LAS VEGAS, March 12, 2013 /PRNewswire via COMTEX/ -- First Liberty Power Corp. (OTCQB: FLPC), an innovative exploration and development company focused on supplying "Mined in America" strategic minerals for current and emerging technologies, announced today a clear path towards achieving near term production and revenue on its Fencemaker Antimony property as well as the furthering of the development of its key Lithium, Vanadium and Uranium properties.
In order to meet the core objective of bringing revenue and cash flow to the Company, the primary focus is on bringing Fencemaker antimony property into production. FLPC's partner, Stockpile Reserves LLC (SRLLC), is finalizing the selection for a mining operator to implement the structural support at the mine entrance, and to undertake ore extraction. Simultaneously, work is progressing on all other required aspects of regulatory compliance, staging area setup, ore transport, and milling / refining setup. FLPC management currently anticipates initial production to commence within 3-4 months of the completion of funding, with full permitted production levels being achieved 3 months thereafter. Funding of $1,700,000 has been allocated specifically for all aspects of bringing Fencemaker into full production, including operating capital. FLPC current projections indicate that in the first 12 months of full production, Fencemaker operations will contribute approximately $7.2 million of top line revenues to the Company.
Equally important for the growth plans of First Liberty, is the rapid progression on the company's Lithium and Vanadium/Uranium properties. A budget of $900,000 has been allocated to undertake a final geo-magnetic work program on the Smoky Valley Lithium property, followed by a confirmation drill program and 43-101 report for both Lida Valley and Smoky Valley, and a detailed radon survey on the Vanadium/Uranium property. Upon completion of these programs and successful geological validation of the merits of the properties, First Liberty will be able to fully map out the next steps and timelines for bringing these properties into production.
CEO Don Nicholson adds, "In order to be able to complete these property development activities as planned, we will be providing full details on a $3,000,000 structured finance offering to be undertaken, highlighting our efforts to make this a long-term and non-dilutive financing for the benefit of current and future shareholders. It is vital that First Liberty management continues to follow the guiding principles of our Pathways of Progress, together with regular and transparent communications with the First Liberty shareholders, in addition to completing daily operational targets focused on bringing revenue and profits to the Company."
ABOUT FIRST LIBERTY POWER CORPORATION: First Liberty Power Corporation (FLPC: OTCQB www.firstlibertypower.com) is an innovative exploration and development company focused on supplying "Mined in America" strategic industrial minerals for current and emerging technologies. FLPC operates within a focused strategy of bringing strategic mineral properties into active operation and revenue generation, while ensuring that surrounding communities and the environment are protected and well-served. Within that focus is a dedication to First Liberty's Pathways of Progress (POP). POP is a program of best corporate practices and proactive decision-making designed to ensure the interests of FLPC shareholders, stakeholders and mining/development partners.
Notice Regarding Forward-Looking StatementsThis 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 plans of the company, the prospects for our mineral properties, and our ability to raise necessary working capital.
Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. 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 the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they 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 most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the SEC.
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