LAS VEGAS, Feb. 8, 2011 /PRNewswire/ -- First Liberty Power Corp. (OTC Bulletin Board: FLPC) www.firstlibertypower.com announced today that it has entered into an agreement to sell its Uravan Vanadium and Uranium Claim to a non related party, New America Energy Corp.
The purchase price is $110,000.00 payable in installments over one year with a $10,000 down-payment 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 First Liberty.
Mr. Don Nicholson, President and CEO of First Liberty Power stated, "While we remain convinced of the strong merits of the Uravan property in Utah, we determined that it was in the best interest of the Company and its shareholders to focus all of our financial and time resources on the exploration and development of our lithium prospects, particularly given the recent entry into an LOI for an additional property. The transaction is very positive for First Liberty, and will result in a full recouping of its investments to date in Uravan, with the added benefit of the upside potential of the common stock and the NSR. We intend to use the proceeds from the sale towards the ongoing requirements related to the exploration and development of the lithium properties.
About UsFirst 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. www.firstlibertypower.com 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, exploration/work program for the LVW claims, Lithium production from the Clayton Valley or surrounding region, and any mineralization, exploration and development of our mineral properties, specifically in regards to Lithium.