The ZTEM test results performed over an unconformity-type uranium target in the western Athabasca
basin has highlighted the deep penetration and resolution capability of the technology as well as the high
quality and high accuracy of the AFMAG data obtained.
The ZTEM results appear to agree very well with the inferred/known geology, in particular the presence of
a major NW-SE trending conductive zone that likely corresponds to main Shea Creek graphitic horizon
that is known to occur at depths exceeding 600-700m, and had previously proved to be a challenge in
terms of depth-penetration for airborne and ground geophysical techniques.

The ZTEM test results performed over a known copper-gold porphyry deposit in the north-central BC has
highlighted the high quality and high resolution structural and alteration mapping, as well as deep penetration
capability of the AFMAG data obtained.
The ZTEM results appear to correlate very well with the known geology, in particular the presence of both
major and secondary fault structures and geologic contacts.

in all other cases, they'd be getting a smaller cut. that tells me the "company candidates", kept confidential in the filing, are ones MLV is bringing to the table. otherwise, why would they charge a premium? oh, and who might those companies be?

XL: Ron, I know you had a hand in structuring a highly unusual deal, getting Taseko started, can you tell us about that?

RT: We bought the project for a dollar, five years ago. We paid one dollar for it.

XL: How did you buy Gibraltar for a dollar?

BD: We got a total of $34 million as well as the mine's keys. Ron did a brilliant job on that: we got the reclamation funding from Boliden plus cash to hold the project in standby while we waited for the prices to cycle up.

RT: It was a high-cost copper concentrator. And copper was at 61 cents. Boliden originally wanted $15 million for it but we structured the deal so it would be advantageous for them to write us a $17 million check, leave $17 million in cash bonds behind, get one dollar in return, and leave. Then we just had to husband the opportunity until copper prices went back over a dollar. Anybody who thought that copper prices would not recover to a dollar when it was at 61 cents should not have been in the mining business.

I feel Vollmer is teaching Briscoe how to play ball on the business end of the claims. Briscoe is not only listening but a game plan has been put into action. It's all good.

and they know based on the ZTEM that LBSR's claims could dwarf pebble by a factor of 6 or 7

crazy, The aggrement does not self extinguish fot 1 year. 4 months is option,certain things may never expire if funds are due to the contractor.

First of all, the length of term with MLV appears to be only four months

First of all, the length of term with MLV appears to be only four months

The Company may terminate the engagement after four months subject to paragraph 6 below

A retainer fee of $20,000 per month (the “Retainer”) commencing at the start of the Engagement and payable for a minimum of four months provided we have not been terminated for cause.

Lawyers bog things down with objections and padding the hourly charges;

Using economic data from fifty-two countries from 1960 to 1980, Samar K. Datta and Jefferey B. Nugent have shown that for every percentage point increase in the number of lawyers in the labor force (from, say, 0.5 to 1.5 percent), economic growth is reduced by 4.76 to 3.68 percent - thus showing that economic growth is inversely related to the prudence of lawyers.

Assist the Company in evaluating strategic options regarding its Arizona Properties including a review of Nord Resources as a potential party for amalgamation, sale or acquisition;

A retainer fee of $20,000 per month (the “Retainer”) commencing at the start of the Engagement and payable for a minimum of four months provided we have not been terminated for cause. “Cause” includes illegal activity, fundamental breach of contract, other acts of gross negligence and willful misconduct, or the inability or unwillingness of Roman Friedrich to personally carry out MLV’s obligations under this Agreement.

Mr. Friedrich is the founder and President of Roman Friedrich & Company Ltd. (“RFC”), a premier mining and metals boutique investment bank, which he established in 1997. In addition to being Senior Managing Director at MLV, Mr. Friedrich will continue as President of RFC.

what are you saying would increase the price? and do you mean price per share in the market?

At January 31, 2011 we had 602,411,882 shares of common stock issued and outstanding. At January 31, 2011 if the settlement of the Convertible Promissory Notes was completed by the issuance of common shares there would be 83,846,926 shares required to convert the notes. Therefore, it is possible that if the holders of our Convertible Promissory Notes were to settle their debt through the issuance of common shares it would cause a change in control.

