Acquisition comes as First Liberty anticipates the demand for uranium to increase.
First Liberty Power Corp. has entered into an agreement to acquire a Vanadium & Uranium property in San Juan County, UT.
The property is comprised of 13 lode claims, totaling 260 acres (the "San Juan Property"), located within the Colorado Plateau near the Utah-Colorado border. A preliminary radon survey was completed on the San Juan Property in 2009 and it indicated an anomalous east-west radiometric trend. The size of the anomalies appear to be very similar to the size of the high grade vanadium-uranium beds mined from the nearby Firefly, Gray Daun and Vanadium Queen Mines. This channel system, which was already delineated by the radon survey, is part of the system that hosts the Pandora and Beaver Shaft mines - both of which are producing Uranium and Vanadium ore that is transported to and processed at the Dennison Mill located near Blanding Utah.
The most significant commercial use for uranium is to fuel nuclear reactors for electricity generation. There are 440 reactors operating worldwide and a total of 60 new reactors that are under construction. With estimates of over 150 power reactors, with a total net capacity of some 172,000MWe, planned and over 340 more proposed (as of August 2011), First Liberty expects the demand for uranium to increase significantly.
Vanadium has several industrial uses, particularly as an alloy in iron and steel, specifically for its weight-saving benefits in high-strength steel. Vanadium is also a critical component in Vanadium Redox batteries, which have an extremely large capacity potential - making them well suited for use in large power variable storage applications, such as with wind or solar power. The limited self-discharge characteristics of vanadium redox batteries also make them useful in applications where the batteries must be stored for long periods of time in a ready state with little maintenance.
First Liberty Power Corp. continues to execute on its broad strategy to expand into multiple strategic elements and to develop its U.S.-based exploration and mining operations. By acquiring this Vanadium & Uranium property, First Liberty has now formed a core group of mining activities for the future. In combination with the company's key ownership interests in Lithium and Antimony properties, it has brought together the strategic and critical elements we believe will assist the company in the further development and growth the of the alternative energy sector.