond core holes ranging from 500 to
1,000 feet in depth. Numerous locations are being permitted to give
the Company flexibility so that targets can be quickly adjusted based
on the results of the preceding drill hole(s) and/or a decision is
made to drill more holes. Phase 2 drill holes will also be permitted
at this time prior to actual drilling to increase the Company???s
ability to move quickly should Phase 1 results show favorable results.
States Chief Geologist James Briscoe: "We are very encouraged as the
composite geochemical anomalies for moly, gold, lead and copper are
very coherent and reflect closely the expected pattern based on the
Gilbert-Lowell porphyry copper model. Further, the aeromagnetic
anomaly we have known about for a long time falls right on top of the
geochemical pattern. Both of these anomalies are quite large, the
copper geochemical anomaly being 2.5 miles long and 1.2 miles wide.
This is large enough to represent a significant mineral body. Drilling
will tell us whether economic grade mineralization is present."
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In addition to copper, moly, gold, silver, lead and zinc, four REEs
were present in geochemical samples from the Hay Mountain claims
analyzed this spring/summer (NR
122 & NR
127). The geochemical samples stored at ALS Labs will need to be
analyzed for 13 other REEs. Further geochemical analysis, including
gathering more rock chip, soil and vegetation samples, will help
determine if REEs are present in amounts that make mining them
commercially viable.
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The Company plans to maintain payment of its North
Pipes Super Project (???NPSP???) claims for uranium and other metals
in 2012 and resume a drilling program in 2013. Several factors will
need to be considered before the resumption of drilling: suitable
uranium market prices and regulatory obstacles chief among them.
Liberty Star retains several promising targets in the Elle target area
over which VTEM geophysics were flown. Quaterra Minerals has been
successful in drilling pipes in the area with ore grade intercepts
using this type of geophysics flown at the same time frame and same
equipment time as ours. Our Elle area target with a good VTEM anomaly
may be a triple ???pipe???: large like the largest producer in the area ???
the Hack 1 and 2 mines, which was a double pipe. We have drilled a
shallow hole in this triple pipe target and intersected encouraging
indicators, strong alteration and pyrite.
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The East
Silver Bell Porphyry Copper Project and Walnut Creek, Tombstone
Mining District, AZ will be lower priority for 2012/2013. Both of
these targets, which are of significant size, will be maintained. More
detailed work in 2013 may occur as personnel become available. Other
opportunities in Arizona continue to be evaluated for future
acquisition when the time is right.
The Company plans to fund its current BCSP drilling program through
private placements and its financing arrangement with Fairhills Capital (NR
118). Liberty Star Management continues discussions with various
entities regarding short term and large scale funding of its Big Chunk
Super Project.
???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 all our planned exploration work, our planned payments
to keep properties in good standing, and that the results of our planned
work will provide good information on our assets. Factors which may
delay or prevent these forward-looking statements from being realized
include: the failure of our exploration program to identify targets; 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.
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.
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