SOURCE: Liberty Mines Inc.

September 07, 2007 08:00 ET

Liberty Assembles the Groves Nickel Copper PGM Project

TIMMINS, ON--(Marketwire - September 7, 2007) - Liberty Mines Inc. (TSX-V: LBE) ("Liberty or the Corporation") is pleased to announce the acquisition of a block of contiguous mining claims encompassing the Groves nickel copper platinum group metals ("PGM") deposit, located approximately 15 km south east of Gogama, Ontario. The 28 mining claims consist of 400 units or 6,400 hectares which cover a magnetic anomaly interpreted as a large gabbroic intrusion. The anomaly is approximately 12 km long and varies in width from 1 km to 2 km.

The center of the anomaly contains an historically reported resource of 500,000 tons (Canadian Mines Handbook, 1957) of 1.5% combined copper ("Cu") plus nickel ("Ni") above the 45.7m level in two separate zones, which was not drilled to NI 43-101 standards and should not be relied upon. Within the gabbroic/dioritic core, the southern portion of the two zones is continuous over a 69m strike length with an average historical grade of 0.975% Ni and 1.18% Cu over a 5.85m depth. The northern zone can be traced eastward for 123m at an average grade of 1.56% Ni and 1.46% Cu with a 3m depth, also above the 45.7m level. Both zones are open at depth. Values of 3.41 g/t of platinum and 4.96 g/t iridium have been historically reported over 2.68m. Grab samples up to 4.6 oz per ton have also been historically reported on the property.

There has been limited historical work on the newly acquired properties. Liberty plans to conduct airborne magnetometer and electromagnetic surveys over the entire claim block. These results, in conjunction with initial sampling and mapping, will aid in an exploration program designed to both confirm and expand the historical resource to NI 43-101 standards, and explore the adjacent favourable geology for similar mineralization. This phase of exploration is tentatively scheduled for the summer of 2008.

"Staking these additional claims along the interpreted grabbroic intrusion that is known to host an historically defined Ni-Cu-PGM deposit adds to our exploration potential," said Will Randall, Liberty's Vice President of Exploration. "Even though our focus will remain within the prolific Shaw Dome area, this adds more versatility and depth to our exploration potential," he added.

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 26-07

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