An Open Letter to Friends of Liberty Star from Jim Briscoe
in response toby
Combining Classic Mineral Exploration with State of the Art Technology
Open Letter to Friends of Liberty Star from Jim Briscoe:
As the discoverer of the Tombstone caldera, and founder of Liberty Star, I am disappointed to watch from the sidelines the events and discourse of these last 15 months. Many of you note that transparency and shareholder communication is of utmost importance to you. As a continuing shareholder, it is to me too.
In this regard, allow me to offer that Brett Gross, in my opinion, was made CEO in a rushed manner of questionable legality. Among other things, no non-board member shareholders were consulted in this matter or for subsequent board member appointments (at least in so far as I know).
From that time, Mr. Gross, on behalf of Liberty Star, filed multiple lawsuits against me seeking my silence, and by demanding personal intellectual property (collected over 50+ years). Also by pursuing old vehicles once used for company business. None of these lawsuits, for which he has hired two outside law firms, is disclosed as is required by SEC. SEC issues aside, I shudder to think of the bill that shareholders may have to pay.
These issues are beyond petty! Moreover, and when I was still on the board of directors, Mr. Gross required that I have an attorney present if I wanted to participate in board-related matters. As I could not schedule my attorney around Brett's schedule, I was unable to attend any such meetings. When Mr. Gross demanded that I sign-off on a required SEC form stating that nothing illegal had transpired the previous year, I resigned. I did so most specifically because Mr. Gross represented that he had secured power-of-attorney from each board member (including the chief financial officer) for the 10-K filed in May of 2019.
While similar language appeared in previous 10-K's, I went out of my way to involve board members in decision making. As I never knowingly gave Mr. Gross power-of-attorney, I have to wonder if the other board members ever did. Only this week did I realize that the same language had been put in the 10-K reports filed under my name as CEO. I would think that if Mr. Gross authored that section as a company attorney, he should also be responsible for ensuring that corroborating paperwork is available someplace when he made this last filing. I don't believe that it is.
In the year since I departed from the board of directors, I have continued to work 12+ hours a day on behalf of all shareholders. I did this being a shareholder myself and on behalf of my 50+ years of professional and emotional investment in the Tombstone caldera. Meanwhile, I am amazed at the number of investors and other interested parties who have come to me wanting to fund Hay Mountain drilling.
Among other things, you will be pleased to know that I have preliminary offers for cash infusions toward our drilling needs. And these are on extremely advantageous terms - no more toxic financings would be needed.
However, before any offers can be presented, interested parties require assurances that I will be wholly in control of the project. Meanwhile, no investor wants to partner with a company involved in lawsuits, especially when they find that such has not been disclosed in any manner. Moreover, I have in recent months brought offers to Mr. Gross's attention, and he has flatly refused to acknowledge any of them.
If these issues can be resolved, it may be possible to move forward with the funding proposals I have at my availability.
On a concluding note, LBSR had a number of interested parties over the past several years, but the delays in securing a partner were caused by the Arizona Land Department. It was not from any lack of diligence from LBSR personnel. They, AZLDA, took an unprecedented 5 years to approve a key addition to claims that were very much needed to attract investors. See https://www.libertystaruranium.com/2019/10/21/liberty-star-adds-over-9-square-miles-to-the-hay-mountain-project/
With the permitting we had before I left, everything was in-line for prospective investors to partner with us. In other words, and to repeat, most of the progress reports that you have read this past year concerned matters that were completed or were nearing completion during my tenure as CEO.[James Briscoe] If we can get these spurious law suits out of the way, I believe I can bring $10 million of diamond hammer drill hole funding in immediately and if justified by success which I believe we will see, then another $10 million, and if that is successful then another $10 million and then as assays would be immediate from the new Boart Longyear robotic core longing equipment, ore reserves calculations would have already began, and additional drilling would continue, so that mine planning by SRK could continue so that early mine planning could commence as well, leading to early production if warranted.