Liberty Mines Inc.
TSX : LBE

Liberty Mines Inc.

April 30, 2008 08:00 ET

Liberty Provides Update on the Hart Nickel Project

EDMONTON, ALBERTA--(Marketwire - April 30, 2008) - Liberty Mines Inc. ("Liberty or the Corporation")(TSX:LBE) is pleased to announce that diamond drilling at the Hart Nickel Project is nearing completion, having defined the bulk of the zone down to the 500 metre level. Diamond drilling to date has defined an ore body with an average strike length of approximately 265m that can be subdivided into two zones based on sulphide content and ore zone width: the upper zone contained within the top 275m below surface, and the lower zone found below this elevation.

The upper zone was largely defined in 2007 and has been the subject of a 25m-30m center in-fill drill program in 2008. The latest drill results have returned very positive intersections including: 1.01% Ni over 7.4m (H-08-81), 1.01% Ni over 5.6m (H-08-78), and 0.48% Ni over 13.8m (H-08-75). These results, in combination with previously released diamond drill hole intersections, have defined a continuously mineralized zone with an average strike length of 275m and an average true width of approximately 4m.

The lower zone, discovered by Liberty in 2007, is comprised of a large sulphide pool collected in a pronounced paleotopographical depression. This ore zone has been defined over a strike length of 260m, and has an average true width of approximately 14m. The central portion of the zone is characterized by intersections such as 2.15% Ni over 14.55m (H-07-35), 1.19% Ni over 25.55m (H-07-45), 1.15% Ni over 27.4m (H-07-30), 2.51% Ni over 10.4m (H-08-66), and 1.37% Ni over 14.2m (H-07-48). This zone appears to be truncated to the west and at depth by a relatively large gabbroic dyke. This dyke appears to have displaced the mineralization as narrow zones of nickel rich sulphides can be located at the upper contact, as evidenced in H-08-68. The ore zone may continue on the far side of the dyke, and will be investigated very shortly. The eastern margin has been defined, terminating in a barren iron formation.

The following table contains all diamond drill holes completed by Liberty Mines on the Hart Project for which assays have been received. At least 12 holes are currently pending assay results. Diamond drilling on the deposit is expected to be completed within a fortnight. The core lengths presented in the table are the intersected core lengths, and the composite lengths are core weighted.




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Hole Number From (m) To (m) Interval(i)(m) Ni%
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H-07-06 128.40 129.65 1.25 1.40
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H-07-07 111.00 114.30 3.30 0.96
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H-07-08 107.30 110.15 2.85 0.54
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including 0.25 1.02
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H-07-08 135.00 138.70 3.70 1.30
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H-07-09 74.00 78.30 4.30 0.71
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H-07-10 NSV
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H-07-11 NSV
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H-07-12 NSV
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H-07-13 NSV
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H-07-14 NSV
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H-07-15 NSV
---------------------------------------------------------------------------
H-07-16 NSV
---------------------------------------------------------------------------
H-07-17 NSV
---------------------------------------------------------------------------
H-07-18 104.00 106.70 2.70 1.41
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H-07-19 NSV
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H-07-20 NSV
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H-07-21 210.20 211.60 1.40 1.45
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H-07-22 233.00 236.70 3.70 2.91
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including 1.20 5.68
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H-07-23 NSV
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H-07-24 296.00 299.00 3.00 1.28
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including 1.00 3.36
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H-07-25 95.60 98.20 2.60 1.08
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H-07-26 144.00 148.00 4.00 0.80
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including 1.60 1.42
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H-07-27 254.00 258.00 4.00 0.53
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H-07-28 306.00 315.55 9.55 1.04
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including 3.88 2.04
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H-07-29 276.00 277.60 1.60 1.48
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including 0.40 3.90
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H-07-30 317.00 344.40 27.40 1.17
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including 13.60 1.93
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and 3.40 2.36
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H-07-31 216.15 221.70 5.55 0.93
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including 3.70 1.13
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and 0.30 5.10
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H-07-32 NSV
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H-07-33 249.00 252.30 3.30 0.28
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H-07-34 302.89 304.68 1.79 1.37
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H-07-35 370.00 384.55 14.55 2.15
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including 1.85 4.19
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H-07-36 288.00 290.20 2.20 0.53
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including 0.30 2.10
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H-07-37 461.00 464.00 3.00 1.08
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H-07-38 NSV
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H-07-39 NSV
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H-07-40 NSV
---------------------------------------------------------------------------
H-07-41 NSV
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H-07-42 NSV
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H-07-43 405.00 432.60 27.60 0.37
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including 1.30 1.62
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H-07-44 257.00 259.20 2.20 0.60
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H-07-45 363.90 389.45 25.55 1.19
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including 11.45 2.05
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H-07-46 183.50 183.70 0.20 5.47
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H-07-47 NSV
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H-07-48 407.00 421.20 14.20 1.37
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H-07-49 248.00 256.00 8.00 0.27
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including 0.10 1.35
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H-07-50 426.00 452.20 26.20 0.51
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including 2.70 1.09
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and 2.45 1.47
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H-07-51 NSV
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H-07-52 124.40 124.60 0.20 1.43
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H-07-53 88.10 88.50 0.40 1.06
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H-07-54 443.10 445.30 2.20 0.64
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H-07-55 61.60 64.50 2.90 0.81
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including 0.90 1.05
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H-07-56 NSV
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H-07-57 361.40 363.40 2.00 1.32
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H-07-58 NSV
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H-07-59 359.00 361.00 2.00 3.45
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H-07-60 NSV
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H-07-61 319.00 329.50 10.50 0.43
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including 0.50 4.32
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H-07-62 330.75 334.50 3.75 3.93
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H-07-63 449.00 472.70 23.70 1.15
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including 9.80 2.03
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H-07-64 305.00 315.50 10.50 0.65
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including 1.50 2.10
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H-07-65 259.00 262.00 3.00 0.33
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H-08-66 404.30 414.70 10.40 2.51
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H-08-67 186.30 187.00 0.70 1.30
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H-08-68 691.20 692.20 1.00 0.46
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H-08-69 176.00 178.40 2.40 1.11
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H-08-70 154.00 155.40 1.40 1.07
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H-08-71 430.20 431.20 1.00 1.81
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H-08-72 363.50 372.70 9.20 1.19
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H-08-73 657.85 658.90 1.05 0.60
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H-08-74 NSV
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H-08-75 80.00 93.80 13.80 0.48
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including 4.80 0.73
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and 1.80 0.95
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H-08-76 158.10 160.60 2.50 0.87
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H-08-77 130.00 140.30 10.30 0.68
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including 3.30 1.23
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H-08-78 160.00 174.80 14.80 0.68
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including 5.60 1.01
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H-08-79 NSV
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H-08-80 111.30 137.30 26.00 0.35
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including 3.10 0.67
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H-08-81 152.00 159.40 7.40 1.01
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including 2.90 1.69
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H-08-82 553.00 553.50 0.50 1.70
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(i) True widths are generally 70-95% of reported widths, where possible to
ascertain.
In cases where data is sparse true widths are yet unknown.


