Liberty Star Options Porphyry
Copper Targets In Arizona and a Precious Metal Target In
Nevada
Tucson,
Arizona—April 29, 2008—Liberty Star Uranium & Metals Corp. (the “Company”),
(OTCBB symbol: LBSU) is pleased to announce that the Company has leased, with an
option to purchase, three properties from JABA US Inc. in Arizona and Nevada,
USA. Liberty Star President James
A. Briscoe controls JABA US INC and Dr. J. M. Guilbert, Director of the Company,
holds a small stock position as well.
The properties in Arizona have potential for copper, moly, gold, silver
lead and zinc and are porphyry copper, targets for which Arizona is well =
known. The property in Nevada has
potential for disseminated gold and silver. Liberty Star can earn up to 100%
interest in the three properties by keeping up annual assessment work and
spending $175,000 in exploration expenditures on the properties between April
2008 and January 1, 2011. The
Company will pay JABA US Inc. a sliding scale NSR royalty from production on the
properties related to grade of metal production. The option on these properties
will give the company additional opportunities to participate in high copper,
molybdenum and precious metal prices from prospects in long established mineral
districts.
Beatty Mining District, Nevada – The
Providence Patented Mining Claim This patented mining land lies on and forms the
northeastern pit wall of the Montgomery-Shoshone (M-S) open pit, mined in the
1990s by Lac Minerals and others for disseminated gold and silver. A parallel vein system continuous from
the M-S open pit on the Providence has yet to be drill tested for disseminated
precious metal mineralization. The
Providence Mine was historically the second most productive mine in the southern
part of the Beatty mining district, after the M-S.
Silver Bell Mining District, Arizona –
East Silver Bell project -- This area is contiguous with patented mining claims
owned by ASARCO Mining LLC (ASARCO) and includes 26 unpatented lode mining
claims. They cover a previously unrecognized porphyry copper center in the
Silver Bell mining district.
Recognition of small amounts of leached capping in the Silver Bell
caldera moat structure on the far eastern end of the district led to methodical
prospecting by geochemical, geophysical, geologic and leached capping
interpretation by Jim Briscoe and Dr John Guilbert. Shallow rotary drilling by Valarie Gold
Corp. in 1996 revealed profound leached capping typical of the other ASARCO
porphyry copper mines in the district at Oxide, El Tiro and North Silver Bell
open pit mines. Drilling at that
time did not penetrate this capping, thicker than typical in the exposed part of
the district. Later, circa 1997
Kennecott Exploration drilled two rotary drill holes. One of these was lost and one penetrated
to 1,000 feet cutting sulphides and a small amount of chalcocite
enrichment. Because of low copper
prices Kennecott relinquished the ground.
Part of the mineral body may lie on ASARCO patented land. The ASARCO SX/EW (solvent
extraction/electro winning) plant is approximately 4 to 5 miles to the
west. This could be a processing
source for a heap leach or an in situ leaching operation. No grade or tonnage figures have been
developed for this mineral zone. =
The claims are within the Ironwood National Monument, which was
established after the claims were staked.
Tombstone, Arizona – Tombstone Porphyry
Center -- These claims consist of 33 unpatented lode mining claims over a
projected covered porphyry copper mineral center. Mining exploration effort over the last
two decades by Jim Briscoe together with data from studies of numerous
prospectors, geologists and mining engineers since the Tombstone mines discovery
in 1887 revealed strategic exploration
guides to mineralization in the Tombstone Hills mining districts, now recognized
as part of a large volcanic and intrusive geologic feature known as a
caldera. Several porphyry copper
with associated precious metal halos, as is typical for this type of
mineralization, has been recognized.
The old historic Tombstone mining district, adjacent to and partially
under the town of Tombstone, is recognized as a zoned porphyry system with
increasing copper and moly content moving toward post mineral cover to the east
of the town. Vintage drill hole
logs show drill holes penetrated this cover but encountered intensely hard
altered sedimentary rock (hornfels) that was too hard to be penetrated by the
churn drills of the era. This material is now thought to be overlying
replacement mineralization in limestones like that at Bisbee, Arizona
approximately 20 miles to the southeast.
Alteration halos in the old Tombstone mining area are like those of
Bisbee. A compelling drill target
for a very large limestone hosted porphyry copper replacement deposit has been
identified through geochemical sampling and computer modeling. Comparison of alteration zoning at
Bisbee with Tombstone suggests the Tombstone target is of the same magnitude. If
exploration is successful, mining projected for this target would be underground
and could produce grades of copper, molybdenum, gold, silver, lead, zinc and
perhaps other metals typical of such deposits which are in the percent ranges of
copper, molybdenum, lead and zinc and in the ounces range of silver with unknown
but potentially significant gold grade. There are no drilled mineral resources
on this property, but the target is defined enough to start immediate drill
testing.
The Company is in
preliminary discussions with potential joint venture partners on all three
properties.
ON BEHALF OF THE
BOARD OF DIRECTORS
“James A. Briscoe”
James A. Briscoe, President/Director
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 the JABA
properties
in Arizona have potential for copper, moly, gold, silver lead zinc and copper;
that the property in Nevada has potential for disseminated gold and silver; and
that we have preliminary discussions about joint venturing the
projects.
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:
mailto:info@libertystaruranium.com