Copper, Gold, REE Explorer Liberty Star Operations Update, Southeast Arizona
TUCSON, Ariz.--(BUSINESS WIRE)-- Liberty Star Uranium & Metals Corp. ("Liberty Star" or the "Company")(LBSR: OTCQB) is pleased to announce a tentative schedule beginning in mid- to late April for a ZTEM airborne electromagnetic survey over the Company's Hay Mountain claims in Cochise County, Arizona. Liberty Star has set up a separate operating account for the Hay Mountain portion of the Tombstone Super Project and has deposited $50 thousand in that account. Additional funds will be directed into this account to pay for ZTEM, geochem and diamond drilling. Geotech believes that electromagnetic conditions will be good for the airborne survey as early as mid- to late April. The helicopter borne flight will take about a week, assuming good weather. Modeling and analysis of the data will take approximately 2 weeks.
Other highlights for the 1st quarter 2013:
Operational overhead has been substantially reduced. The Company no longer maintains offices separate from the Kolb Rd. warehouse, and the small headquarters office at Sutler Lane, central Tucson. A new accounting firm has been engaged based on its competitive pricing and specialization in the small cap and mining industries. These and other measures will save approximately $150,000 per year in operating overhead.
The second archeological study announced in NR 148 (Feb 22 "Liberty Star Completes Archeological Study on Hay Mountain MEPs") has been completed and has been sent to the Arizona State Land Department in order that we can obtain permits for geochem sample collection and future drill siting if warranted in our northern most MEPs (Mineral Exploration Permits). No archaeological remains were identified in this survey.
Comments CEO and Chief Geologist Jim Briscoe: "By cutting costs on an already lean operation and judiciously drawing down on the Deer Valley funding we are able to move ahead at Hay Mountain. ZTEM will allow us to manage our targets efficiently and at a substantially lower cost than without it. I was an early adopter of ZTEM technology, which is now almost a standard procedure for porphyry copper targets throughout the world."
About Hay Mountain, Southeast Arizona
The Hay Mountain block of the Tombstone Super Project (Cochise County, Arizona) consists of 57 unpatented federal lode mining claims in addition to 15 Arizona State Mineral Exploration Permits (MEPs). MEPs are the first step in completing an Arizona State Land Mining Lease. The Company has completed the required assessment work to hold the MEPs. This land position covers a geologically, geophysically and geochemically indicated, completely covered, porphyry copper-moly-silver-gold, and rare earth elements mineral center. One major target within the Hay Mountain claim block is defined along with four other smaller targets. Liberty Star has recently discovered a large intrusion - indicated by an aerially extensive low flight level magnetic survey - under and partially exposed in and around the Tombstone caldera (NR 129). Mineralization is clearly associated with this intrusive body.
"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 ZTEM airborne and modeling can be completed within 3 weeks, that airborne ZTEM will start shortly; and that we will have sufficient funds to carry out our intended program. 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; 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
The article Copper, Gold, REE Explorer Liberty Star Operations Update, Southeast Arizona originally appeared on Fool.com.
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