Borehole Coordinates
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Collar Coordinates
-------------------------------
Hole Number Easting Northing Elevation Azimuth Dip
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H-07-06 2403.1 4025.1 2303.0 360 -65
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H-07-07 2403.1 4025.1 2303.0 360 -46
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H-07-08 2501.4 4024.0 2302.8 360 -65
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H-07-09 2501.4 4024.0 2302.0 360 -46
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H-07-10 2699.3 4059.5 2305.3 360 -65
--------------------------------------------------------------------------
H-07-11 2699.3 4059.5 2305.3 360 -46
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H-07-12 2849.8 4062.0 2297.1 360 -65
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H-07-13 3002.7 4036.2 2296.7 360 -65
--------------------------------------------------------------------------
H-07-14 3100.6 3945.1 2296.2 360 -65
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H-07-15 2301.4 3996.6 2305.3 360 65
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H-07-16 2301.4 3996.6 2305.3 360 -47
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H-07-17 2301.4 3996.6 2305.3 360 -75
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H-07-18 2353.0 4000.9 2302.8 360 -47
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H-07-19 2353.0 4000.9 2302.8 360 -65
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H-07-20 2353.0 4000.9 2302.8 360 -78
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H-07-21 2500.9 3936.1 2303.1 360 -50
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H-07-22 2500.9 3936.1 2303.1 360 -60
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H-07-23 2575.2 3903.9 2303.2 360 -45
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H-07-24 2575.2 3903.9 2303.2 360 -70
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H-07-25 2545.1 4008.5 2304.5 360 -45
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H-07-26 2545.1 4008.5 2304.5 360 -65
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H-07-27 2550.9 3894.5 2303.5 355 -55
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H-07-28 2550.9 3894.5 2303.5 355 -70
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H-07-29 2500.2 3890.4 2302.2 360 -65
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H-07-30 2500.2 3890.4 2302.2 360 -75
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H-07-31 2450.0 3928.3 2302.6 360 -50
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H-07-32 2450.0 3928.3 2302.6 360 -70
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H-07-33 2425.6 3881.0 2301.4 360 -45
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H-07-34 2550.9 3894.0 2303.4 360 -65
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H-07-35 2470.7 3806.7 2301.2 355 -68
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H-07-36 2500.2 3890.4 2302.2 360 -70
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H-07-37 2525.7 3803.5 2300.8 19 -72
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H-07-38 2649.7 3999.5 2304.3 360 -46
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H-07-39 2649.7 3999.5 2304.3 360 -70
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H-07-40 2525.7 3803.5 2300.8 10 -58
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H-07-41 2774.4 4024.6 2297.1 360 -47
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H-07-42 2774.4 4024.6 2297.1 360 -70
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H-07-43 2525.7 3803.5 2300.8 17 -65
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H-07-44 2899.8 3917.8 2296.2 360 -70
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H-07-45 2499.9 3799.8 2300.5 355 -63
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H-07-46 2899.7 3917.0 2296.3 360 -45
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H-07-47 2650.0 3848.4 2297.0 350 -75
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H-07-48 2550.2 3798.6 2301.0 355 -64
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H-07-49 2574.8 3904.0 2303.5 360 -65
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H-07-50 2525.1 3795.3 2300.7 355 -71
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H-07-51 2574.8 3904.0 2303.5 360 -58
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H-07-52 2575.0 4025.8 2307.0 360 -71
--------------------------------------------------------------------------
H-07-53 2575.0 4025.8 2307.0 360 -47
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H-07-54 2478.9 3800.7 2300.9 360 -73
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H-07-55 2550.8 4050.9 2308.2 360 -52
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H-07-56 2624.5 3896.6 2299.1 360 -54
