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First Liberty Power Corp (OTCBB: FLPC) Announced last week the results from a radon survey conducted on the Company's 66 mineral lode claims, located in San Juan County, Utah (the "Uravan mineral claims").
Glyn R. Garner, President and CEO of First Liberty Power Corp., commented, "We are very encouraged by the results of this initial radon survey. Historical data shows ore produced at the nearby
Garner added, "The Subaru G4e concept car that utilizes a high-density vanadium-assisted lithium battery technology and the vanadium redox flow battery being developed by companies like Cellstrom, show that a mixed approach is the best exploration and acquisition strategy for a company like First Liberty, unlike so many companies in the sector that are focusing just on lithium, we are building a diversified portfolio of projects. I believe the clean energy revolution is underway and it will be powered by vanadium and lithium."
The Uravan mineral claims radon survey consisted of 101 readings with a minimum reading of 0.35 and a maximum reading of 27.75. The median reading was 6.75 with a midrange of 14.05. The preliminary radon survey data indicates an anomalous east-west radiometric trend. A detailed radon survey would further define drill targets and thereby delineate tonnage and grade within the Uravan Claim Block.
The radon survey uses a system that measures the radon by utilizing an ion chamber with an electrically charged Teflon, called an electret, located inside an electrically conducting plastic chamber of known air volume. The electrets serve as a source of high voltage needed for the chamber to operate as an ion chamber. It also serves as a sensor for the measurement of ionization in air. The ions produced inside the sensitive volume of the chamber are collected by the electrets causing a depletion of charge. The measurement of the depleted charge during the exposure period is a measure of integrated ionization during the measurement period. The electrets charge is read before and after the exposure using a specially built non-contact electret voltage reader.
What They Do: 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.
Cabot Oil & Gas Corporation (NYSE: COG) $37.55. Announced Tuesday after market close an update on its efforts to comply with the Modified Consent Order, along with additional information regarding its business practices as they relate towards the environment, water resources and the citizens of Pennsylvania. A rig is on location preparing to commence the required plugging operations in accordance with the MCO and all the published requirements. Additional technical operations will be included, all of which have been presented to the Pennsylvania Department of Environmental Protection (PaDEP). "We expect to make significant progress, if not being complete with the plugging of all three required wells by the end of next week," said Dan O. Dinges, Chairman, President and Chief Executive Officer. In terms of the permanent water solution requirements, the necessary equipment started arriving on April 26 and is ready for installation. This solution is designed to remove methane, a constituent of natural gas, from the water stream before it enters a home. "We are committed to resolving this issue with a long-term solution," commented Dinges.
What They Do: Cabot Oil & Gas Corporation is a leading independent natural gas producer with its entire resource base located in the continental United States.
Range Resources Corporation (NYSE: RRC) $48.93. Announced Tuesday after market close its first quarter 2010 results. For the quarter, Range achieved three key objectives: consistent double-digit production growth, lower unit costs in nearly all categories and a stronger financial position through asset sales and capital discipline. Production averaged 465 Mmcfe per day, a record high for the Company and a 12% increase over the prior-year quarter. This represents the 29th consecutive quarter of sequential production growth. On a unit of production basis, direct operating costs, exploration expense, general and administrative expense and depletion, depreciation and amortization expense (excluding non-recurring items) all decreased over the prior-year quarter. At quarter end, Range completed the initial closing of the sale of its tight gas sand properties in Ohio, collecting approximately $300 million of proceeds. As a result, Range’s financial position strengthened as its net debt-to-book capitalization ratio was reduced to 36%, versus 43% for the prior-year quarter.
Reported GAAP net income increased to $77.6 million compared to $32.6 million for the prior-year quarter. Diluted earnings per share more than doubled to $0.48. Net cash provided from operating activities increased 2% from the prior-year quarter to $153 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $25.9 million or $0.16 per share.
What They Do: Range Resources is an independent oil and gas company operating in the Southwestern and Appalachian regions of the United States.
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