DoughNut Time in Bristol Bay...

Told Y'all the assault on Bristol Bay is only gonna' get bigger...they are touting to investors that they hold 6-7 times the assets of Pebble. They are air lifting a diamond drill this week and some xray equipment for rapid sample analyzing.  Here are some highlights from meetings and emails Liberty Star Uranium CEO Jerry Briscoe has been having with investors...

"JB talked about his improved method of laying out the mine and tailings in what sounded like a big mound of dirt in a ring around the whole deal with a place inside the ring for catching all runoff. I think he said that no water from the mine would ever leave the site but would be recycled. Others may have a better concept of how this might work. He has presented this to environmental officials and was told it solved 90% of environmental issues."

"Larry Liang is in China---and responsible for the contact made with a large Chinese entity that is willing to finance the 2nd round of drilling/exploration to the tune of $200M at Big Chunk-and further to production--once Liberty accomplishes the initial round of drilling with positive intercepts...1st round entailing 4 holes in up to 12 targets... "

"drilling permits are in progress in both AZ and AK...AK is a faster process..."

He made a comment when discussing the Northern Dynasty JV subject, and why he didn't sign it, that we might get permitted in AK before Pebble"


"It was also good to finally hear the real reason behind the failure to move forward with the NAK 60/40 venture. Briscoe never signed the papers because he felt we could get a better deal"


"Briscoe discussed on more than one occasion his relationship with NAK, its obvious there is no love lost there. The natives in AK dont trust them, he hopes they DO NOT pay upcoming claims fees as well. He made mention of a confernece where he re-iterated to the natives that the mining process would not include cianide treatment to extract metals, apparently an NAK associate wispered in his ear "let us speak for our own company". He mentioned he does communicate with Theissen and Dickerson on occasion however the relation is a bit strained. "



"Out of this discussion came what I thought was one of the most important specifics that was news for me. Namely- that he has proposed offering a JV type arrangement or at least some partial ownership agreement to the Native Alaskan corporations. While they have received royalties for their resources in other areas, this is apparently one of the first times they have been offered an actual ownership stake in such a project. Just one of several funding possibilities- and definitely just a proposal at this stage- but it has the added benefit of making them stake holders and in one fell swoop evaporating their opposition and transforming them into strong allies. Brilliant. "

"It appears the native americans no longer trust NAK, but trust Jim and appear willing to work with us.
JB even offered to make them a business partner. They seemed to like the idea and jim. But first come the exploration holes to what might end up being one of the biggest mineral deposits of all time. "


"The meeting was informal and someone began inquiring about more
information in regard to the possible Chinese 200MM. Mr. Briscoe
said that there may be some misconceptions there, that the money
wasn't just "waiting in the wings". He went into full detail how
that money possibility came about. He made it encapsulated, but
even with that, he was quite detailed. I will not name any
company names except Liberty Star, and the Import/Export Bank
that Larry Liang has a good relationship with - that being EXIM Bank.

Through EXIM Bank and Larry's connection, they took both Larry and
Mr. Briscoe to the company that made the verbal possibility of
financing to their Beijing Offices when Larry and Mr. Briscoe were
in China to tell the LBSR story and see about raising funds.
This company offfice is a high-rise in downtown Beijing, and the
company itself is Huge in China in the Mining Construction end of
the Mining Business. During the meetings, the Chinese group
expressed interest in Liberty Star's Big Chunk Property and
mentioned that they did not get involved in Greenfields operations
but that they definitely would be interested once Liberty Star
began to prove out the property. I believe the numbers I heard
for Second phase that they would be willing to finance was 200
Million Dollars...and as things progressed 2 to 5 Billion to futher
build it out was in the picture. (BIG WOWSA) "

"He said that there had been some friction amongst the Native groups
and Northern Dynasty/PLP and that the Native groups understood that
he himself and Liberty Star wanted to approach the exploration and
mining in a very environmentally friendly way. He went on to say
that during the time of friction, that Sue Anieland (sp?) contacted
him by telephone and asked for his input and to try and work on
some solutions to these issues. They seem to have hit it off and
they spoke many times."

"He also went on to mention that the particular Native group may
want to invest in LBSR at some point in time and that they have
discussed this possibility. He also said that there is a possible
target in this 44 acre tract of land and that those owner's may
end up being very happy later on."


