SOURCE: Liberty Mines Inc.

May 05, 2006 09:00 ET

Deep Drilling Extends Zones at the Redstone Mine

TIMMINS, ON -- (MARKET WIRE) -- May 5, 2006 -- Liberty Mines Inc. (TSX-V: LBE) ("Liberty") is pleased to announce the successful completion of the phase one deep drilling program at the Redstone nickel mine, 25 km S.E of Timmins. The objective of phase one was to investigate mineralization between boreholes 87615 and 87617 drilled by INCO in 2003. Borehole 87615 intercepted three zones between 449m and 461m grading as high as 23% nickel ("Ni") and averaged 12.3m of 2.59% Ni. Borehole 87617 also intersected 3 zones from the 749m level to the 767m level grading 1.24% to 5.86% Ni.

Borehole R06-3 hit 2.74m of 2.60% Ni from 740.14m to 742.88m. Borehole R06-4 intersected 3.60m of 2.07% Ni from 570.58m to 574.18m, approximately 90m below borehole 87615. Boreholes R06-1 and R06-2 encountered low grade nickel mineralization on average less than 0.5% outside of the ore zones.

Phase two drilling will commence shortly from within the mine at the 213m level. This phase will bring the historic resource of 182,000 tonnes grading 3.28% Ni into reserves consisting of a tonnage and grade compliant with NI 43-101 standards. It will also involve extensive drilling from the 335m level to the 487m level with the goal to increase the reserves in the mine. A decision to build a shaft to mine the deeper mineralization can then be determined.

Phase three drilling this summer will complement phase one with at least one more borehole between the INCO boreholes, and will include drilling the large 250mx450m geophysical anomaly at the 1200m level found by a down-hole pulse EM study by INCO in 2003 (see Redstone Project on website www.libertymines.com for more details).

The diamond drilling program and information in this release is being carried out under the supervision of Liberty's geologist Doug Robinson P.Eng., a "qualified person" as defined by National Instrument 43-101. Liberty Mines Inc. follows a rigorous QA/QC protocol on all of its exploration projects. Drill core of interest is sawn in half, with one half retained for future reference and one half sent to a commercial laboratory, Swastika Laboratories Ltd. A rigorous quality assurance/quality control program is employed which includes the insertion of standards and blanks for each batch of samples.

About Liberty Mines Inc.

Liberty Mines Inc. is a mineral exploration and development company with a focus on the development and production of nickel, cobalt 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.

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