Liberty Star Uranium and Metals Corp (LBSR)

[Eli's Gone]

LOL...nah

NEWS RELEASE 98-7ÿMarch 27, 1998ÿ
JABA TAKES OVER HAY MOUNTAIN PROJECT AND COLINA LLC AS PHELPS DODGE DROPS OUT BECAUSE OF SEVERE BUDGET REDUCTIONS RESULTING FROM LOW COPPER PRICES
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JABA Inc. (ASE-JBA) reports that the results of the Phelps Dodge (PD) drilling on the Hay Mountain Joint Venture that commenced on Feb. 23 (news release dated Feb. 24, 1998) are in hand.ÿ Two shallow reverse circulation (RC) vertical holes were drilled.ÿ Assays show minor intercepts of anomalous gold in each but no ore grade values.ÿ The PD geologist in charge of the project has stated that the project has outstanding merit and the remaining large area of anomalously high gold sample results have yet to be tested. Recently, PD, because of the current low price of copper, has drastically cut overall budgets, and exploration in particular, for the second time.ÿ As a result, regardless of merit or what was represented to JABA when the agreement was signed, PD has withdrawn from the Hay Mountain project and will turn all assets including property and data over to JABA so that JABA will control the Colina LLC (Limited Liability Corporation) into which the property is being transferred.ÿ JABA now controls 100% of a land package that is one third larger than when it started the venture, with all assessment work paid for the next year.ÿÿ

A preliminary review by JABA and its consulting geologist (who originated the project for PD, but was retired about three months ago on December 31, 1997) indicates that the minor drilling done by PD tested little of the target as originally conceived.ÿ JABA will compile existing data and apply remote sensing, geochemistry, and geophysical technology not applied by PD to more precisely define targets before a second round of drilling.ÿ In the second round of drilling, angle holes that will cross vertical veinlets which carry the gold will be used rather than vertical holes.ÿÿ With this more thorough approach, JABA believes the true potential of the area will be revealed.ÿ The property is now available for Joint Venture with a partner who espouses the above approach.

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James A. Briscoe, CEOFrank A. Lang, PresidentJABA Inc.ÿValerie Gold Resources Ltd.