Tucson, Arizona—April 29, 2008—Liberty Star Uranium & Metals Corp. (the “Company”), (OTCBB symbol: LBSU) is pleased to announce that the Company has leased, with an option to purchase, three properties from JABA US Inc. in Arizona and Nevada, USA. Liberty Star President James A. Briscoe controls JABA US INC and Dr. J. M. Guilbert, Director of the Company, holds a small stock position as well. The properties in Arizona have potential for copper, moly, gold, silver lead and zinc and are porphyry copper, targets for which Arizona is well known. The property in Nevada has potential for disseminated gold and silver. Liberty Star can earn up to 100% interest in the three properties by keeping up annual assessment work and spending $175,000 in exploration expenditures on the properties between April 2008 and January 1, 2011. The Company will pay JABA US Inc. a sliding scale NSR royalty from production on the properties related to grade of metal production. The option on these properties will give the company additional opportunities to participate in high copper, molybdenum and precious metal prices from prospects in long established mineral districts.
Beatty Mining District, Nevada. – The Providence Patented Mining Claim This patented mining land lies on and forms the northeastern pit wall of the Montgomery-Shoshone (M-S) open pit, mined in the 1990s by Lac Minerals and others for disseminated gold and silver. A parallel vein system continuous from the M-S open pit on the Providence has yet to be drill tested for disseminated precious metal mineralization. The Providence Mine was historically the second most productive mine in the southern part of the Beatty mining district, after the M-S.
Silver Bell Mining District, Arizona – East Silver Bell project -- This area is contiguous with patented mining claims owned by ASARCO Mining LLC (ASARCO) and includes 26 unpatented lode mining claims. They cover a previously unrecognized porphyry copper center in the Silver Bell mining district. Recognition of small amounts of leached capping in the Silver Bell caldera moat structure on the far eastern end of the district led to methodical prospecting by geochemical, geophysical, geologic and leached capping interpretation by Jim Briscoe and Dr John Guilbert. Shallow rotary drilling by Valarie Gold Corp. in 1996 revealed profound leached capping typical of the other ASARCO porphyry copper mines in the district at Oxide, El Tiro and North Silver Bell open pit mines. Drilling at that time did not penetrate this capping, thicker than typical in the exposed part of the district. Later, circa 1997 Kennecott Exploration drilled two rotary drill holes. One of these was lost and one penetrated to 1,000 feet cutting sulphides and a small amount of chalcocite enrichment. Because of low copper prices Kennecott relinquished the ground. Part of the mineral body may lie on ASARCO patented land. The ASARCO SX/EW (solvent extraction/electro winning) plant is approximately 4 to 5 miles to the west. This could be a processing source for a heap leach or an in situ leaching operation. No grade or tonnage figures have been developed for this mineral zone. The claims are within the Ironwood National Monument, which was established after the claims were staked.
Tombstone, Arizona – Tombstone Porphyry Center -- These claims consist of 33 unpatented lode mining claims over a projected covered porphyry copper mineral center. Mining exploration effort over the last two decades by Jim Briscoe together with data from studies of numerous prospectors, geologists and mining engineers since the Tombstone mines discovery in 1887 revealed strategic exploration guides to mineralization in the Tombstone Hills mining districts, now recognized as part of a large volcanic and intrusive geologic feature known as a caldera. Several porphyry copper with associated precious metal halos, as is typical for this type of mineralization, has been recognized. The old historic Tombstone mining district, adjacent to and partially under the town of Tombstone, is recognized as a zoned porphyry system with increasing copper and moly content moving toward post mineral cover to the east of the town. Vintage drill hole logs show drill holes penetrated this cover but encountered intensely hard altered sedimentary rock (hornfels) that was too hard to be penetrated by the churn drills of the era. This material is now thought to be overlying replacement mineralization in limestones like that at Bisbee, Arizona approximately 20 miles to the southeast. Alteration halos in the old Tombstone mining area are like those of Bisbee. A compelling drill target for a very large limestone hosted porphyry copper replacement deposit has been identified through geochemical sampling and computer modelling. Comparison of alteration zoning at Bisbee with Tombstone suggests the Tombstone target is of the same magnitude. If exploration is successful, mining projected for this target would be underground and could produce grades of copper, molybdenum, gold, silver, lead, zinc and perhaps other metals typical of such deposits which are in the percent ranges of copper, molybdenum, lead and zinc and in the ounces range of silver with unknown but potentially significant gold grade. There are no drilled mineral resources on this property, but the target is defined enough to start immediate drill testing.
The Company is in preliminary discussions with potential joint venture partners on all three properties.
ON BEHALF OF THE BOARD OF DIRECTORS
“James A. Briscoe”
James A. Briscoe, President/Director
The Company currently holds 707 State of Alaska 160 acre mineral claims, spanning about 177 square miles centered 25 miles northwest of the village of Iliamna on the north shore of Lake Iliamna. The Big Chunk claims adjoin Northern Dynasty's Pebble Project on the north and west borders, forming a large half-donut shape. Included is the Baltusrol block about 8 miles north, which covers a large area of Porphyry copper mineralization. Three properties held by Liberty Star, Northern Dynasty and Full Metal Minerals cover the entirety of the Big Chunk caldera, the volcanic-intrusive feature thought to be the source of mineralization in the area. For many decades it has been known by geologists that Porphyry copper-gold-moly deposits occurred in clusters. It is now well recognized that this clustering is related to very large explosive volcanic features known as calderas. The circular moat structure in a caldera is frequently mineralized. Examples of mineralized caldera moat structures or caldera edges include Silver Bell AZ, Round Mountain, NV, Tombstone AZ, Mission–Sierrita mining District, AZ. The similarity of the Pebble mineral pattern published by Northern Dynasty Mining in 1973 led geologist Jim Briscoe to recognize its similar pattern to the Silver Bell AZ Porphyry copper-moly deposits on the moat structure of the Silver Bell caldera and resulted in the land acquisition by Liberty Star along the moat structure of the Big Chunk Caldera, which includes the Pebble deposit.
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that the JABA properties in Arizona have potential for copper, moly, gold, silver lead zinc and copper; that the property in Nevada has potential for disseminated gold and silver; and that we have preliminary discussions about joint venturing the projects. It is important to note that the Company’s actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; that we may not be able to get any major mining company or any other potential partner interested in joint venturing exploration of our properties; we may not be able to get equipment or labor as we need it; that we may not be able to raise sufficient funds to complete our intended exploration; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures outlined in the Company’s recent 10-KSB and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Contact:
Liberty Star Uranium & Metals Corp.
Investor Relations
Tracy Myers 520-731-8786
mailto:info@libertystaruranium.com
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