Liberty Silver Corp., a company focused on exploring and developing mineral properties in North America, today announced it has closed a $4.6 million funding. The company also announced its acceptance for listing on the Toronto Stock Exchange, where it will trade under the symbol LSL effective Dec. 22, 2011.
The $4.6 million non-brokered private placement funding will support the exploration and development of its Trinity silver projects in Nevada, as well as for general working capital purposes.
The funding consisted of the sale of 2,627,500 units and 6,500,000 “Subscription Receipts,” which have been converted into 6,500,000 Units for an aggregate of 9,127,500 Units sold at U.S. $0.50 per unit. Each unit consists of one common share of Liberty Silver and one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of U.S. $0.65 for a period of two years following the date of listing.
Liberty Silver’s 9,960-acre Trinity property is located in what the company believes to be a “mining friendly” district in Nevada. The property includes a former producing mine that represents approximately 1 percent of the geographic extent of the project. Based on the interpretation of the geologic data and past drilling data, the company suggests that the Trinity property may contain additional drilling targets which have not yet been identified.
The Trinity silver project reflects Liberty Silver’s plan to implement a mitigated risk development strategy. The first step in this process was to locate in a mining safe political jurisdiction. Additional efforts include: building a solid management team; determining previous proven minability of the property , such as permits, metallurgy, access and environmental issues; obtaining a National Instrument 43-101 mineral resource estimate technical report; historic data and recent geophysical surveys confirming eight exploration targets and two extensions from the original mine; and an ability to potentially mine quickly should uncertain market conditions warrant alternate means of financing the further development of the property.
“We are very pleased with the progress on the Trinity property,” Bill Tafuri, president and COO of Liberty Silver stated in the press release. “Our 43-101 Report indicates a property of merit that contains a defined silver resource, which could be expanded through further drilling. Our team has identified and confirmed multiple silver and gold targets not discussed in the 43-101 Report. With the funding in place, we expect to initiate additional geochemical and geophysical surveys in conjunction with an aggressive drilling campaign targeting both high priority exploration targets, and the extensions from the original pit. Given our geographical location, the quality of historical data, and our geological interpretations, we anticipate the planned programs could expand the current resources and help to define the potential for a profitable mine.”
For more information visit: www.libertysilvercorp.com
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