Liberty Star Uranium and Metals Corp (LBSR)

[Dreamchaser]

DRILLING-HOW MUCH WILL IT COST?

LBSR is sitting on top of the hottest mineral market in history with the Big Chunk Super Project and Bonanza Hills project. In fact, some are asking how much it will cost for a preliminary drill project to get things going.

You must remember that the purpose of a JV is for drilling. Mr. Briscoe called for drilling money through a partnership within NR-93

The Company continues aggressively to seek joint venture partner(s) to drill these geophysically defined porphyry anomalies

http://www.libertystaruranium.com/www/investors/news-releases/nr-93-liberty-star-receives-ztem-report-2013-shows-201cat-least-6-to-7-porphyry-copper-signatures201d-in-big-chunk-south-block-ak

And as ten million dollars is being allocated, perhaps drilling can begin speedily, even with a six-year time limit; a protection clause, in my opinion.

Northern Dynasty can earn a 60% interest in the Company’s Big Chunk and Bonanza Hills projects in Alaska by spending $10,000,000 on those properties over six years

http://www.libertystaruranium.com/www/investors/news-releases/nr-95-liberty-star-pays-out-creditors-contracts-with-northern-dynasty-minerals-ltd

True, we have not heard any finalized report, however, I think it is safe to say that drilling money has been allocated for the same reason that the 23.4 square miles sold has already been recorded.

In order to pay out its former lenders, the Company has sold 60.7 square kilometers (23.4 square miles out of the Company’s original 177 square miles, or 13% of its Big Chunk and Bonanza Hills acreage) in consideration for both $1,000,000 cash payment and a convertible loan from Northern Dynasty Minerals Ltd

http://www.libertystaruranium.com/www/investors/news-releases/nr-95-liberty-star-pays-out-creditors-contracts-with-northern-dynasty-minerals-ltd

Now, 10 million dollars is plenty of money because less than 10 million dollars was spent in 2003 in NAK's intitial drill project at Pebble:

The main exploration expenditure was for drilling (2003 - $2,700,068; 2002 - $1,142,867). During the 2003 fiscal year, 21,713 metres (71,238 feet) of drilling were completed

Read More

http://sec.edgar-online.com/northern-dynasty-minerals-ltd/20-f-annual-and-transition-report-foreign-private-issuer/2004/06/24/Section7.aspx

Wild cat holes for an intitial drill program and strategy by NAK at Pebble in 2003 may certainly explain the strategy with the Big Chunk Super Project, as well:

Dickinson, an economic geologist with more than 40 years of mining experience, kept looking. The first thing we did was drill wildcat holes along the belt. The results from that program said there would be more to come, he explains. The first breakthrough came in late 2003-2004 when extensive drilling revealed significantly higher levels of potential resources

Read More

http://www.equitiesmagazine.com/companies_ndm.php


Mind you, NAK's drilling project at Pebble came at a time before ZTEM surveys were known. However, the drilling of 2003 was still enough to find 1.5 billion dollars through Anglo-American.