Published On: Tue, Jul 5th, 2016

Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR) Provides Update on Hay Mountain Project

Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR)’s CEO, James A. Briscoe, has provided an update on the exploration activity, at the Hay Mountain project. A number of different studies have been performed at the project, in order to determine the availability and full extent of minerals at the mine. Through these studies, the company has successfully indicated a viable target.

The company has also found evidence of porphyry coppers in the area. The CEO clarified that these characteristics had previously been unknown and were only discovered after the management began its fieldwork, in 2015. Apart from having found copper in the region, the company’s model has also indicated the presence of iron, potassium, gold and even moly, within the region. However, the CEO also noted that currently these findings have only been hypothesized and would need to be verified after drilling and sampling.

Once Liberty Star begins its planned drilling operations, it can verify its hypothesis. Furthermore, it also remains to be seen, if extracting the minerals would be commercially viable. So far, the data from the project suggests the presence of rare earth minerals as well, such as uranium and thorium. The CEO declined to specify the presence of any particular mineral reserve, stating that it was impossible to do so, without drilling.

The recently filed 1Q2016 financial report, from LBSR had stated that the company has a cash position of $5,500, with a working capital deficit of $1 million. However, LBSR was able to significantly reduce its net loss for the quarter, to $282,200, from $540,700 from a year ago. The company had stated that the decline was primarily attributable to decrease in geological and geophysical costs and employee salaries and benefits. This figure was also partially offset by an increase in legal expenses.

Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR) lost 8% of its share value, during the July 1 trading session, to close at $0.0023 per share, after having a trade volume of 20.22 million.

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