Las Vegas, NV, July 10, 2013 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (OTCQB: FLPC), an
innovative and diversified mine exploration and development company
focused on "Mined in America" strategic industrial minerals, today
announced it has signed a Letter of Intent (LOI) with Group8 Mining
Innovations (Group8) to acquire $1.5 million for the purchase of
equipment to process ore from the Fencemaker Operation.
Terms of the LOI call for First Liberty to provide Group8 an
initial deposit of $150,000. That will be followed by an
additional $150,000 approximately 6 weeks later, upon delivery of
the milling equipment. The remaining $1.2 million will be
financed by Group8 through a two-year payment program, commencing 3
months after delivery of the equipment and setup of the milling
operation The cost of the finance is 10% annually, together
with a 3% top-line royalty on mill output while the debt remains
outstanding. Further equipment details will be provided upon
signing of the contract.
In making the announcement, First Liberty Power CEO Don
Nicholson, noted the dual significance of the agreement.
"With the Fencemaker mining operation rapidly approaching
production, it is critical that we commence acquisition of the
mill. With the support of Group8, this is now an achievable
target," Nicholson said. "Subject to any final regulatory
approvals, we expect the mill to be operational within three months
of the equipment order."
The above-industry standard of the FLPC milling equipment will
allow an upgrade of all permitted antimony (stibnite) ore from
Fencemaker to an industry standard 60% concentrate using an
advanced, clean milling process. As well, FLPC will have the
opportunity to use any excess milling capacity to potentially
process ore from other compatible local mining operations.
Mr. Nicholson added, "With this purchase arrangement now
established, together with the recently announced plan by the board
of directors to seek approval to increase the company's authorized
capital, we are well positioned to obtain the necessary capital
required, on more favorable terms, for the mill equipment payments
and other operational startup capital requirements."
FLPC will continue to use Pathways of
Progress announcements to inform and update
shareholders and investors of advancements in mining and financial
operations.
ABOUT FIRST LIBERTY POWER CORPORATION
(OTCQB: FLPC): First Liberty Power Corporation is an
innovative and diversified mine exploration and development company
focused on bringing to market "Mined in America" strategic
industrial minerals. The FLPC corporate philosophy is driven
by a dedication to Pathways of Progress (POP). It is a
program of best corporate practices designed to rapidly drive the
company towards mine production/milling, benefitting FLPC
shareholders, investors and mining partners and ensuring safety,
environmental integrity, and good governance. Presently, FLPC
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.
www.firstlibertypower.com
www.facebook.com/FirstLibertyPower
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: For more information contact:
Robert Reynolds (800) 709-1196
ir@firstlibertypower.com
