Agoracom

Last update: 8:06 a.m. EDT June 11, 2008

TUCSON, Ariz., Jun 11, 2008 (BUSINESS WIRE) -- Liberty Star Uranium & Metals Corp. (the "Company")(OTCBB:LBSU) is pleased to announce that the CEO/President of the Company, James A. Briscoe, and the CEO/President of Mayo Gold Explorations Ltd. ("Mayo Gold"), Pedro Villagran Garcia, have signed a Letter of Intent to joint venture the El Papago Project ("El Papago") in Sonora, Mexico and the Tombstone Porphyry Center ("Tombstone") in southern Arizona. El Papago is currently owned by Mayo Gold and Tombstone is currently owned by Liberty Star (NR 74). According to the agreement the Company will gain a 35% ownership in El Papago and Mayo Gold will provide funding and work to earn a 50% interest in Tombstone.

A proposal on the operation of the El Papago accompanies the Letter of Intent. In summary:

-- El Papago lays on a 12 square mile alteration zone about 10 miles southwest of the million ounce Santa Gertrudis deposit in northern Sonora, about 70 km from the US border

-- El Papago has historical inferred resource of gold in the 300 thousand ounce range with silver

-- NI 43 101 Technical Report compiled in May, 2007 recommends a 3 million dollar exploration program and confirms mineralization is like that at Santa Gertrudis

-- Pre-existing data allows for a relatively short timeline from mineral exploration to mining a resource, if sufficient resources are proven.

Both parties agree to prepare a more formal agreement and one in a format in Spanish that can be registered under Mexican Mining Law with the Register de Mines of the Direccion General de Minas. If funding does not become available within 30 days, the agreement can be dissolved by the Company or Mayo Gold without penalty.

ON BEHALF OF THE BOARD OF DIRECTORS

"James A. Briscoe"

James A. Briscoe,

President/Director