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Dreamchaser

11/29/10 8:14 PM

#38438 RE: chunky #38434

The contract was with Xstate Resources in anticipation of a great uranium market that crashed before it started. Xstate has only three breccia tubes by contract that they never completed drilling. The contract is still in force. Read these links.

One of my old posts

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49960099


More information

http://www.xstate.com.au/

http://www.libertystaruranium.com/www/investors/news-releases/nr-75-liberty-star-and-xstate-resources-proceed-with-drilling-five-additional-breccia-pipe-targets

HKipp1

11/29/10 8:38 PM

#38439 RE: chunky #38434

Actually Liberty's JV partner Xstate did the drilling that failed. Not Liberty itself. Their drill broke and then they went broke before ever reaching the depths at which JB anticipated finding the Uranium. (This is an important fact, because - as apposed to a truly dry hole- it means that most likely the uranium is still sitting there waiting to be recovered.) So in this case Liberty might be faulted for their selection of JV partner, but not their drilling ability. That might not be any more reassuring, except that their recent range of potential partners including Northern Dynasty and Hunter Dickinson seem to be a vast step upward from Xstate. So I would consider that significant progress.

rocco2

11/29/10 9:00 PM

#38440 RE: chunky #38434

read you loud and clear!!
ZTEM!!!!!!