Liberty Star Uranium and Metals Corp (LBSR)

[mstoneinv]

Here is the definition of a valuable mineral deposit:

The concept of valuable mineral has implications of suitable quality, sufficient quantity, relative scarcity (contrasted to common variety materials), recoverability, and marketability. The standard ordinarily applied to determine whether a discovery has been made is the prudent-man test which states: "Where minerals have been found and the evidence is of such a character that a person of ordinary prudence would be justified in the further expenditure of his labor and means, with a reasonable prospect of success, in developing a valuable mine, the requirements of the statute have been met."

So for the Super Pipe Dream claims to have existing valid rights and be eligible to get permits for exploration and mining, a valuable mineral deposit had to have been discovered when the moratorium went into effect.

But Briscoe said under penalty of perjury in the quarterly SEC filing right before the Mueller deal was announced with great fanfare, that they had never found any valuable mineral deposits on the Super Pipe Dream claims or on any claims!

North Pipes Super Project:

Located in Northern Arizona on the Arizona Strip, we plan to ascertain whether the NPSP claims possess commercially viable deposits of uranium and associated co-product metals. We have not identified any ore reserves to date.

The mineral resource business generally consists of three stages: exploration, development and production. Mineral resource companies that are in the exploration stage phase of operations have not yet found mineral resources in commercially exploitable quantities, and are engaged in exploring land in an effort to discover them. Mineral resource companies that have located a mineral resource in commercially exploitable quantities and are preparing to extract that resource are in the development stage, while those engaged in the extraction of a known mineral resource are in the production stage. We are in the exploration phase of operations and have not found any mineral resources in commercially exploitable quantities.

There is no assurance that a commercially viable mineral deposit exists on any of our properties, and further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically feasible to develop or exploit those resources.