Sagebrush Gold Announces JV with Liberty Star Uranium and Metals
Corp For Uranium Assets
NEW YORK, September 7, 2011
(GLOBE NEWSWIRE) -- Sagebrush Gold, Ltd.
(OTCBB: SAGE.OB - News ) announced
today that the Company has signed a binding Letter of Intent
(“LOI”) for the purposes of forming a joint venture
agreement with Liberty Star Uranium and Metals Corp
(Liberty Star) (OTCBB: LBSR) to merge both Company’s uranium
assets, forming a new company (Newco).
Sagebrush Gold
Ltd. is a publicly traded junior mineral exploration company
focused on searching for world class resources and seeking out
potentially significant gold exploration and development targets in
Nevada's leading gold districts. Sagebrush has three current Nevada
projects: Red Rock , North Battle Mountain , and the
newly acquired (August 31, 2011) Relief Canyon Gold Mine &
Processing Facility . Additionally, Sagebrush has
recently acquired the assets American Energy Fields, Inc. (Colorado
Plateau exploration stage uranium properties).
Terms of the
LOI between Liberty Star and Sagebrush include the transfer all
uranium properties held by Sagebrush and Liberty Star into a newly
organized venture (“Newco”), a subsidiary of
Sagebrush. Liberty Star will grant Sagebrush the
irrevocable option to Newco all of its North Pipes Super Project
(“NPSP”) uranium properties.
In the event
that the Reorganization and Private Placement of Newco are not
achieved by Sagebrush on or before December 31, 2011 Liberty
Star’s obligations will terminate at Liberty Star’s
discretion and Liberty Star will have the full right to retain its
Uranium Properties.
Please refer to
the appropriate SEC filing(s) for details of the Joint Venture
Letter of Intent.
Located on the
Colorado Plateau province of northern Arizona known as the Arizona
Strip, the NPSP is targeted specifically for high-grad
