LAS VEGAS, March 7, 2013 -- First Liberty Power Corp. (FLPC: OTCQB), an innovative exploration and development company focused on supplying "Mined in America" strategic minerals for current and emerging technologies, today announced their plans for advancing into the drilling phase at their Smoky Valley and Lida Valley Lithium Properties. According to First Liberty CEO, Don Nicholson, this marks the culmination of the property's pre-drilling exploration works.
"Last summer, First Liberty completed the second phase of very positive gravitational studies at Smoky Valley," Nicholson said. "Together with prior successful work undertaken on Lida Valley, we are now proceeding to schedule the next phase of exploration for the upcoming summer season. The plan calls for one final phase of geomagnetic work on Smoky Valley to further define basin closures, followed by an initial drilling program with the objective of confirming the presence of commercially viable lithium bearing brines."
GeoXplor Corp, is a key partner with FLPC in developing the two lithium properties. They have provided a budget and timeline for a 3 - 5 hole drill program on the properties, which will target areas of significant Lithium brine potential identified by the Company's exploration program (i.e., areas marked by gravity lows and low resistivity). Upon successful completion of the drilling phase, FLPC would then prepare for the launch of the next stage of development on the path towards bringing one or both of the properties into production. Company officials are actively seeking the necessary funding to complete this next critical phase of development.
In making the First Liberty announcement, Vice President of Operations, Robert Reynolds, offered key statistics on the lithium projects. "Lithium demand is forecast to grow 7% annually between now and 2020, in great part due to the need for lithium to power future hybrid and electric vehicles and continued increases in production of portable electronic devices (mobile phones/computers/tablets). The brines at the nearby producing Silver Peak operation in Clayton Valley have some of the highest lithium contents of any area in the world and yield most of the lithium currently produced in America. These statistics, when combined with First Liberty's plans for the development of Smoky Valley and Lida Valley properties, greatly enhance our prospects to be supplying America with the needed strategic minerals to help power the future."
ABOUT FIRST LIBERTY POWER CORPORATION: First Liberty Power Corporation (FLPC: OTCQB www.firstlibertypower.com) is an innovative exploration and development company focused on supplying "Mined in America" strategic industrial minerals for current and emerging technologies, in order to power the future. FLPC operates within a focused strategy of bringing mineral properties into active operation and revenue generation, while ensuring that surrounding communities and the environment are protected and well-served. Within that focus is a dedication to First Liberty's Pathways of Progress (POP). POP is a program of best corporate practices and proactive decision-making designed to ensure the interests of FLPC shareholders, investors and mining/development partners.
ABOUT SMOKY VALLEY: The Smoky Valley lithium project is located in Esmeralda County, Nevada and encompasses approximately 70 placer claims (11,200 acres). It is adjacent to Clayton Valley and has two exploration stages complete, with containment basin structure demonstrated and a geomagnetic survey completed in August 2012. Smoky Valley is in close proximity to America' s only producing lithium mine, operated by Rockwood Lithium, which has been producing lithium for over 40 years at a rate of approximately 5,000 LCE tons per year.
ABOUT LIDA VALLEY: The Lida Valley property shares a similar geology and weathering history to nearby Clayton Valley, and encompasses 84 placer claims (12,800 acres) also located in Esmeralda County, Nevada. This property is located within 15 miles of the Montezuma Peak, which is believed to be the source of the region's lithium. Three stages of exploration and confirmation work have been completed to date, and drill targets are established.
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 plans of the company, the prospects for our mineral properties, and our ability to raise necessary working capital.
Actual results could differ from those projected in any forward-looking statements due to numerous factors, including 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 they 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 SEC.
Contact: Robert Reynolds (800) 709-1196
SOURCE First Liberty Power Corp.