SOURCE: First Liberty Power Corp.

November 09, 2010 09:00 ET

First Liberty Power: Recent News Underscores Strategic Importance of Domestic Lithium Resource

LAS VEGAS, NV--(Marketwire - November 9, 2010) -  First Liberty Power Corp. (OTCBB: FLPC) would like to draw attention to recent news that underscores the strategic importance of a stable domestic Lithium supply.

On Oct 30th, 2010, the MercoPress (South Atlantic News Agency, "Iran partner in the industrialization of Bolivia's lithium reserves") reported Evo Morales, Bolivian President and leader of the MAS (Movement for Socialism) party, traveled to Iran to bolster energy and political ties. During the three day visit Morales said in a joint press conference with his Iranian counterpart Mahmoud Ahmadinejad, "Bolivia is aware of the broad scientific knowledge of Iran, to be partner country in the industrialization of lithium." The Bolivian president said his country would need foreign partners into the next phase of industrialization, including the manufacture of batteries. He acknowledged that the country lacks resources and the technology needed.Morales said in Tehran that "the development of lithium resources is not merely one isolated mineral export as raw material, but the production of lithium batteries and other products precisely in this process is that Iran is a partner of Bolivia."

Morales has nationalised much of the Bolivian energy and mining sector and recently proclaimed its Lithium deposits to be a permanent reserve of the state. These reserves which reportedly amount to more than 50% of deposits of this metal in the world at the moment, will be operated exclusively by the Bolivian state until the production phase of lithium carbonate and related products, such as potassium chloride.

Glyn Garner, President and CEO of First Liberty Power Corp., commented, "The western world, primarily the USA, needs to wake up to, and act upon this news. Currently the US is home to only one lithium producer -- Chemetall Foote, which operates the Silver Peak mine in Nevada." Garner added, "Our 12,000-acre-plus Lida Valley property (the LVW Claims) shares many of the same geological and weathering characteristics of nearby by Silver Peak; we are now working on implementing the next phase of our exploration program of the property and if the results are positive I am confident we can duplicate Chemetall Foote's successful business model, which has yielded 50 million kilograms of lithium since the Silver Peak mine was first commissioned over 40 years ago."

The LVW claims share a similar geology and weathering history to nearby Clayton Valley and the LVW Claims are located within 15 miles of the Montezuma Peak, which is believed to be the source of the region's lithium. The north end of Clayton Valley hosts Chemetall Foote Corporation's Silver Peak Mine, the only lithium brine producer in the United States. Mine production comes from lithium enriched brine located below the surface. This plant has been in production since 1967 and is designed to produce up to 1.2 million kilograms of lithium hydroxide per annum.

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.

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, including but not limited to, the exploration/work program for the LVW claims, Lithium production from the Silver Peak, Clayton Valley or surrounding region, and any mineralization, exploration and development of our mineral properties, specifically in regards to Lithium and Vanadium.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, 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 such beliefs, plans, expectations or intentions 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 Securities and Exchange Commission.

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