Liberty Star Uranium and Metals Corp (LBSR)

[K1]

HAY MOUNTAIN & TOMBSTONE

(This is an update from 1999. These are the same projects that are coming up and being funded today for LBSR.)

Feb 5, 1999 Progress Update
http://www.jaba.com/ (This is the former Liberty Star name.)
30 years of data has been compiled on JABA's Hay Mountain project using a computer geographic information system (GIS)
data base. Those who follow JABA's news releases will remember that JABA had a joint venture with Phelps Dodge on this project, however, Phelps Dodge dropped out upon their corporate decision to drastically curtail almost all exploration within the US and Canada.
JABA retained all the property and data generated on the project. Compilation of this data, as well as new aeromagnetic data purchased by JABA indicates that older aeromagnetic anomalies were mis-located, prompting the mis-targeting of all
subsequent work. JABA has found that:
1. There is a substantial aeromag high approximately 3.5 miles long, probably representing a porphyry copper-gold style intrusive at relatively shallow depth;
2. This hidden body is surrounded by a distal, sub-micron gold halo, symmetrically arranged around the magnetic high (values as high as approximately 1.5 ounces have been obtained from silicified zones at the surface in the limestone host rock);
3. A circular structural anomaly is apparent on rectified color photo mosaics surrounding both the mag high and the gold
zone (this appears to be a structural feature related to the intrusive activity); and
4. Significant soil anomalies in gold, arsenic, and mercury
are also present in the distal zone.

Jim Briscoe has prepared a comprehensive Power Point slide presentation on the Hay Mountain project encompassing the geologic, geochemical, and geophysical aspects of the property. During the last week in January, in conjunction with the Cambridge House Investment Conference and the Cordilleran Round Up in Vancouver, Jim presented this information to a variety of major and intermediate companies. The information was well received, and JABA expects to be conducting field visits this spring.
The attitude of participants at the conferences in Vancouver was
optimistic. There were few that had not experienced a very grim 1998, but there seemed to be signs of an upturn in the new year.
Presentations have also been made or are underway for our projects at:

1. East Silver Bell where a new porphyry copper center with thick leached capping indicating a potentially enriched chalcocite blanket at greater depth was penetrated by 4 RC holes this summer;

2. Yardley where a mag low 1.3 miles long by 0.5 miles wide surrounded by four large mag highs – the entire magnetic anomaly covering approximately 8 square miles - has been
defined. This signature suggests a porphyry copper center surrounded by skarn. One RC hole has encountered copper-moly anomalous massive magnetite skarn alteration, confirming that the source of the magnetic highs are originating from skarn;

3. Tombstone-Walnut Creek where geochemical
patterns suggest a porphyry copper center with skarn copper, gold, silver, zinc, lead replacement deposits;

4. Beatty, Nevada where a.) the Providence Project forms the east wall of the Barrick Montgomery open pit now dormant,
and b.) the Tram Ridge property abuts Rayrock's Mother Lode mine property and lies on the extension of the Mother Lode fault - vein; and

5. At Randsburg, California where JABA claims abut the Glamis Gold Rand Project.

6. Apache, Arizona where Drs. Silberman & Armstrong have identified a several kilometers long gold bearing quartz vein that appears to be the feeder to previously mapped gold-bearing jasperoids. We will keep you advised as news of developments occur.

Approximately 100 surface geochem samples have been taken over extensions of mineralization at the Sullivan project. Metal anomalies have yet to be interpreted. Negotiations with the underlying property owner to allow additional metallurgical studies continue.