LAS VEGAS, June 13, 2012 /PRNewswire/ -- First Liberty Power Corp. (OTCBB:FLPC) (the "Company") www.firstlibertypower.com, a Nevada based mineral exploration company with a primary focus on lithium exploration and development, is pleased to announce that it has entered into a purchase agreement with GeoXplor Corp. for 70 placer claims totaling 11,200 acres, located in Smokey Valley, Esmeralda County, Nevada ("SV Property").
Don Nicholson, President of First Liberty, comments "We are extremely pleased to be able to add this unique SV Property to our existing Lida Valley property, as it greatly expands our exploration options and future operational potential. It is our intention to rapidly complete the first two major stages of exploratory work on the SV Property, bringing it to a comparable stage as Lida Valley, and then make a determination as to the first choice for undertaking an initial exploratory drilling program this summer or fall. We are very grateful for the hard work and support of GeoXplor in working with us to accelerate the growth and development of First Liberty."
The SV Property is located approximately 5 miles north west of Chemetall Foote Lithium operation in Silver Peak, the only producing lithium brine operation in North America. In the 1970's the US Geological Survey ("USGS") conducted a gravity survey covering Clayton Valley and the valley connecting Clayton Valley to Big Smokey, where these additional First Liberty Property claims are located. The USGS survey map demonstrated a noticeable relationship between the brine field in Clayton Valley and the deepest parts of the valley. The map proposed to the surveyors that there is a height of bedrock between the Smokey Valley Property claims and Clayton Valley which could act as a barrier for water moving from Big Smokey Valley to Clayton Valley.
With the further identification of this deep trough system, the potential for a catch basin for lithium brine will be better defined. In this regards, the Company will be making an announcement pertaining to the first stage of its geophysical exploration of First Liberty Power's Smokey Valley Property, a gravity survey designed to add information on the delineation of bedrock surface depth along with topography and identification of paleostructures potentially underlying the property. The mineral Lithium is liberated through mechanical and chemical weathering processes and transported until it is trapped in a closed basin or by impermeable rock along a fault scarp. The rhylote rocks that feed this system are the most enriched lithium bearing rhyolites in the world, according to the USGS. Nearby Montezuma Peak is believed to be the volcanic center that created the unique conditions in region and the resultant lithium brines.
Additionally, Hasbrouck Geophysics performed a preliminary CSMAT/EM survey on the SV Property in February 2011, which indicated additional exploration work was clearly warranted. Details of that survey and photos of the SV Property will be added to the First Liberty website. Additional information on the acquisition terms may be obtained from the 8-K filed with the Securities and Exchange Commission on June 4, 2012.
First Liberty Power Corp. is a Nevada based mineral exploration company with a primary focus on lithium exploration and development in the United States. The Company is positioned to capitalize on the anticipated increase in demand for lithium carbonate that is projected to result from the acceleration of the adoption and use of clean renewable energy products that utilize lithium-ion batteries.
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.