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H-07-57 2428.8 3798.0 2301.0 360 -66
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H-07-58 2624.5 3896.2 2299.0 360 -68
--------------------------------------------------------------------------
H-07-59 2550.2 3800.2 2300.9 360 -60
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H-07-60 2630.0 3518.0 2295.6 360 -72
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H-07-61 2428.8 3798.4 2300.7 360 -58
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H-07-62 2475.0 3850.0 2301.2 360 -66
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H-07-63 2425.0 3750.0 2298.0 360 -71
--------------------------------------------------------------------------
H-07-64 2450.0 3850.0 2300.6 360 -66
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H-07-65 2450.0 3885.0 2301.0 360 -55
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H-07-74 2375.0 3750.0 2298.0 360 -71
--------------------------------------------------------------------------
H-08-66 2500.0 3800.0 2300.0 360 -68
--------------------------------------------------------------------------
H-08-67 2550.0 3950.0 2303.5 360 -53
--------------------------------------------------------------------------
H-08-68 2525.0 3543.0 2295.0 360 -69
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H-08-69 2525.0 3960.0 2303.0 360 -56
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H-08-70 2525.0 3960.0 2303.0 360 -45
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H-08-71 2375.0 3750.0 2298.0 360 -65
--------------------------------------------------------------------------
H-08-72 2375.0 3750.0 2298.0 360 -55
--------------------------------------------------------------------------
H-08-73 2450.0 3550.0 2295.5 360 -68
--------------------------------------------------------------------------
H-08-74 2375.0 3750.0 2300.0 360 -71
--------------------------------------------------------------------------
H-08-75 2425.0 4050.0 2303.0 360 -55
--------------------------------------------------------------------------
H-08-76 2425.0 4000.0 2303.0 360 -65
--------------------------------------------------------------------------
H-08-77 2425.0 4000.0 2303.0 360 -50
--------------------------------------------------------------------------
H-08-78 2450.0 4000.0 2303.0 7 -62
--------------------------------------------------------------------------
H-08-79 2350.0 3750.0 2298.0 360 -60
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H-08-80 2450.0 4000.0 2303.0 360 -47
--------------------------------------------------------------------------
H-08-81 2475.0 4000.0 2303.0 360 -56
--------------------------------------------------------------------------
H-08-82 2450.0 3650.0 2296.0 360 -67
--------------------------------------------------------------------------
H-08-83 2475.0 3975.0 2303.0 360 -66
--------------------------------------------------------------------------
H-08-84 2350.0 3850.0 2301.0 360 -65
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"These results, in conjunction with the remaining drill holes, will form the bulk of the NI 43-101 compliant resource expected this summer," said William Randall, Liberty's Vice President of Exploration. "We have now outlined a major portion of the deposit, and feel comfortable enough in our interpretations to hand the project over to the mining department. The exploration department will now focus on areas with similar characteristics within the Shaw Dome, based largely on our recently completed VTEM survey, two years of prospecting and mapping, lithogeochemical analysis, and a deeper understanding of the genetic principles of these ore bodies" he added.

The Hart claims are now 100% owned by Liberty Mines Inc, the final purchase having been completed on April 25th, 2008. An application to bring these claims to lease was filed immediately in order to ensure the property is put into production in a timely manner. The company intends to be in production towards the end of the McWatters life of mine, scheduled for the first quarter of 2010.

Ore zone true thicknesses reported in the opening paragraphs of this press release have been calculated using a 0.5% Ni cut-off grade, and are subject to change upon addition of further information and/or different interpretation. These true thicknesses have not been confirmed or denied by a third party, a process that will take place upon release of a NI 43-101 compliant resource calculation.

The project was supervised by Liberty's Vice President of Exploration, William Randall P.Geo. 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
    or
    Liberty Mines Inc.
    Chris Simister
    Manager Investor Relations
    (780) 485-2299
    (780) 485-2253 (FAX)
    Email: csimister@libertymines.com