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First Liberty Power Corp. Lithium Market Update

LAS VEGAS, Dec. 12, 2011 /PRNewswire/ -- First Liberty Power Corp. (OTCBB:FLPC) (the "Company") would like to draw investor attention to recent positive news regarding the lithium sector.

On Dec 6th, 2011, Bloomberg ( Lithium, Cobalt Among Minerals Facing Chronic Shortage, PwC Says) reported "Global manufacturers may face a critical shortage of 14 raw materials over the next five years affecting industries including chemicals, aviation and renewable energy, according to PricewaterhouseCoopers LLP." The report, from PricewaterhouseCoopers, identified Lithium along with Beryllium, Cobalt and Tantalum as some the affected resources. The story continued quoting Malcolm Preston, PwC's global sustainability leader: "Many businesses now recognize that we are living beyond the planet's means."

On Dec 5th, 2011, Talison Lithium ( Talison Lithium Concludes First Sales Contracts for 2012 With 15% Price Increase) announced a 15% price increase for its first contracts for the calendar year 2012. They stated "the price increase reflects current lithium market dynamics" and "Talison is optimistic it will achieve similar price increases in the remaining sales contracts it is negotiating for calendar 2012." The price increase by Talison follows in the steps of price increases of 20% announced earlier in 2011 by Chemetall Foote, the lithium subsidiary of Rockwood Holdings.

Don Nicholson, President and CEO of First Liberty Power Corp., commented, "The report out of PricewaterhouseCoopers along with the price increases announced by Talison and Chemetall Foote, I believe, validate our exploration strategy of targeting lithium as a critical mineral with a huge upside potential."

First Liberty Power's Lida Valley property (the "LVW Claims") shares many of the same geological and weathering characteristics of nearby Chemetall Foote Corporation's Silver Peak Mine, the only lithium brine producer in the United States. The LVW Claims are located within 15 miles of the Montezuma Peak, which is believed to be the source of the region's lithium. Mine production comes from lithium enriched brine located below the surface. This Silver Peak plant has been in production since 1967 and is designed to produce up to 1.2 million kilograms of lithium hydroxide per annum.

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