Year Round Drilling... "Previously I had garnered that AK is only drillable in summer months. New idea: drill in winter where the land is firmer therefore easier to navigate movements while using external lighting to mitigate the constant dark. Interesting new opportunity. "

"Discussion on block caving mine design for BC seemed interesting. Initial primary hole scrap will be used to create an inverse moat around the block cave mine. Planting foliage, trees and ground cover would make the mine invisible to all those non-airborne. Interesting way of dealing with the tailings by removing all metalics and using the clean talings as slurry with concrete to build from bottom to top in block cave fashion. Would this mine style genuflect appropriately to the alter of the political/environmental religion? "

"All in all, I remain upbeat on the assets and their potential. Why not? Pebblle is the largest gold/copper/silver mine in the world. ZTEM on BC is ever better. I remain disgusted with the political landscape that development must march through. And I'm horrified at the capitalization of this company. I remember the days of only a couple hundred million SO. Now what, knocking on the door of a billion SO??? "

"JB is trying to raise $2 million to $25 million for phase 1 scout drilling(6 targets,4
hole each). There is a Chinese mining company
seriously interested in BCSP. They want LBSR to
show some drill cores containing satisfactory
mineralization before they come up with $200 million to proseed with phase 2 definition drilling."



"Briscoe stated that after significant proof by drilling, he has even had a comment by a shipping company that they would be willing to go for $200M just to keep their boats full. He is very receptive to winter drilling in AK, especially after talking to the natives. They say that is the best time to do it. He is very personable and works with the native Alaskan people humbly and effectively. There is a private “man camp” under construction in Big Chunk in the center of the caldera for Briscoe’s drill team to simplify logistics. The builder’s brother -in -law flew from Montana to attend. His wife is a native Alaskan of some note, and he shared insight of the native perspective that Briscoe appreciated. "


"He also mentioned not even talking to NAK about anything as they have all they can deal with Pebble and that the western chunk of BC we sold them for the $1 million steal was determined after ZTEM and enhanced recent views to have contained some VERY NICE drill targets, but that NAK was only thinking of using it for tailings"

"He noted that Northern Dynasty has found a number of other ore bodies on their claims but they are just concentrating on getting Pebble up and running. (What this told me - he did not say this - was that Pebble is not a "one off" deposit but that this caldera is host to many ore bodies and that they are just as likely to be on our claims as on the ND claims.) "



"None of our claims is on Native Land - they are all on state mining land. However, there is a 40-acre tract (a Native Allotment) on our claims that is native land owned by the mother of one of the Natives that JB knows well. This person is a friend to LBSR and wants to build a camp on his mother's place. He will provide us all services on a leased basis for our drilling operations. By doing this we avoid the lengthy process of getting permits for building the camp - the Natives do not need permits - they can just build at will. Or so it sounded. This will save us a lot a lot of time and helps to build relationships with the natives. This particular individual is very supportive of LBSR and our efforts. "



"In total, there are about 850 Natives in the entire region. JB mentioned that they held a meeting at the High School gym and he tried to be the first to arrive and the last to leave. He said he tried to talk with the most negative person first and worked his way through all the natives to the least negative. As a result of this personal focus, Liberty Star has a very positive reputation with the Natives and they are positive to having Big Chunk drilled and mined. There is even a Native Corporation in Alaska with over 1 billion in cash that is considering funding LBSR. JB mentioned this but did not elaborate. Overall, it sounded like we were in good standing with the Native population - unlike Northern Dynasty - again, just my impression. "



"JB estimated that at least 3 million has been spent to fund the environmental groups but the Natives are beginning to grumble that the environmentalists just want to keep them poor and to limit their opportunities. My impression is that he thinks the tide is turning against the environmentalists. LBSR seems to have reasonably good relations with the Natives at this point."



"An exploration camp is in the process of being set up on a 40 acre Alaskan Native allotment, owned by the principals of MBGS, which lies in the approximate center of the Big Chunk South Claim block. All field mobilization will be centered on this camp facility which will include all the typical amenities such as secure and comfortable accommodations, water, power, cooking facilities and so forth. Fuel and aircraft landing facilities will also be provided, as will Internet computer communication. As this camp will be proximate to all drill targets in both North Big Chunk and South Big Chunk, we foresee that its usefulness will span potentially many years. We believe that substantial cost savings will result from reduced aircraft usage because of proximity to drill targets. There is plenty of room for expansion, and nearby large lakes are available for the landing of pontoon equipped aircraft of any size. The first phase of the Agreement for exploration services is scheduled to run from approximately August 1 through September 2012. We anticipate this agreement will be successful and continue for many years. Among MBGS’s responsibilities is to obtain AK State mandated permits and complete diamond core drilling of HQ size for at least 10 drill holes at a depth ranging from 500 to 2,000 feet."



