A lot of what we know already, but worth a second look.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9674720

EXTRACT with emphasis added:

"We also found a very spatially large anomaly of Rare Earth Elements (REE’s). This anomaly covers approximately seven to nine square miles. It is still under evaluation but at this time, its symmetry, draped around the east end of the porphyry copper anomaly, suggests they are related genetically as a distant (distal) halo of metals including REEs around the porphyry copper center. In the fall of 2013 an occurrence of REEs in the nearby (15 miles) Bisbee porphyry copper deposit, which the Company is using as a model for the Hay Mountain porphyry, was revealed in a report by the Head of the US Geological Survey, Minerals Division. He proposed that REE’s may be common in porphyry copper systems and a possible source of REE production, thus corroborating our discovery of the substantial distal zone of REE’s related to Hay Mountain., Study is ongoing. Prior to this discovery there were no significant or potentially minable anomalies of REEs, in Arizona. Our close spaced grid lines of electromagnetic and magnetic survey (ZTEM) over and around the Hay Mountain area was completed. Preliminary results and their interpretation suggest there are and may represent skarn like bodies. These resistivity and magnetic features suggest ten targets representing porphyry copper like resistivity and magnetic featurest with potential for near surface enriched material as well as skarn bodies which go to significant depths. These features are similar to such bodies identified by ZTEM surveys in other porphyry copper terrains elsewhere in the world. These surveys now complete technical studies the Company felt necessary to pinpoint drilling targets. The next step is to drill, using diamond core drills to test the targets. This will be done as soon as final permitting is complete and funding is available. Because we have not drilled, we have not identified any ore reserves to date."

Quick summary: Potenial for as many as 10 polymetalic targets with near surface, high grade ores running to very significant depths, plus a larger "halo" of REEs. Given the amount of space used for discussion of REEs, one has to conclude that JB is quite excited about this prospect. Could it be that REEs may bring multiples to a project valuation that may already be rich in base and precious metals? I think so.

Now, note on page 12 of the discussion that LBSR has an 8 million dollar aggreement with KVM Capital Partners, underwhich the company has access to all or part of these funds should they wish to access them. Therefore, LBSR has the funds to being drilling as soon as targets are formally designated. In other words, the money is there, unless LBSR wants to take the time to conclude a better deal. We can only find out about that it if and when it happens. Again, the money is there! So, while some may be looking for a JV to be announced before drilling commences, I doubt that we will see it. ...better to keep control into the "discovery" phase and then do a JV.

The next news, IMO, will be that drilling permits are in hand.

VP in AZ