SOURCE: Liberty Mines Inc.

January 15, 2007 09:00 ET

Liberty Mines Inc., Corporate Update

TIMMINS, ON -- (MARKET WIRE) -- January 15, 2007 -- Liberty Mines Inc. (TSX-V: LBE) ("Liberty or the Corporation") is pleased to announce the appointment of Mr. John Pinsent B.Comm. CA to the Board of Directors.

In 2004, John became a founding partner in St. Arnaud Pinsent & Associates (a general practice chartered accounting firm) following a distinguished ten-year career as an assurance senior manager with Ernst & Young LLP in Edmonton. While at Ernst & Young, John acquired significant mining industry experience as the audit senior manager on such clients as Luscar Ltd, the Luscar Coal Income Fund, IMC Global and Echo Bay Mines. John specializes in the provision of accounting, audit, tax and business advisory services to a wide variety of industries but has a particular passion for early stage, developmental enterprises. During his 12 years in public practice, John has built a strong network of contacts that he regularly uses to assist his clients in their efforts to build value for their enterprises.

In 2006, John was awarded the Institute of Chartered Accountants of Alberta ("ICAA") Distinguished Service Award for his support of Alberta's high technology community. Previously, he was the recipient of the ICAA Early Achievement Award in 2001 and the 2002 Economic Development Edmonton Ambassador Award for his formation work on the Greater Edmonton Competitiveness Strategy.

John currently serves on a number of boards including Synodon (TSX-V), Special Olympics Alberta, the audit committees of the Institute of Chartered Accountants of Alberta and the ICAA Education Foundation and the Steering Committee of Economic Development Edmonton's Deal Generator initiative. John also sits on the boards of a number of emerging private technology based companies including Optimum Communication Services Inc., Picomole Instruments Inc. and Fastrainer LLP. He has played an active role in the creation of various financing forum initiatives across Alberta including the Banff Venture Forum, Alberta's Innovation and Investment Week, various BioFinance and Agrifinance events and currently serves as a Director of the Alberta California Venture Channel.

Liberty is also pleased to announce Mr. Warren Cabral, B.Comm. CA, as Chief Financial Officer of the Corporation. Warren has over sixteen years of experience in the areas of corporate finance, securities regulation, public markets and accounting. For the past two years, he has been providing professional solutions to both private and public companies in the areas of finance, governance and securities which includes being the CFO for Chenomx, Inc. Prior thereto, he was the CFO of Altachem Pharma Ltd. and prior to that, was with the Capital Market division of the Alberta Securities Commission. Warren is an Ernst & Young alumni, has a Bachelor of Commerce Degree from the University of Alberta and is a Chartered Accountant.

Mr. Cabral, who will be joining the Corporation on February 1, 2007, will replace Mr. Tom James as CFO, who will continue to be involved in the investor relations undertakings of Liberty. After gaining familiarity with the Company and its specific activities, John will assume the role of Head of the Audit Committee. Mr. Gerry Feldman will remain as an independent director and a key member of the Audit Committee.

Liberty intends to move its head office to Edmonton, Alberta as soon as appropriate office space is located. All Ontario operations will continue to be handled from new office facilities at the Redstone mine and mill site.

"John and Warren will make a significant contribution towards helping us meet our business objectives and generating strong financial performance," said Liberty's President, Gary Nash. "Having the Chairmen of the Board and Audit Committees as well as the President and CFO in the same city greatly facilitates decision making for a company that is growing very quickly," he added.

Liberty currently has 3 drills turning including underground drilling at the Redstone nickel mine for the reserve calculation and drilling the Redstone deep anomaly found by Inco. The third drill will complete one pilot hole for the shaft at the Redstone mine and then move to the Hart nickel project to drill off that deposit. The road to the McWatters nickel mine passes through the Hart deposit and is now sufficiently completed to allow the drill to enter the property. An update on the drill results will be available as soon as the next set of results is obtained from the lab.

Incentive stock options were granted to directors, officers, employees and consultants of the company to purchase up to an aggregate of 1,300,000 common shares exercisable at $2.40 per share for a period of five years. The options were granted pursuant to a stock option plan approved by shareholders on June 6, 2006.

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

    Press Release 1-07