Liberty Resources Limited (ASX:LBY) to Auction Queensland Coal Tenements Online

Liberty Resources Limited (ASX:LBY) today opened the auction process for the sale of 18 exploration permits for coal. These tenements are located in the Surat Basin, Queensland. Liberty considers them surplus to requirements and accordingly is looking to sell them via an online auction.

The online auction has been set-up at the website www.libertycoalauction.com and has been marketed in major Chinese, Singaporean, Hong Kong and Indian newspapers.

The online auction process is an innovative way of promoting and selling these tenements. The auction allows for increased and open competitive bidding tension and Liberty hopes this will result in a maximum price on sale.

The online auction opens on the 14th of August and runs through until the 7th of September, 2011. Interested parties must register online for access to the auction site. Granted access parties can then view and download the supporting information for each tenement.

The online data room contains the information and raw data available on each tenement for the purposes of due diligence evaluation prior to submitting a bid.

"This is a very exciting way of selling our exploration holdings to the international market", said Mr. Andrew Haythorpe, Managing Director & Chairman of Liberty Resources, "we are very sure this is the best way promote and make available these assets in an open auction process, it's going to be like ebay for mining".

Liberty confirms that the sales agreement resulting from each successful bid is subject to conditions precedent relating to the need for any FIRB approval, as well as any approval required under the Listing Rules of ASX.

Summary

- Online Auction Start: 14th August 2011
- Online Auction End: 7th September 2011
- Auction Website: http://www.libertycoalauction.com
- Company Website: http://www.libertyresources.com.au

About Liberty Resources Limited

LIBERTY RESOURCES (ASX:LBY) (PINK:LYRTF) (FRA:LG4) is committed to developing its large, low cost gas and fertiliser Project in Queensland. We use standard directional drilling to access deep coal, and we apply the latest environmental techniques to inject (saline) water and oxygen to produce low cost fertilisers. Benefits from our Project will include reduction of surface salinity, lower cost of living for remote locations, skilled and professional jobs, low cost gas and electricity and exports – fertiliser and gas.

LIBERTY RESOURCES is headquartered in Subiaco, Western Australia.

 

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