First Liberty Power Corp Enters Into LOI For New Lithium Property Prospect
LAS VEGAS, Jan. 18, 2011 /PRNewswire/ -- First Liberty Power Corp. (OTC Bulletin Board: FLPC) www.firstlibertypower.com announced today that it has signed a letter of intent to acquire a 100% interest in the Clayton Wash Basin Lithium Claim ("CW Claim") in Nevada, from GeoXplor Corp.
The CW Claim is comprised of 3,000 acres within a basin located 12 miles southeast of Chemetall Foote Corporation's Silver Peak Mine, the only lithium brine producer in the United States. The claim block is situated on the east flank of the Montezuma Range, which is composed of a lithium enriched rhyolite tuff. Sampling by the Nevada Bureau of Mines and Geology indicate the rhyolite tuffs contain up to 228 ppm of lithium, with chemical data indicating the lithium is being leached from the rhyolite tuffs into the adjacent basins.
Don Nicholson, President and CEO, comments "We are very pleased to be able to enter into this LOI, as we believe that the CW Claim provides an important strategic addition to our existing Lida Valley property. The geological merits of the Clayton Wash Basin further enhance the potential for us to become an important US producer of this important metal, offering a tremendous opportunity to our shareholders as we move forward. Upon entry into a definitive agreement with GeoXplor, we will provide additional details on the property, and our exploration plans for it."
About UsFirst Liberty Power Corp. is a Nevada-based mineral exploration company with a primary focus on lithium and vanadium exploration and development in the United States. The Company is positioned to capitalize on the anticipated increase in demand for both lithium carbonate and vanadium that is projected to result from the adoption and use of clean renewable energy that will fuel demand for products that utilize lithium-ion batteries and vanadium redox batteries. Notice Regarding Forward-Looking Statements Notice Regarding Forward-Looking Statements This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. 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 new projects and development stage companies. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any 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 annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. SOURCE First Liberty Power Corp.
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