Reno, NV, Sept. 29, 2014 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (FLPC: OTC Pink), a diversified exploration, development and junior mining company focused on strategic minerals for America's future, today announced the completion of a Letter of Intent ("LOI") to acquire a 50% operational interest in a central Nevada processing facility, known as the Liberty Precious Metals Processing Facility (the "Liberty Mill").
First Liberty Power CEO, Don Nicholson, provided details of this significant FLPC development. "After extensive negotiations, First Liberty Power has entered into a binding LOI for a definitive share purchase agreement ("SPA") to acquire 50% of the issued and outstanding shares of Coronet Metals US Inc. (Coronet US) from Coronet Metals Inc. Coronet US currently holds the lease to operate and has expended a capital investment of $2.1 million in the Liberty Mill, which is located on 40-acres of private land in Amargosa Valley, Nevada, approximately two hours north‐west of Las Vegas. The SPA is to be concluded before Monday, October 6th." http://www.firstlibertypower.com/investors/filings/
The Liberty Mill is a gravity separation operation that is also permitted to use cyanide for leaching material that is not recoverable through that separation process. Currently, the operation is fully permitted to process up to 50 tons of feed material per day from Nevada, as well as out-of-state supply. Identified assets of the Liberty operation include a feed storage containment area, feed hopper, Deister table, wet magnetic separation, ball mill, chemical leaching circuit, filtration, Merrill-Crowe precious metals precipitation, refinery, and two separate water recovery/recycle systems.
CEO Nicholson noted the impact of the joint mill venture relative to the Company's broad-based advances and objectives. "Over the last year, the FLPC management team has increased the Company's mineral properties to more than 1200 acres, including a gold (AG) mineral exploration operation on the Rose Creek Properties with near-term expectations of gold production to improve the FLPC balance sheet. In obtaining this well-established Liberty Mill operation, FLPC has now taken steps that immediately enhances the prospects of the Company's mining business by providing a near-term solution to refining constraints. Moreover, this joint venture advances another FLPC objective of having a facility which, with relatively straight-forward enhancements, will be able to host a dedicated operational line to produce high grade stibnite (antimony) concentrate sourced from our properties."
In acknowledging the significance of the Liberty Mill acquisition, First Liberty Power COO, Jimmy Trikeriotis, detailed the operational impact. "Having access to the Liberty Mill operation greatly expands FLPC's short and mid-term options for both the refining of gold ore concentrates and stibnite as well as other ores. This opportunity fits in ideally with the Company's active development plans for milling and refining capacity in Winnemucca, as it allows for the tailoring of the respective facilities for different ore types and processing methods, and optimizes the transportation logistics of varying ore and concentrate sources."
First Liberty Power will continue to use Pathways of Progress announcements to make public Company details and operational advancements. www.firstlibertypower.com
ABOUT FIRST LIBERTY POWER CORPORATION (OTC Pink: FLPC): First Liberty Power Corporation is a 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 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), a platform used to inform shareholders, investors and mining partners of FLPC news and advancements through open and transparent communication. First Liberty is focused on exploring and developing antimony and other strategic metal projects and properties.
ABOUT CORONET METALS USA : Coronet Metals Inc. (TSXV:CRF, OTCQX:CORMF, FWB: 2CM) is a junior gold exploration and development company focused on building a substantial junior gold production and exploration company by acquiring advanced, near production, low cost assets with upside potential in the Americas and is well positioned to generate value for its shareholders. The Company is advancing the Liberty Precious Metals Testing in Nevada to production over the next year. Liberty commenced production in 2013 and is permitted to commercially process up to 50 tons per day of material to recover precious metals from feed materials such as mine ores and flotation/gravity concentrates. Liberty offers near-term cash flow and significant upside potential. It is located two hours north-west of Las Vegas, Nevada on 40 acres of private land. In February 2013, Coronet entered into a 24-month Lease with the option to purchase the facility. http://www.coronetmetals.com/
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