First Liberty Power Corp. (OTC.BB:FLPC) reports that the Gravity Survey of the Company’s Lida Valley (LVW Claims) Nevada lithium claim has been completed by Hasbrouck Geophysics Corp and it has provided positive results. The data from the Gravity Survey has resulted in the identification of multiple deep trough system’s that could be a possible catch basin for lithium brine. Lithium is liberated through mechanical and chemical weathering processes and transported until it is trapped in a closed basin or by impermeable rock along a fault scarp.
In the Lida Valley region it is thought that the source of the lithium is the dark gray lithium enriched rhyolite tuffs that outcrop south and east of Montezuma Peak. Once lithium has been liberated into the water system it remains highly mobile and movement of the lithium with surface water and groundwater will follow basic hydrological principles. Hydrologic basins in Nevada consist of basin fill underlain by either low-permeability or permeable rock with water movement through the basin fill, permeable rock and along faults.
Nothing more complex than a topographic low or closed basin is required to concentrate lithium-bearing water. For topographic lows with larger catchment areas there is a greater opportunity to accumulate lithium from wider sources. The water trapped in these lows may move through dipping aquifers until it reaches an impermeable barrier such as a fault scarp.
Geophysicist Jim Hasbrouck of Harbrouck Geophysics commented, “Interpretation of the modeled gravity data indicates several areas of increased bedrock depths or lower bedrock elevations. These areas may be conducive for concentration of lithium bearing brines.”
Glyn Garner, CEO and President of First Liberty Power Corp., added, “We are very encouraged by these positive results. With this gravity survey now complete we can move forward with our exploration program, the Company now has the data needed to plan phase two of exploration in the Lida Valley Playa.”
First Liberty Power Corp. is a Nevada based mineral exploration company with a primary focus on lithium and vanadium exploration and development in the United States. The Company is positioned to capitalize on the anticipated increase in demand for both lithium carbonate and vanadium that is projected to result from the adoption and use of clean renewable energy that will fuel demand for products that utilize lithium-ion batteries and vanadium redox batteries.
BHP Billiton (NYSE:BHP) recently reported its intention to make an all-cash offer to acquire all of the issued and outstanding common shares of Potash Corporation of Saskatchewan Inc. at a price of US$130 in cash per PotashCorp common share. The Offer values the total equity of PotashCorp at approximately US$40 billion on a fully-diluted basis.
The acquisition will accelerate BHP Billiton’s entry into the fertilizer industry and is consistent with the company’s strategy of becoming a leading global miner of potash. PotashCorp’s potash mining operations are a natural fit with BHP Billiton’s greenfield land holdings in Saskatchewan, Canada.
On 12 August 2010, BHP Billiton Chief Executive Officer Marius Kloppers made a proposal to PotashCorp’s President and Chief Executive Officer, Mr William J. Doyle, to combine the two companies in which PotashCorp shareholders would receive US$130 in cash per PotashCorp common share. Mr Kloppers was advised by Mr Doyle that PotashCorp was not for sale and had no interest in discussing a combination at this time.
Subsequently, on 13 August 2010, BHP Billiton Chairman Jac Nasser reiterated the proposal in a letter to Mr Dallas J. Howe, the PotashCorp Board Chair, requesting a response from the PotashCorp Board by 18 August 2010. On 17 August 2010, Mr Howe advised Mr Nasser by letter that the Board of Directors of PotashCorp unanimously rejected BHP Billiton’s proposal, and PotashCorp made BHP Billiton’s proposal and PotashCorp’s response publicly available. Notwithstanding PotashCorp’s current position, BHP Billiton would welcome the opportunity to work with PotashCorp to achieve a successful outcome to this transaction.
Commenting on the Offer, Mr Nasser said “We firmly believe that PotashCorp shareholders will find the certainty of a cash offer, at a premium of 32 per cent to the 30-trading day period average, very attractive and we have therefore decided to make this Offer directly to those shareholders”.
BHP Billiton plans to formally commence its Offer by way of newspaper advertisement on 20 August 2010. The Offer will be open for acceptance until 11:59 p.m. (EDT) on 19 October 2010, unless the Offer is extended at the sole discretion of BHP Billiton.
Potash Corporation of Saskatchewan Inc. (NYSE:POT) has received and unanimously rejected an unsolicited proposal from BHP Billiton Limited to enter into a transaction under which BHP Billiton would acquire PotashCorp for US$130 per share in cash. PotashCorp�s Board of Directors thoroughly reviewed BHP Billiton�s unsolicited proposal with the assistance of its independent financial and legal advisors and concluded that the proposal is grossly inadequate and it is not in the best interests of its shareholders for PotashCorp to enter into discussions with BHP Billiton.
“The PotashCorp Board of Directors unanimously believes that the BHP Billiton proposal substantially undervalues PotashCorp and fails to reflect both the value of our premier position in a strategically vital industry and our unparalleled future growth prospects,” said PotashCorp Chairman Dallas J. Howe. “After careful consideration, and in the interest of transparency, our Board determined to proactively disclose BHP Billiton�s unsolicited, non-binding proposal to our shareholders. We believe it is critical for our shareholders to be aware of this aggressive attempt to acquire their company for significantly less than its intrinsic value. The fertilizer industry is emerging from the recent global economic downturn, and we feel strongly that PotashCorp shareholders should benefit from the current and potential value of the Company. We believe the BHP Billiton proposal is an opportunistic effort to transfer that value to its own shareholders.”
PotashCorp President and Chief Executive Officer Bill Doyle commented, “Global demand for food is steadily increasing, creating an attractive operating environment for the entire fertilizer industry and, with our premier position, PotashCorp is uniquely poised to benefit. We believe our Board and management team are successfully executing our business plan and producing strong results. With our unmatched asset base and proven strategies, we believe we are well positioned to exceed the expectations of customers around the world and deliver compelling value to our shareholders.”
Potash Corporation of Saskatchewan Inc. is the world�s largest fertilizer enterprise by capacity producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, third largest in each of nitrogen and phosphate; animal nutrition, with the world�s largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and the world�s largest capacity for production of purified industrial phosphoric acid. PotashCorp’s common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange. As of June 30, 2010, 49.03% of the common shares were held in Canada, 37.59% of the common shares were held in the United States and 13.38% of the common shares were held outside of Canada and the United States.
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