LAS VEGAS, Aug. 21, 2012 /PRNewswire/ -- First Liberty Power Corp. (OTC: FLPC) (the "Company") is pleased to announce an update on the Company's properties, and also our expanded plan for the exploration, development, mining and refining of strategic industrial metals in the USA.
Currently, we have a 95% option interest in two lithium brine properties; these properties are in a stage of development ranging from intermediate to advanced exploration with an ultimate goal to extract and refine Lithium brine. This type of deposit is globally recognized as the most economic and productive means of producing lithium. Lithium and its compounds have several fundamental commercial applications, including heat-resistant glass and ceramics, greases, high strength-to-weight alloys, pharmaceuticals, thermoplastic, air treatment, and, most importantly for growth, lithium ion batteries.
Our first property, Lida Valley with 58 Placer Claims / 9,280 acres, has completed three exploration stages to date. We have identified a deep-seated basin structure with high potential lithium enrichment, together with conductive zones which are an indicator of lithium-bearing brines. Our latest acquisition, Smoky Valley with 70 Placer Claims / 11,200 acres, has two exploration stages complete, with basin structure already demonstrated, and geo-magnetics planned through 2012. Both properties are in close proximity to the only US based producing lithium operation - Chemetall Foote – which has been producing for over 40 years at a rate of approximately 5,000 LCE tonnes per year. Once the exploration stages on the properties are successfully completed and the properties are proven for production, both operations will be consolidated and the drill program to prove lithium brine presence will begin. First Liberty will work to implement a production plan immediately thereafter.
First Liberty has begun to expand its scope beyond lithium into other minerals of critical strategic importance. As part of our expanded strategic focus, one of First Liberty's core objectives is to ensure a strong US domestic supply of mineral elements that are critical to current and emerging technologies. It is widely recognized that the United States must work to increase the domestic supply of several critical elements to ensure security, particularly in alternative energy. These elements include Vanadium, Uranium, Antimony, Graphite, Tin, Lead, and certain Rare Earth and Platinum Metal Group elements. With this in mind, we are seeking to complement our current mid and long-term exploration programs with near term production opportunities to meet this high demand.
CEO Don Nicholson emphasized in a statement, "As the Company moves into a high growth phase, I would like to stress the importance of our two Lithium brine properties for our mid-term production plans, and we are pleased that they are advancing successfully through the resource verification stages. Furthermore, we are working diligently on investigating and evaluating properties that contain the critical elements we see as being extremely important for our further growth. The leadership of this Company has targeted 2012 as a priority period to acquire near and mid-term production properties that have a benchmark of delivering high-percentage returns to our investors and shareholders."
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 primary focus on lithium exploration, it is our vision to also significantly contribute towards ensuring a domestic supply of those 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 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.