Liberty Mines Inc.
TSX : LBE

Liberty Mines Inc.

December 17, 2007 07:30 ET

Liberty Provides Update on Exploration and Operations

EDMONTON, ALBERTA--(Marketwire - Dec. 17, 2007) - Liberty Mines Inc. ("Liberty or the Corporation") (TSX:LBE) is pleased to announce that all results from the definition drilling at the McWatters Mine have now been received. Some highlights of the recent results include 1.65% Ni over 39.75 metres, including 2.95% Ni over 17.25 metres and 7.51% Ni over 4.95 metres; and 0.91% Ni over 51.40 metres, including 2.05% Ni over 9.40 metres. All results from the drill program will be used to update the database compiled from previous resource drilling. A National Instrument 43-101 updated resource/reserve calculation is underway and will be released in Q1 2008.

A few of the recent results are summarized in the following table:



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Hole Number From (m) To (m) Interval (m) Ni%
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MCW-07-67 115.55 134.80 19.25 1.04
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Including 2.70 5.46
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MCW-07-84 90.50 141.90 51.40 0.91
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Including 9.40 2.05
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MCW-07-85 72.50 108.50 36.00 1.04
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MCW-07-90 116.00 155.75 39.75 1.65
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Including 17.25 2.95
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And 4.95 7.51
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MCW-07-123 151.50 160.50 9.00 1.31
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Including 3.00 3.27
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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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MCW-07-67 10031.08 4958.75 1292.12 360 -77
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MCW-07-84 9985.69 4950.34 1292.39 360 -76
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MCW-07-85 9985.69 4950.34 1292.39 360 -67
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MCW-07-90 9970.09 4908.24 1292.47 360 -60
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MCW-07-123 9970.09 4908.24 1292.47 360 -70
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The core lengths presented in the above table are the intersected core lengths and do not represent true widths. The composite lengths are core weighted.

The portal at the McWatters Mine is complete and ramp development will begin very soon. The settling and treatment ponds are well underway, the shop building structure is erected and the power line to the McWatters Mine site is in progress.

Three drills are presently at the Hart nickel project; two of them infill drilling to approximately the 500m level below surface, and a larger one drilling at approximately the 700m level. Drill results for the Hart project have been delayed because of the many McWatters drill cores that had to be logged and analysed, but are expected to be received shortly from the ALS CHEMEX Laboratory and will be promptly released.

The head frame at the Redstone Mine has been installed. The hoist, hoist house and the collar house as well as the head frame cladding are expected to be complete in February 2008. The decision of when to begin the shaft sinking will then be made as capital spending for development of the McWatters Mine during the first 5 months of 2008 will take priority.

During the fourth quarter of 2007 to December 14, Liberty produced 803,525 pounds of dry nickel in concentrate from the Redstone Mill which has been sent to Jilin Jien Nickel Industry Company Ltd. of China and, since November 16, to Xstrata Nickel in Sudbury.

An agreement for the articles from which an Impact Benefit Agreement ("IBA") will be constructed was recently signed with the Mattagami, Matachewan and Wahgoshig First Nations. The IBA covers Liberty's existing 12,000 ha and future acquisitions of nickel mining claims and leases in the Shaw Dome Nickel Belt located approximately 25 km southeast of Timmins, Ontario. A formal signing ceremony will take place early in 2008.

Drilling at the McWatters project was supervised by Liberty's Vice President of Exploration, William Randall MSc (Geology), Tyron Breytenbach BSc (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 producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada.

CAUTIONARY STATEMENT

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.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Liberty Mines Inc.
    Dr. Gary Nash, PhD (Physics)
    President & CEO
    (416) 238-9736
    (780) 437-7898 (FAX)
    Email: gnash@libertymines.com