SOURCE: Liberty Mines Inc.

October 10, 2007 08:00 ET

Liberty's Deep Drilling at Redstone and Exploration Update

EDMONTON, AB--(Marketwire - October 10, 2007) - Liberty Mines Inc. (TSX-V: LBE) ("Liberty or the Corporation") is pleased to announce that ongoing diamond drilling at the Redstone Nickel Mine has intersected nickel ("Ni") mineralization in eight of the nine deep holes drilled to date. Since the news release dated the 4th day of May 2007, four more boreholes have been drilled into the mineralized channel. Given the vein-type mineralization style of the nickel sulphides, the high percentage of intercepts suggests excellent continuity of the mineable resource to depth, and further proof that the "INCO" anomaly is primarily associated with nickeliferous massive sulphides. The latest results are tabulated in the table below. The core lengths presented in the table are the intersected lengths, and the composite lengths are core weighted.

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Hole Number  From(m)    To(m)    Interval(m)    Ni%
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RS07-09B      964.00   972.17        8.17      1.62
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Including                            2.17      3.84
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Including                            0.35     13.85
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And           983.10   983.40        0.30      5.04
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RS07-09A      941.90   943.35        1.45      1.01
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And           969.45   970.10        0.65      3.97
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RS07-08C      821.00   822.55        1.55      1.40
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Including                            0.30      2.27
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RS07-06C     1171.80  1178.80        7.00      0.58
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Including                            1.30      1.15
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Including                            1.00      1.19
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                   Borehole Coordinates
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                    Collar Coordinates
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Hole Number   Easting   Northing   Elevation   Azimuth   Dip
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RS07-06C      Wedge (RS07-06)      @ 623m
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RS07-08C      Wedge (RS07-08)      @ 425m
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RS07-09       3700      2699        3044        001       -70
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RS07-09A      Wedge (RS07-09)      @ 497m
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RS07-09B      Wedge (RS07-09)      @ 555m
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The surface diamond drill program at Liberty's 100% owned Redstone Mine is designed to define the mineralized horizon down to a vertical depth of approximately 1155 m below surface. Surface drilling to date has defined continuous mineralization from the 773 m level down to the 1155m level, covering a span of 382 vertical m. Strike lengths have not been defined as the mineralization is still open to the east and west at most elevations. However, they are expected to exhibit similar characteristics to the levels presently being mined which range from approximately 170-250 m in strike length. Surface drilling will continue until there are sufficient intersecting points to bring a large portion of the deeper levels into a NI 43-101 compliant resource. Mineralization from the 508 m to the 773 m levels will be defined by diamond drilling from underground drill bays extended into the hanging wall from the access ramp.

Due to local ground conditions, wedges are more effective when directed grid west, gaining an average of 2-3 degrees per installed wedge. It is therefore practical for the initial drill hole to target the eastern margin of the mineralized channel to ensure maximum efficiency of ensuing wedges. RS07-09 was aimed at the interpreted eastern portion of the deposit, but wandered further east than expected returning no significant values. Both wedged holes from RS07-09 encountered mineralized intervals.

Exploration Update: Galata Area Discovery

One diamond drill has been active in the Galata area (Langmuir Township) testing favourable ultramafic bodies associated with EM anomalies, which were previously defined by airborne geophysics. Two drill holes from a single set-up discovered a new copper zone hosted by an ultramafic intrusive, interpreted to be the same body that hosts the McWatters Ni deposit 2.35 km east. This mineralized horizon was intercepted in both boreholes bearing narrow massive sulphide intervals grading 1.38% Cu and 6.73% Cu with anomalous Ni values of 0.19% and 0.14% respectively. These zones are to be assayed for PGEs. Further drilling conducted within the same ultramafic body, approximately 300 m on strike, yielded lightly disseminated Ni zones with values up to 0.40% Ni and one 25m interval grading an average of 0.28% Ni. These values demonstrate that this ultramafic body forms part of a fertile system that is highly prospective for massive and/or disseminated Ni-Cu sulphide deposits, including large tonnage, low grade Mt. Keith style deposits.

Liberty plans to conduct borehole geophysics down all of these holes to determine the provenance of the massive Cu-Ni sulphides and the disseminated Ni zones. Given the proximity of sulphur rich sediments in contact with this ultramafic body, the high Ni values identified by surface sampling (between 5-7.36% Ni) in the area, and the recent drill results, Liberty feels that the immediate area has a high probability of hosting economic Ni-Cu-PGE mineralization.

A recently flown VTEM survey has acquired a geophysical response related to the McWatters deep-seated conductive nickel sulphide body, opening the door to potential discoveries of this nature. This deposit consists of a non-conductive disseminated sulphide zone overlying massive sulphides at an average 125 m vertical depth. Previously conducted geophysics over the property has not been able to detect a signature pertaining to the nickel mineralization. Liberty's land package will be flown using this same system with the aim of finding deeper orebodies that have never been detected by previous geophysical programs. This will be the first time VTEM has been flown over the ultramafic bodies within Liberty's claims.

"We are extremely pleased with the initial drill results, as we feel we are closer to making a significant discovery," said Liberty's Vice-President of Exploration, Will Randall. "We now know that Ni-Cu sulphides are present in the system at economic concentrations, and we will continue to work on narrowing in on the areas where the sulphides may have accumulated, using a new array of geophysical tools and geological interpretation," he added.

The project was supervised by Liberty's Vice President of Exploration, William Randall MSc (Geology) and by Richard Allard P. Geo., a qualified person as defined by National Instrument 43-101. According to the company sampling protocol, half of the diamond drill core is sampled and sent to ALS CHEMEX in Timmins to be prepared for analysis. The prepared samples are then forwarded to the ALS CHEMEX Laboratory in Vancouver for analysis. Base metal values are analyzed by aqua regia digestion and ICP-AES finish. A rigorous QA/QC program is implemented consisting of regular insertion of standards and blanks to ensure laboratory integrity.

About Liberty Mines Inc.

Liberty Mines Inc. is a mineral exploration and development company with a focus on the development and mining of nickel, cobalt, copper and platinum group metals from its properties in Ontario.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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, assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators.

Press Release 34-07

Contact Information

  • For further information please contact:

    Dr. Gary Nash, PhD (Physics)
    President & CEO
    Liberty Mines Inc.
    Phone: (416) 238-9736
    Fax: (780) 437-7898
    e-mail: Email Contact