re: Ann: Karibib Lithium Project - Encouragin... Summary Rock...

re: Ann: Karibib Lithium Project - Encouragin... Summary
Rock chip assay results for a geochemical sampling program at the
historic Rubicon and Helikon lithium pegmatite mines at the 100% owned
Karibib Project have been returned with very encouraging lithium and
tantalum results.
A total of 51 samples from Rubicon and 36 samples from Helikon were
collected from the historic open pits, stockpiles and waste dumps with
the aim of establishing the tenor of the lithium, tantalum, rubidium,
beryllium and cesium mineralisation within the various portions of the
extensively zoned pegmatite bodies.
The average lithium assay for the 87 samples was 1.88% Li2O with 57
(65%) of the samples returning assays above 1.00% Li2O. The highest
lithium assay returned was 7.18% Li2O from a sample taken at Helikon.
The average tantalum assay for the 86 samples, excluding the highest
grade sample that returned 14.55% Ta, was 415ppm Ta with 36 (41%) of
the samples returning assays above 100ppm Ta. The next highest
tantalum assay returned was 1.83% Ta.
The assay results for rubidium, cesium, niobium and beryllium are also
considered of interest with peaks of 1.83% Rb, 0.74% Cs, 26.87% Nb and
3.98% Be.
Commencement of the Companys first drilling program at Rubicon and
Helikon is scheduled for the first week of March 2010.
Managing Director Simon Rigby commented The assay results for lithium, the
key target metal at Karibib, are considered to be very encouraging with both
petalite and lepidolite mineralisation carrying grades competitive with other
lithium pegmatite deposits around the world. Importantly, the Karibib Project
would appear to have the potential for additional credit metals and Black Fire
intends to investigate the potential economic significance of these metals as
part of the evaluation of the Karibib Project. The Companys efforts are now
focused on the commencement of a drilling program at Karibib which is
scheduled for the first week of March.