LIBERTY RECEIVES $0.55m CASH BOOST
Liberty Resources Limited
(ASX:LBY)is pleased to announce the receipt of cash proceeds totaling $551,900 from the sale of its Toro Energy Limited
(ASX:TOE) shares.
The Company will use the funds to advance its Projects with particular focus on the Denison Urea project in Queensland.
An important part of Liberty’s strategy is to realise the value of its noncore assets to fund the company and reduce the need for future capital raisings. The Company anticipates it will receive a further $2.5m worth of cash and shares upon the successful listing of a pending coal float in 2011. Further noncore assets include exploration permits with shallow coal potential in Queensland as well as the companies 100% owned subsidiary - Rhodes Resources Pty Ltd, which owns uranium exploration leases in Western Australia. Some innovative approaches are being pursued.
Existing cash reserves combined with expected inflows from near term noncore asset divestments should provide adequate funding for the Company well into the 2011 calendar year.
For and on behalf of the board,
Andrew Haythorpe
Manager Director/Chairman
