TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (the “Company”) (OTCBB:LBSU) is pleased to announce the Company will initiate a shallow drilling program to test five additional breccia pipe targets to define geological indicators associated with breccia pipes. A fifty percent interest will be transferred to JV Partner XState Resources of Australia (XST:ASX) under an amended Joint Venture Agreement (JVA) for funding this program. Geophysical and geochemical analysis will follow the shallow drilling. Deep drilling will be conducted on targets that yield favorable results from the shallow drilling program. The Helvia target has favorable indicators obtained from the last drilling program and is also being considered for deep drilling.
The estimated duration of the shallow drill program is 35 days and will begin in early June to mid-June.
The Company continues to seek joint venture partnerships or alternative favorable financial arrangements on numerous targets within the North Pipes Super Project and its other exploration projects: Big Chunk Super Project in Alaska, the Providence Project in Nevada’s Beatty Bull Frog Mining District, the East Silver Bell Porphyry Copper Project, and the Tombstone Porphyry Center Project in southern Arizona. Of these, Confidentiality Agreements have been signed with major mining companies for Big Chunk, and discussions are in progress on Providence and Tombstone.
ON BEHALF OF THE BOARD OF DIRECTORS
“James A. Briscoe”
James A. Briscoe, President/Director
About the Liberty Star North Pipes Super Project
The breccia pipes are part of the large uranium bearing breccia pipe terrain, which occurs on the Arizona Strip lying just south of the Utah border. Eight mines were brought into production during the 1970s and early 1980s on deposits discovered within the immediate area. The uranium bearing pipes which were mined are the second highest grade uranium mineral deposits in the world and the highest grade in the United States. Previously mined mineralization in these pipes has graded about 0.6% to 0.7% uranium or about 12 to 14 pounds per ton. In addition to uranium they are known to contain copper, zinc, silver, vanadium, cobalt, nickel, molybdenum, gallium, germanium and other metals. Past producers have recovered copper, silver and vanadium as by-products of uranium mining. Liberty Star Uranium & Metals holds about 300 pipe targets, approximately 40% currently identified total. Approximately 22 other companies hold the other approximate. The Company holds numerous