On July 15, 2010 the Company issued a secured convertible promissory note (the “Convertible Note”) to Northern Dynasty Minerals Ltd (“Northern Dynasty”). The original advanced amount is $4,000,000 and bears interest at a rate of 10% per annum compounded monthly (the “Loan”). The Company transferred 95 of its Alaska State mineral claims to Northern Dynasty for consideration of $1,000,000 of the original advanced amount under the Convertible Note, leaving $3,000,000 of the loan amount outstanding. Northern Dynasty is not a U.S. person (as that term is defined in Regulation S of the 1933 Act). In issuing this Convertible Note to Northern Dynasty, we relied on the registration exemption provided for in Regulation S and/or Section 4(2) of the 1933 Act.

Provided a minimum of $1,000,000 has been expended by Northern Dynasty on earn in expenses, the Loan will be convertible until repaid or deemed repaid, into common shares of our company at the 5 day volume weighted average trading price immediately prior to Northern Dynasty giving a notice of conversion less the maximum allowable discount applicable as if our company’s shares were listed on the TSX Venture Exchange. To date Northern Dynasty has not expended the minimum of $1,000,000 earn in expenses.

...and with NAK already in court for this very reason, can't imagine them drilling this year or until at least a ruling is made on Pebble. ...

While plaintiffs had requested a preliminary injunction to halt exploration activity at Pebble until the case is resolved, the court denied this request on November 27, 2009, and drilling has continued. The Superior Court heard the Trustees’ constitutional challenge in December 2010. Pending final submissions from the plaintiffs, it is expected to issue a final ruling within six months. The lawsuit is considered unlikely to succeed as it seeks to overturn the State’s regulatory regime for resource management in Alaska.

For some reason, the Pebble Partnership stepped aside and allowed NAK to proceed.

...In the longer term on completion of the US$1.5 billion expenditure by Anglo American, any further expenditure will need to be funded by the Group and Anglo American on a 50:50 basis. The Group currently does not have the required funding to meet these long term obligations should they arise.

Why is 1,000,000 TOWARD THE EARN-IN A magic NUMBER?

On June 29, 2010, Northern Dynasty entered into an agreement with Liberty Star Uranium and Metals Corp. and its subsidiary, Big Chunk Corp. (together, "Liberty Star"), pursuant to which Liberty Star sold 23.8 square miles of claims, the "Purchased Claims", to a US subsidiary of Northern Dynasty in consideration for both a US$1 million cash payment and a secured convertible loan from Northern Dynasty in the amount of US$3 million which accrues interest at 10% per annum compounded monthly (the "Loan"). The Loan is repayable, in cash or convertible into Liberty Star shares, after Northern Dynasty has spent at least US$1 million earning into the joint venture. As of the date of this MD&A, Northern Dynasty has not spent US$1 million.

I am having a hard time wrapping my head around the idea that no joint venture was reached with LBSR but with FMM

The Pebble Partnership entered into a letter agreement (the "FMM Agreement") with Full Metal Minerals Corp. and its subsidiary Full Metal Minerals (USA) Inc. (together, "FMM") in September 2010, which is subject to due diligence by the Pebble Partnership. In the event that any issues uncovered by the Pebble Partnership during its due diligence review are satisfactorily resolved and the FMM Agreement becomes binding, the Pebble Partnership can earn a 60% interest in FMM's South Pebble Claims (the "FMM Properties"), by incurring exploration expenditures of at least US$3 million and making annual payments of US$50,000 to FMM over a period ending on December 31, 2013. The venture between FMM and the Pebble Partnership will be in the form of a limited liability company ("LLC") operated by the Pebble Partnership.

Members of SRK’s engineering/scientific staff supervised by Qualified Person and SRK’s Tucson Office Principle Geologist Corolla Hoag, and geologist Dr. Jan Rasmussen have visited the Company’s Tombstone property recently. Their information will be combined with the previously gathered geochemical, geophysical and computer modeling data and undergo a thorough technical analysis.

No one is disadvantaged.

Comments Liberty Star’s CEO James Briscoe, “SRK employs some of the best scientists in our industry. I am sure their arms-length technical report will be thorough, complete and professional. Given the terrain and infrastructure, core drilling can proceed as soon as drill permits have been obtained, estimated within 60 to 90 days. Drilling in this climatic zone can be done year-round.”

Do they need to be in a hurry?