TUCSON,
Ariz.--(March 26)--Liberty Star Uranium
& Metals Corp. (the “Company”) (OTCBB: LBSU -
News) is
pleased to announce that there have been many positive changes in the mineral
property surrounding the Company’s extensive holdings
adjacent to the Pebble mineral deposit at the Big Chunk project over the last
year and as recently as about one month ago. Therefore the Company will begin
immediately to seek joint venture partners from the international community of
global mining companies to fully explore our extensive property for Porphyry
copper-gold-moly deposits and for disseminated volcanic hosted gold
deposits. Our
extensive technical studies show anomalies related to potential for both these
types of deposits on our land (NR 35).
Four major
GLOBAL mining companies are now associated with the area and more than a billion
dollars are slated for rapid development of the Northern Dynasty Mines (NDM)
Pebble Porphyry copper-gold-moly deposit. Liberty Star controls about 177 square
miles (the only non-joint ventured land) in a block covering almost a thousand
square miles of mineral claims. The Company’s southern
border of its northeastern arm abuts NDM land and is about two miles north of
the Pebble mineral deposit (see map).
Extensive technical studies by the Company show the mega structures the Company
believes are responsible for all mineralization in the area including the
Pebble. There are numerous anomalies, of various types generally associated with
such mineralization, on Liberty Star land including drill targets just north of
our common boundary with NDM. For scientific reasons the Company believes it
possesses the best exploration land available, outside the NDM property, which
is why the Company acquired it in December 2003.
About a
year ago the Company put its Alaska project on hold until environmental
challenges had been resolved, and results proved worth management’s time, effort and expenditures. Since that time four major
companies have moved into the area taking up positions on all land surrounding
the Company’s Big Chunk claims. These companies include
Rio Tinto, 19.8% owner of Northern Dynasty as announced January 30, 2007. Anglo
American announced on August 1, 2007 that they would buy into a 50:50
partnership on the Pebble Project with Northern Dynasty by contributing up to
$1.43 billion towards engineering, permitting and construction of the Pebble
mine. Anglo and NDM state that Pebble is becoming the largest Porphyry
copper-gold-moly resource in the world with about 4 billion tons of mineralized
rock averaging 1.32% copper equivalent grade; that pre-feasibility studies are
expected by December 2008, a feasibility study by 2011 and commencement of
commercial production by 2015, according to the NDM news release Monday, =
February 25, 2008. NDM continues drilling with mineralization open at depth, to
the south and to the north. Further, Japan’s Mitsubishi
invested in NDM and owns 9.1% as of their announcement February 14, 2008.
Adjacent to the outer boundaries of the NDM claims and in the center of the NDM
and Liberty Star property over the resurgent dome of the Big Chunk Caldera,
Freeport McMoRan has optioned lands belonging to Full Metal Minerals
(see map).
The five
mining companies including NDM, Rio Tinto, Anglo American, Mitsubishi and
Freeport McMoRan control all the land. The only non-joint ventured land is that
belonging to Liberty Star – which occupies the
continuation of the caldera moat structure which the Company believes localizes
the more than five mineral centers including the Pebble deposit on NDM land
(NR 35). The
company performed extensive and extremely detailed aeromagnetic surveys over the
entire land area including about 1,400 square miles (NR 2),
performed and compiled extensive geophysics (IP) and collected 11000 geochemical
samples analyzed for 63 elements over all of the caldera including all lands
(NR 11).
Thirty-one Diamond core holes were drilled, many with anomalous results
(NR 9, 25 & 35). An
independent caldera expert verified the presence of the Big Chunk Caldera
(NR 25). The
company believes this is the most comprehensive database of technical studies
over the entire region.
The
Company will move forward as rapidly as possible to present the Company lands
for consideration for joint venture to large global mining companies beginning
immediately.
ON BEHALF
OF THE BOARD OF DIRECTORS
“James A. Briscoe”
The Company currently holds
707 State of Alaska 160 acre mineral claims, spanning about 177 square miles
centered 25 miles northwest of the village of Iliamna on the north shore of Lake
Iliamna. The Big Chunk claims adjoin Northern Dynasty's Pebble Project on the
north and west borders, forming a large half-donut shape. Included is the
Baltusrol block about 8 miles north, which covers a large area of Porphyry
copper mineralization. Three properties held by Liberty Star, Northern Dynasty
and Full Metal Minerals cover the entirety of the Big Chunk caldera, the =
volcanic-intrusive feature thought to be the source of mineralization in the
area. For many decades it has been known by geologists that Porphyry
copper-gold-moly deposits occurred in clusters. It is now well recognized that
this clustering is related to very large explosive volcanic features known as
calderas. The circular moat structure in a caldera is frequently mineralized.
Examples of mineralized caldera moat structures or caldera edges include Silver
Bell AZ, Round Mountain, NV, Tombstone AZ, Mission–Sierrita mining District, AZ. The similarity of the Pebble
mineral pattern published by Northern Dynasty Mining in 1973 led geologist Jim
Briscoe to recognize its similar pattern to the Silver Bell AZ Porphyry
copper-moly deposits on the moat structure of the Silver Bell caldera and
resulted in the land acquisition by Liberty Star along the moat structure of the
Big Chunk Caldera, which includes the Pebble deposit.
SAFE HARBOR
STATEMENT
Statements in this news
release that are not historical are forward-looking statements. Forward-looking
statements in this news release include that we will seek joint venture partners
from the international community of global mining companies to explore our
extensive property for Porphyry copper-gold-moly deposits and for disseminated
volcanic hosted disseminated gold deposits; that we believe we possess the best
exploration land available, outside the NDM property. It is important to note
that the Company’s actual outcomes may differ
materially from those statements contained in this press release. Factors which
may delay or prevent these forward-looking statements from being realized
include misinterpretation of data; that we may not be able to get any major
mining company or any other potential partner interested in joint venturing
exploration of our properties; we may not be able to get equipment or labor as
we need it; that we may not be able to raise sufficient funds to complete our
intended exploration; that weather, logistical problems or hazards may prevent
us from exploration; that equipment may not work as well as expected; that
analysis of data may not be possible accurately and at depth; and that despite
encouraging data there may be no commercially exploitable mineralization on our
properties. Readers should refer to the risk disclosures outlined in the =
Company’s recent 10-KSB and the Company’s other periodic reports filed from time to time with the
Securities and Exchange Commission.
Contact
Tracy
Myers
AGORACOM.COM, The Small Cap Epicenter
Investor
Relations = http://www.agoracom.com/ir/libertystar
Liberty Star Uranium & Metals
Corp.
lbsu@agoracom.com
Phone (520)
731-8786
info@LibertyStarUranium.com
http://www.LibertyStarUranium.com