Las Vegas, NV, April 8, 2014 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (FLPC: OTCQB), an innovative and diversified exploration, development and mining company focused on "Mined in America" strategic industrial minerals, has announced that it has entered into an Exploration and Mining Lease Earn-in to Purchase Agreement ("Agreement") with Renaissance Gold Inc. (TSX: REN) for the mining development property known as the "Arabia Project".
First Liberty Power CEO Don Nicholson detailed the Agreement. "The First Liberty management team became aware of the Arabia Project in December 2013 and quickly realized that the project was in complete alignment with First Liberty's strategic development plan. The Arabia Project is comprised of 21-unpatented and 7-patented mining claims along with leaseholder rights on 8-patented claims, totaling approximately 741.6 acres. Entry into this Agreement is expected to significantly advance the Company's mining and centralized milling strategy for antimony and other associated minerals in Pershing County, Nevada. We are very pleased to now have the opportunity to further the exploration and development work on this high-potential property, and I want to acknowledge Renaissance Gold for their part in assisting First Liberty's mission to become a leader in mined in America strategic minerals."
The Arabia Project is a consolidation of the polymetallic Arabia District just north of Lovelock, Nevada. It is a series of mesothermal quartz veins that maybe intrusion related or orogenic in origin. Historic mining records indicate very high grades of antimony, lead, silver and gold. Previous sampling by Renaissance Gold yielded up to >1.5% Stibnite (Sb / Antimony), 30.1% Lead (Pb), 1811.5 ppm Silver (Ag), and 18.9 ppm Gold (Au.). All claims are located within 10 miles of FLPC's proposed Lovelock mill site.
The full Agreement, which is available in the Company's Form 8-K filing with the Securities and Exchange Commission, is comprised of payments of $100,000 per year over 10 years, plus claim maintenance costs, and a 10% NSR. Payments may be accelerated at any time, and once completed, the NSR is reduced from 10% to 7% with a buy down provision to 4%. Half of the one million dollar payment is an advance royalty payment, and there is a minimum $50,000 work commitment during each of the first two years to be carried out by Renaissance Gold personnel.
According to First Liberty Board Chairman Bob Reynolds, details on the Arabia Project will be made available on the Company's website, along with our existing information on the Fencemaker Antimony project. "We are pleased that we were able to complete and announce this Agreement during the week that CEO Nicholson is presenting at the World Antimony Forum in Madrid, Spain," Reynolds said. "Mr. Nicholson's topic will be the Development of the American Antimony Market, and we expect this Arabia Project will emerge as a contributing factor to that very process."
First Liberty Power will continue to use their Pathways of Progress information platform to provide updates on Company operations and newsworthy events.
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. First Liberty Power's corporate philosophy is founded on a methodology of open and transparent procedures designed to drive the company's exploration, development and mining operations, while ensuring safety, environmental integrity, and good governance. Included in that philosophy is Pathways of Progress (POP), an information platform used to inform shareholders, investors and mining partners of FLPC news and advancements. First Liberty is presently exploring and developing projects focused on antimony, lithium brine and vanadium/uranium minerals.
Renaissance Gold Inc. is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada and Utah. Many of the projects are in exploration earn-in agreements with industry partners who provide exploration funding. Renaissance Gold applies the extensive exploration experience and high-end technical skills of its founders and team members to search for and acquire new precious metal exploration projects that are then offered for joint venture. http://www.rengold.com/s/Home.asp
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.
Source:First Liberty Power Corporation