First Liberty Power Corp Acquires Interest in Antimony Property
LAS VEGAS, Aug. 30, 2012 /PRNewswire/ -- First Liberty Power Corp. (OTC: FLPC) (the "Company") is pleased to announce that the Company has entered into a Stock Purchase Agreement to acquire a 40.5% interest in an Antimony property known as Fencemaker, and a related mineral processing operation intended to process the Antimony ore.
The intent of this transaction is two-fold. First, it is the Company's first major action to increase its scope of operations into additional minerals that are critical to current and emerging high-tech and alternative energy industries in the US. Second, the Antimony property represents an opportunity for the Company to have production revenue in the near term, which is expected to be less than six months. This is a major step forward towards the advancement of our top priority, which is to build a portfolio of properties and interests that will deliver returns to our investors and shareholders in both the short and long term. Additional details on the transaction are available on the Company's Current Report on Form 8-K filed with the SEC (at http://www.sec.gov/) on August 28, 2012. The Company will release additional details on the Fencemaker property shortly, and details on the potential for near term revenues.
Antimony is typically refined from stibnite ore and is used as a hardening alloy for lead, especially in storage batteries and cable sheaths, and is also used in bearing metal, type metal, solder, collapsible tubes and foil, sheet and pipes, and semiconductor technology. Stibnite itself is used for metal antifriction alloys, metal type, shot, batteries, and in the manufacture of fireworks. Antimony salts are used in the rubber and textile industries, in medicine, and glassmaking. Antimony is presently priced at approximately $12,500/MT, making it a high value strategic industrial metal, with stable and growing demand. Of particular interest is its use in battery technologies, and high tech industries.
In announcing this acquisition, CEO Don Nicholson put a particular emphasis on the opportunity to develop and re-activate the Fencemaker mine operation. "The property last produced in the 1990's on an artisanal basis and we believe that modern, efficient mining and refining methods will make this a very successful operation." Furthermore, he stated, "Our anticipation of being able to generate revenue in the near term will work to better capitalize the Company as it expands its portfolio further into the critical elements market. We are working tirelessly to increase our shareholder value and see this as an extremely positive step in that direction. While our foundation remains very firmly rooted in our Lithium properties, we will continue to actively develop these projects in conjunction with additional strategic minerals, including Antimony, enabling the Company to have multiple opportunities for near and long-term revenue streams."
First Liberty is a Nevada based mineral exploration company with a focus on the exploration, development, mining and refining of strategic industrial metals in the USA. With a foundation in lithium exploration and a recent addition of antimony mining and development, it is our vision to significantly contribute towards ensuring a domestic supply of those strategic mineral elements that are critical to current and emerging technologies. We will continue assembling a portfolio of properties and interests in several key areas, ranging in developmental to advanced stage exploration, to those being production ready.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the final outcome Lida Valley and Smokey Valley exploration / work programs, the specific nature and extent of the next phase of our exploration program, our ability to raise the necessary capital to complete our exploration program, and any mineralization, exploration and development of our mineral properties, specifically in regards to Lithium.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE First Liberty Power Corp.