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