Las Vegas, NV, Dec. 16, 2013 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (OTCQB: FLPC), an innovative and diversified exploration, development and mining company focused on strategic industrial minerals for America's future, today announced that it has finalized the terms of an offtake sales agreement for stibnite (antimony) concentrate shipments.
The Company has entered into an agreement with Shenyang Huachang Antimony Chemical Co., Ltd. ("SHACC"), a subsidiary of New Huachang Five Star Group, whereby SHACC has certain rights to acquire ore mined at the Fencemaker antimony property by FLPC strategic partner, Stockpile Reserves LLC. SHACC will pay a premium over industry standard prices on competitive payment terms based on its desire to source from a stable jurisdiction with strong environmental and safety standards.
With more than 500 metric tons of ore currently loaded for transportation, FLPC has established a first stage plan to have the raw ore upgraded to a 50 to 60% concentrate. The upgraded ore will be sold and shipped to SHACC for further refining.
"While we continue to move First Liberty Power forward in many areas, the company's main objective remains to achieve initial revenue within our second fiscal quarter ending January 31, 2014," stated FLPC CEO, Don Nicholson. "A key component of our mid-term strategy is to be able to refine ore through to finished products in the USA. That will require a transition phase of generating the cash flow to finance such operations. With the offtake agreement in place, we are moving toward that scenario. Our expectation is that the first container will be at the shipping port by the third week of January with regular shipments to follow. More details on tonnage and concentrate levels will be provided over the following weeks, as transportation and concentrating costs become clearly established."
The Company's announced timetable of shipments will also require an escalation in Fencemaker mine blasts, beginning in January. Additionally, there will be intensified efforts to complete the permitting process for the planned mill site in Lovelock, Nevada to localize ore concentration.
FLPC will continue to use Pathways of Progress announcements to update advancements in their mining and overall operations.
ABOUT FIRST LIBERTY POWER CORPORATION (OTCQB: FLPC): First Liberty Power Corporation is an innovative and diversified exploration, development and mining company focused on bringing to market strategic minerals for America's Future, having the only Antimony mine in production in the USA. The First Liberty corporate philosophy is driven by a dedication to the Pathways of Progress (POP) program. This is a program of best corporate practices designed to drive the company's exploration, development and mining operations, benefitting First Liberty shareholders, investors and mining partners, in addition to ensuring safety, environmental integrity, and good governance. Presently, First Liberty has interests in four properties: the Fencemaker antimony project in Nevada, the Lida Valley and Smoky Valley lithium brine projects in Nevada, and the San Juan vanadium/uranium project in Utah.
ABOUT STOCKPILE RESERVES, LLC (SRL): Stockpile Reserves LLC is dedicated to the safe, environmentally sound and efficient extraction of antimony ore from the Fencemaker mine. SRL believes in forming partnerships which will bring the mining of antimony ore in the United States to new levels. From that mission SRL will achieve the highest respect and recognition of the mining industry, both domestically and internationally, through quality standards and quantitative achievement that enhance the integrity upon which the company was founded.
ABOUT Shenyang Huachang Antimony Chemical Co., LTD.: With over forty years of corporate development, New Huachang Five Star Group evolved into a private enterprise through the historical exploiting, smelting and further production of antimony ore, and integrating the processing and smelting of other non-ferrous metals. The antimony production plants, which are subordinate to Huachang Five Star Group, have an annual production capacity of 16,000 MT of antimony products, with an annual antimony smelting capacity of 25,000 MT. For antimony raw materials, there are qualified antimony raw materials production lines, two blast furnaces, three reverberatory furnaces, two antimony white furnaces, shaft furnaces to deal with complicated antimony raw materials, three reverberatory furnaces, two blowing furnaces, multiple non-ferrous metals recycling production lines to deal with complicated lead raw materials, separating lead and antimony production lines, electrolytic lead workshop, the equipment and furnaces to recycle valuable metals, the mineral processing factory dealing with oxide copper ores, complicated copper sludge and copper materials and a batch plant, with four production lines, and a rotary kiln to deal with zinc oxide materials. Huachang Five Star Group has never stopped progressing and prides themselves on constantly striving to become the best possible operation it can be.
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 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.
CONTACT: Robert Reynolds (800)709-1196 firstname.lastname@example.org
Source:First Liberty Power Corporation