SOURCE: Liberty Mines Inc.

February 23, 2007 10:53 ET

High Grade Nickel Mineralization Continues at the Redstone Mine

TIMMINS, ON -- (MARKET WIRE) -- February 23, 2007 --Liberty Mines Inc. (TSX-V: LBE) ("Liberty or the Corporation") is pleased to announce that underground drilling at the Redstone Mine continues to intersect high grade nickel ("Ni") mineralization to the 1506-foot (459m) level. Drilling from within the mine to establish a National Instrument 43-101 reserve to approximately the 1500-foot (457m) level will be completed shortly. The reserve calculation for the deposit will include the ore remaining to be mined in the 600-800-foot (183m-244m) levels down to the 1500-foot level and will be released as soon as it is received. Historical reserves previously reported for the mine included drilling to the 1100-foot (335m) level.

Borehole R06-01 was extended from last years drilling and intercepted 3.45m of 3.9% Ni at 2214 feet (675m) vertically below the surface of the mine.

The core lengths presented in the table are the intersected lengths, and the composite lengths are core weighted.

Highlights of the results obtained to date

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Borehole  Vertical Depth(m) Intercept(m)    Ni%    Including
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R06-06        252              4.22       3.32     18.3% Ni over 0.62m
                                                   and 4.33% Ni over 0.55m
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R06-07        260              0.57       1.43
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R06-09        265               1.4       5.08     18.45% Ni over 0.35m
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R06-18        355               3.5       1.92
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R06-19        268               1.5       2.19
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                              AND 1.0     3.83
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R06-20        265               5.9       0.97
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R06-21        379               3.4       1.28     2.84% Ni over 1.23m and
                                                   15.1% Ni over 0.2m
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R06-23        459               0.5        1.7
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                              AND 0.8     0.99
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R06-28        337               1.4      15.05
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R06-29        293             10.21        1.2     12.65% Ni over 0.81m
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R06-35        255              2.04       1.74
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R07-41        435               4.3       2.02     5.16% Ni over 1.3m
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                              AND 2.7     0.99
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R07-42        451              3.55       1.99     10.6% Ni 0.3m
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                              AND 2.5     1.04
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R07-44        447               2.1       5.77     20.3% Ni over 0.4m.
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R06-01        675              3.45        3.9     20.1% Ni over 0.45m
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Borehole Coordinates
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Borehole      Easting      Northing     Azimuth      Dip
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R06-01        3555         3246         7.3          -70
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R06-06        3373         3348         292          -23
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R06-07        3373         3348         310          -38
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R06-08        3373         3348         328          -36
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R06-09        3373         3348         19.5         -49
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R06-18        3373         3348         7.2          -57
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R06-19        3409         3246         350          -66.5
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R06-20        3373         3348         318.5        -53.5
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R06-21        3420         3306         9.3          -67.6
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R06-23        3416         3270         28.8         -84.2
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R06-28        3353         3327         321.6        -50.6
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R06-29        3373         3348         53.5         -69.5
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R06-35        3373         3348         357          -38
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R07-41        3458         3313         20.7         -73.5
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R07-42        3454         3300         27.6         -78.8
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R07-43        3502         3334         38.9         -62.3
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R07-44        3499         3319         44.5         -67.9
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These results demonstrate the rich nickel veins in the komatiite where it contacts the footwall dacite in the intercepted sections of the Redstone Mine. The underground electric diamond drilling program is the basis for a reserve calculation to be completed by Mr. Glen Cole MSc (Geo) MSc (Eng) B.Com of SRK Consulting, who is the Qualified Person for the reserve determination as defined by National Instrument 43-101. Samples were crushed and prepared in Timmins by ALS Chemex. Assaying was then completed by the same firm at their central laboratory in Vancouver. Certified blanks and standards were regularly inserted to ensure lab integrity.

Two surface drills are currently drilling at the Redstone. One is drilling the "Inco anomaly" as described in previous press releases, and the other is testing the mineralization below the 2500-foot (762m) level of the mine.

Drilling at the Hart nickel project 7km east of the Redstone Mine began yesterday with a third drill. The deposit will be drilled to 43-101 standards with the goal to develop the third nickel mine to feed the Redstone Mill.

Aeorquest is scheduled to complete their airborne geophysical survey today. The survey included all of Liberty's 12,000 hectares of mining claims and will be layered with historical drilling and geophysics to help to determine additional drill targets.

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.

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