Copper, Gold Explorer Liberty Star Receives Updated ZTEM Bid
TUCSON, Ariz.--(BUSINESS WIRE)-- Liberty Star Uranium & Metals Corp. ("Liberty Star" or the "Company")(LBSR: OTCQB) is pleased to announce receipt of a new bid for ZTEM electromagnetic (EM) geophysical studies from Geotech Ltd. ("Geotech"). The new bid is for fixed wing flight over the Hay Mountain portion of the Company's Tombstone Super Project in Cochise County, AZ. According to this latest bid, Liberty Star will see a savings of over 50% from the original helicopter borne proposal. Liberty Star is going forward with Geotech's required 50% deposit to begin the fixed wing ZTEM program within the next two to three weeks. The aircraft and staff are available within that time frame.
Total costs, including program mobilization/demobilization, the over-flight of the ZTEM survey, and reporting are $174,100.
Comments Liberty Star CEO/Chief Geologist Jim Briscoe: "While the new bid from Geotech is less than half the dollar amount of the original bid, Geotech assures us that the quality of the fixed wing program is similar to that of the original helicopter borne proposal. I have studied the Tombstone area for more than 40 years which includes numerous independent data and believe the ZTEM information will lead to information at depth below the geochemically indicated mineral bodies and thus more precise targeting for the drilling program to follow. The permitting process continues as we work on the Arizona State Land Department plans of operation requirements. One of these was submitted 4/25 with more to follow. The ZTEM does not require a permit as the airborne EM has no effect on the land. With drilling we expect to intersect porphyry copper, gold, moly, zinc and possibly rare earth elements as indicated in previous data including recent geochemical studies. The immediate task at hand is to fly the ZTEM survey. Of course continued funding remains an imperative as well."
"James A. Briscoe" James A. Briscoe, Professional Geologist, AZ CA
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 our exploration plans, that total ZTEM costs are $174,100; and that ZTEM information will lead to information at depth below the geochemically indicated mineral bodies and thus more precise targeting for the drilling program to follow. 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, keep our properties or carry on operations; there may be cost overruns; misinterpretation of data is possible; and we may be unable to continue exploration due to permitting requirements, 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.
KEYWORDS: United States North America Arizona
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