Comments James Briscoe: “The work we plan to undertake at Big Chunk fulfills our obligations to complete labor on our claims for this year and several years ahead and sets us on a path to engage in a drilling program that I believe will confirm that Liberty Star owns lands that will have commercially important quantities of copper, gold and moly [molybdenum]. The manager of MBGS, Jim Stevens, is an Alaskan native, a very experienced contractor and entrepreneur, a lifelong resident of, was born and grew up in the area. He conceived this approach over the last year and a half, along with my suggestions. We believe he will head the best operation to complete the program quickly and efficiently over the near and long term. We look forward to working with this Alaska native corporation.”



"Liberty Star’s ground is located near year-round ice-free tidewater on the Pacific Ocean at Cook Inlet. Known mineralization in this area occurs near surface in an area of gentle topography and low elevations. The Pebble Project, a joint venture between Northern Dynasty Minerals and mining industry giant AngloGold seeks to construct and operate an open pit and underground mine in an area considered one of the richest for porphyry gold, copper and molybdenum in the world. Further development of a port on the Cook Inlet, nearby roads, and suitable energy sources are already in process with the approval of the State of Alaska and the Federal Government."


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"These claims were strategically placed by LBSR's CEO, James Briscoe. He recognized the Pebble Mine was in a geological formation called a caldera, which is an ancient collapsed volcano, hence the donut-like shape. Liberty Star's claims cover the majority of land in this caldera, where only the lower right portion is owned by Northern Dynasty Minerals."



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"Bonanza Hills Project

Exclusive mineral exploration rights held by wholly-owned Alaskan subsidiary Big Chunk Corp

Liberty Star's Bonanza Hills project area, targeting high-grade gold with by-product silver, is located approximately 65 miles from the village of Iliamna and about 40 miles northeast of our Big Chunk project area, or about 160 miles west-southwest of Anchorage."



"JB has proposed an innovative way to handle tailings in AK called "circular dumps." He called it "2015 technology". he said he has actually talked to Native groups up there about solving the problem this way and they seemed enthusiastic. He also said someone in the EPA (???) told him if he could do this, it the environmental issue would "go away." Again, this meeting went really fast and jumped around so that might be another question to follow up on for someone."



"Larry Laing, he is in Seoul, Korea and Beijing, China. He did not say it but a reasonable implication is that he is gathering financial support. What was mentioned before (MAM I believe, sorry is I am wrong), that Chinese financing is a option but as mentioned and confirmed, they do not do “grassroots” operations. The initial money if it happened would be $ 200 million. He and Larry Laing went to China and he was ushered up right into the building with the mining dignitaries. My impression (and mine only) Larry Laing is probably more important than many have thought."


"Issues were candidly discussed: the religion of environmentalism and it's affect on Pebble/NAK/Anglo and his decision to not pick a fight he couldn't win. NAK/Anglo's 'full plate' with the resultant minimal beneficial efforts toward BC. Simply, NAK's buy-in isn't the best deal available. He elected to not pick a fight in BH where the long distance from civilization and the proximity to a National Park caused him to drop the BH claims. The current administration seems hellbent to stop all business progress when it comes to developing our natural resources. Salazar's attempts at re-work the national resource political landscape especially in AZ. Toxic financing in previous rounds of dilution. Lawsuits, bitch fests and bickering. China's unwillingness to invest in 'green stake' properties. Liang's connections seem to remain disconnected for the time being. The simple need for a new Wash DC administration. On and on, more and more. Lots can happen in 10 years. "



"Thanks to a ZTEM study done recently, LBSR's claims are thought to contain 6 to 7 times the assets of nearby Pebble."



The AK company contracted to manage the camp sight and operations:
MGBS LLC, Sarah M. Curtis
601 West Fifth Avenue, Ste 700
Anchorage, AK 99501