Las Vegas, NV, Nov. 18, 2014 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (OTC Pink: FLPC), an innovative and diversified exploration, development and mining company focused on "Mined in America" strategic industrial minerals, has announced an update to the Exploration and Mining Lease Earn-in to Purchase Agreement with Renaissance Gold Inc., for the property known as The Arabia Project.
First Liberty Power CEO, Don Nicholson, detailed the project developments. "According to the terms of the April 8th, 2014 agreement, and amendment thereto, between First Liberty Power and Renaissance Gold, First Liberty had an obligation to make a scheduled payment on November 1st as one of the terms of the Agreement. Due to current cash constraints, and the necessity to allocate resources towards other obligations, First Liberty did not make the required payment, resulting in the termination of the Agreement. Nevertheless, Renaissance Gold may be a near future partner at Arabia and other projects as First Liberty is able to resolve fiscal issues".
According to FLPC Board Chair, Robert Reynolds, the Arabia Project remains a prominent part of the Company's future plans. "While this current situation is challenging for all parties, the management of First Liberty Power has the full intent to re-establish the terms and payments to Renaissance Gold and continue to develop the mining potential of The Arabia Project. We are pleased that Renaissance Gold officials are willing to consider the same. In the meantime, Fencemaker and our other four prospective and historical Antimony producing properties remain foundational components of our Antimony strategy."
Full details of the Exploration and Mining Lease Earn-in to Purchase Agreement between First Liberty Power Corp and Renaissance Gold Inc.(TSX:REN) are available on the FLPC website:
www.firstlibertypower.com/investors/filings ; April 8, 2014.
First Liberty Power will continue to use their Pathways of Progress information platform to provide updates on Company operations and newsworthy events.
ABOUT FIRST LIBERTY POWER CORPORATION (OTC Pink: FLPC): First Liberty Power Corporation is a diversified exploration, development and junior mining company focused on providing strategic minerals for America's future. First Liberty Power is founded on a methodology designed to drive exploration and development of the Company's mining and processing operations. The Company's objective is to bring minerals to market while always ensuring employee safety, environmental integrity and corporate good governance. FLPC's corporate philosophy is fully evidenced in their Pathways of Progress (POP) program, an open and transparent communication platform used to inform shareholders, investors and mining partners of Company news and advancements. First Liberty Power's current mineral portfolio includes antimony, gold, silver and other strategic metal projects and properties.
www.facebook.com/FirstLibertyPower
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future plans of the company, the prospects for our mineral properties, and our ability to raise necessary working capital. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the SEC.