Yes, the response to the last new release has not been universally hailed as positive news. But it is good news. Here is my email exchange with a displeased shareholder:

Subject: NR 197 - Liberty Star Announces Annual and Special Meeting of Shareholders and outlines Management Presentation at Meeting

“Great idea....add another 5 billion authorized shares so that Briscoe can dither away more cash.”

My response:

“I agree with you: it is a “great idea” given the dire situation presented to Briscoe and the BOD. Clearly as has been demonstrated to us over and over and reported in the media, greenfield hard rock exploration projects have fallen out of favor in the capital markets for now, but they will rise again as part of the Super Cycle. We are not missing the boat on finding funds to finance Phase 1 drilling at Hay Mountain—there is no boat – but there will be when the market for metals reverses as it always does. Any projects receiving funding these days are reviving old mines (new technology, new machinery) or investment in late stage development projects: see Rosemont and Excelsior projects, both within 50 miles of our Tombstone holdings. Briscoe is working with a financial team right now to see about developing some of these late stage development properties mentioned in the below news release.

The “dithering” part I cannot agree with. Briscoe and Liberty Star are in exploration geology. This is not a pursuit for hand wringing or indecision. It is for risk takers. Success or failure are at risk continuously, but are never an end in themselves. The next day will bring more risk with the possibility of more successes or failures, often exogenous to the decision maker. This is true throughout the mineral exploration profession.

If you can tolerate the risk undertaken in the pursuit of new ore deposits, LBSR stock has certainly paid off for the savvy investor when our shares have reached these low prices only to reverse and achieve substantial increases based on good news. This has actually happened with our stock (See stock price charts 2010) Risk and tolerance of risk—if you can accept that trading environment, then this is an exciting time for the company. We see the tide of metal prices beginning their rise. We will be on the rising tide.”

Tracy Myers

LBSR IR