Dallas, Texas 11/15/2013 (Financialstrend) – On the back of its reporting of 4Q13 and year end results, the stock of First Liberty Power Corp (OTCMKTS:FLPC) shed close to 20% of its accumulated market value to end up with a market cap of $21.56 million. This small cap, development stage mining firm had filed mandatory operational information for its fiscal year ending on July 31.
Commenting about the operations in the past one year, First Liberty Power Corp (OTCMKTS:FLPC) chief executive Don Nicholson, “One of First Liberty Power’s primary objectives for 2012-2013 was to transition from exploration to production, and the foundation for this objective was laid in the fiscal year covered by our recent 10-K. The objective itself was achieved with the commencement of mining at Fencemaker in October of this year. The significant investment required to achieve this is reflected in our annual report, as was our prioritization of Fencemaker over other equally important properties. However, we strongly believe that this push to production was warranted, and will be the catalyst for First Liberty becoming a major contributor to the domestic supply of strategic minerals.”
First Liberty Power Corp (OTCMKTS:FLPC) in its annual report has forecasted that all the above highlighted operational efficiencies will result in the firm registering its first revenue in 2014. It hopes to use this anticipated regular cash flow to further develop the latent potential of its identified oil reserves. The firm also disclosed that it has been extremely conscious in managing its cash reserves and highlighted that it major portion of its spending has been towards capital expenditure.
In spite of the positive picture painted by the management, the markets reacted negatively by shedding 1/5th of its market value in one single day of trading. At trading close yesterday, the shares were trading at $0.046 per share.