LAS VEGAS, Feb. 28, 2011 /PRNewswire/ -- First Liberty Power Corp. (OTC Bulletin Board: FLPC) www.firstlibertypower.com is pleased to provide an update on its current activities and exploration opportunities, and to outline certain planned 2011 milestones.
The Company has closed on the sale agreement to sell its Uravan Vanadium and Uranium claim to a non-related party, New America Energy Corp. The Company intends to utilize the proceeds of the sale to further develop the Company's lithium opportunities in Nevada. The purchase price is $110,000.00 payable in installments over one year with $10,000 paid upon execution, together with the issuance of 500,000 shares of the common stock of New America and a .5% NSR. Should the terms of the agreement not be fulfilled, the option to the property will revert back to the Company.
The Company had announced on Jan 24th that it had a letter of intent to acquire the Clayton Wash Basin Lithium Claim (CW Claim) in Nevada, from GeoXplor Corp. We have been performing due diligence on this potential acquisition and the Company expects to announce its determination on the acquisition in the coming weeks.
On Feb 15th, the Company announced that it had commenced the electromagnetic geophysical survey of its Lida Valley Nevada Lithium prospect. On Feb 22nd the Company announced the completion of the field work component of the survey. The Company anticipates receiving the detailed survey report from Hasbrouck Geophysics in the next few weeks. Any EM anomalies discovered by the survey will be followed up and the Company would then determine if further geophysical work is required to create a detailed drilling program. The Company will be posting pictures and video of the survey team for the Lida Valley property on our website.
We are intending to have a representative of the Company attend the EV Battery Tech Conference on March 30/31. EV Battery Tech is the world's leading electric vehicle battery event attended by more vehicle OEMs and battery manufacturers than any other electric vehicle event. Over 500 companies attended the series last year, and we anticipate that some manufacturers attending this event will be looking to close deals with lithium suppliers to secure access to lithium resources. The Company's goal from attending this event is to compile a list of potential purchasers from the automotive and battery industry who may want to talk to the Company about working with it for the long term.
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 of the sale of the Uravan claims sale, exploration/work program for the LVW claims, acquisition of and potential Lithium production from the Clayton Valley or surrounding region, potential outcomes from the attendance of industry conferences, 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.