Liberty Star Receives Funding for Hay Mountain ZTEM
TUCSON, Ariz.--(BUSINESS WIRE)-- Liberty Star Uranium & Metals Corp. ("Liberty Star" or the "Company") (LBSR: OTCQB) is pleased to announce that it has completed a non-brokered private placement with a private US accredited investor for proceeds totaling USD $50,000. There was no brokerage commission paid.
The Company will use the funds for payment toward the current ZTEM survey program over Liberty Star's Hay Mountain property. With this funding, the ZTEM program announced in NR 152 will be paid in full. Geophysical electromagnetic and magnetic data collected by the ZTEM survey will be processed and interpreted by Geotech Ltd. in collaboration with Liberty Star within about two weeks after the overflight of the Hay Mountain property and its environs. Porphyry coppers, other mineral bodies and geologic features have distinctive characteristics which can be detected and interpreted by ZTEM technology which allows modeling or "seeing" conductive or resistive features from a few hundred feet (100 meters) to depths as much as 6,000 feet (2,000 meters).
Current Hay Mountain ZTEM survey update:
Geotech has sent word that the survey aircraft has left the Toronto area today and is expected to arrive in Sierra Vista, Ariz., about Saturday, June 8th. There will be about three days setup of ground geophysical recorders and base camp computers. When that is complete the ZTEM overflight should begin, barring unfavorable operational or weather issues.
"James A. Briscoe" James A. Briscoe, Professional Geologist, AZ CA
Liberty Star Uranium & Metals Corp.
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 will be flown over the entire Hay Mountain anomaly area; that ZTEM will be processed by Geotech within two weeks. 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 Canada Arizona
The article Liberty Star Receives Funding for Hay Mountain ZTEM originally appeared on Fool.com.