Liberty Mines Inc.
TSX VENTURE : LBE

Liberty Mines Inc.

November 12, 2007 05:00 ET

Liberty Begins Construction of the McWatters Nickel Mine

EDMONTON, ALBERTA--(Marketwire - Nov. 12, 2007) - Liberty Mines Inc. (TSX VENTURE:LBE) ("Liberty or the Company") is pleased to announce that the Closure Plan for the McWatters nickel mine, located 29 km southeast of Timmins, Ontario, was filed by the Ministry of Northern Development and Mines on November 9, 2007. The Company is also in receipt of the Permit to Take Water and Certificates of Approval for Air, Noise and Industrial Sewage Works for the McWatters Mine. Construction of the mine portal will begin shortly with ramp development to follow soon after completion of the portal.

Development of the sills from the upper levels while the ramp is completed to the 130m level will provide 300-500 tonnes per day of pre-production ore beginning in March/April 2008. Full production from the mine at 1200-1300 tonnes per day is scheduled for early in the third quarter of 2008. Ore will be concentrated at Liberty's Redstone Mill, located 9.5 km west at the Redstone Mine site.

"Bringing the McWatters Mine into production is a very important development for Liberty as it provides the ore required for our Redstone Mill to run at its permitted capacity of 1500 tonnes per day." said Liberty's President and CEO, Gary Nash. "Investors have been anxiously awaiting this announcement as it is fundamental to achieving the anticipated financial growth of the Company", he added.

Definition drilling was recently completed at the McWatters Mine to update the previous NI 43-101 resource and calculate a reserve for the mine. The technical report is expected to be released in January 2008.

A new road to the McWatters Mine, which passes through the Hart nickel project, was recently completed from the Redstone Mine site. Two drills are presently at the Hart deposit drilling the orebody to at least the 500m level below surface. This will enable a NI 43-101 resource/reserve technical report to be compiled in early 2008. The Hart project is anticipated to be formally declared as Liberty's third nickel mine upon receipt of the technical report. Drill results will be reported as soon as they are received form the lab.

About Liberty Mines Inc.

Liberty Mines Inc. is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada.

CAUTIONARY STATEMENT

This News Release includes certain "forward looking statements". All statements other than statements of historical fact included in this release, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Liberty, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Liberty's expectations are exploration risks, commodity prices, permitting, and assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Liberty Mines Inc.
    Dr. Gary Nash, PhD (Physics)
    President & CEO
    (416) 238-9736
    (780) 437-7898 (FAX)
    Email: gnash@libertymines.com