Liberty Mines Inc.
TSX : LBE

Liberty Mines Inc.

June 23, 2008 14:02 ET

Liberty Receives Resource Estimate for the Hart Nickel Project

EDMONTON, ALBERTA--(Marketwire - June 23, 2008) - Liberty Mines Inc. (TSX:LBE) ("Liberty or the Corporation") is pleased to announce the receipt of the executive summary from SRK Consulting (Canada) Inc. ("SRK") regarding the mineral resource estimate for its wholly owned Hart Nickel Project. The estimate is the first NI 43-101 compliant mineral resource on the property and is largely the result of diamond drilling conducted by Liberty during 2007 and 2008.

The estimate has determined an indicated mineral resource of 1.4 million tonnes with an average grade of 1.50% Ni, and an additional 0.3 million inferred tonnes with an average grade of 1.36% Ni. These tonnages represent the largest NI 43-101 compliant resource in the Shaw Dome identified to date. Table 1 shows the resource estimate breakdown:

Table1: Mineral Resource(1) Statement, Hart Nickel Project, Ontario (as at June 23, 2008).



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Ore Zone Classification Tonnes Ni Cu Contained Ni
(000's) (%) (%) (lbs, 000's)
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IF Zone Indicated 81 0.78 0.07 1,390
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Inferred 13 0.85 0.07 249
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Massive Zone
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Lower Indicated 960 1.60 0.11 33,866
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Inferred 225 1.41 0.09 6,995
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Upper Indicated 327 1.43 0.09 10,311
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Inferred 45 1.30 0.09 1,290
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Disseminated Zone
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Lower Indicated 22 0.82 0.05 403
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Inferred 3 0.65 0.02 38
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Less
Upper Indicated than 1 0.63 0.03 2
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Inferred
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Total Indicated 1,390 1.50 0.10 45,972
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Inferred 286 1.36 0.09 8,572
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(1) Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. All figures are rounded to reflect the accuracy of the
estimate. An appropriate cut off grade of 0.6% Ni has been applied.


"This excellent resource estimate is largely the product of our discovery last year", said Liberty's Vice President of Exploration, William Randall. "We believe it will continue to grow as the deposit is still open at depth, where mineralization has been intersected by a mafic dyke, and we have not addressed additional hanging wall zones. Continued drilling will increase geological confidence and allow extra tonnes to be added to the indicated category, especially in the lower zone where drilling is sparse," he added.

"Our team has provided Liberty with an invaluable resource," said Gary Nash, Liberty's President and CEO. "We will now concentrate our efforts on both expanding the deposit and producing a scoping study based on this block model. This represents the most significant breakthrough so far for the company, as it lends viability to a long term operation in the Timmins area," he added.

The independent mineral resource estimate prepared by SRK is reported in accordance with Canadian Securities Administrators' National Instrument 43-101 and conforms to generally accepted Canadian Institute of Mining ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practices" guidelines. A complete National Instrument 43-101 Technical Report, which will incorporate the resource estimation, will be filed on Sedar within 45 days of release of this press release.

Nickel mineralization is broadly confined to a higher grade massive zone and to a lower grade overlaying disseminated zone. Various 3D Datamine wireframes solids were generated by Liberty and provided to SRK. These solids included the following: the iron formation hosted mineralization; the massive sulphide mineralization subdivided into "upper' and 'lower'; the overlaying disseminated sulphide horizon (defined by a 0.3% Ni threshold) subdivided into "upper' and 'lower'; and a cross-cutting felsic intrusive.The resource estimate is based on a domainal three dimensional (3-D) geological interpretation of the mineralization that integrated information from a total of one hundred and fourteen diamond drill holes and five trench sample sequences. Drill data was appropriately composited and capped prior to grade estimation.

The Hart block model was created using Datamine using a 2.5x2.5x2.5m block size. Block grades were estimated using inverse distance (ID2) grade estimation methodologies. Indicated classification status was assigned to blocks within the primary variography distance from sample points, whereas Inferred classification status was assigned to blocks within twice the primary variography range from informing data. All resource blocks were informed by a minimum of 2 and a maximum of 20 composite data points.

The resource model and NI43-101 mineral resource estimation, was completed by Mr. Glen Cole, P. Geo., Principal Resource Geologist, of SRK Consulting (Canada) Inc., Toronto, Ontario. By virtue of his background and professional experience, Mr. Cole is a "Qualified Person" as defined by NI43-101. The project was supervised by Liberty's Vice President of Exploration, William Randall MSc (Geology) a qualified person as defined by National Instrument 43-101 and by Tyron Breytenbach BSc (Geology).

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, receipt of mining permits and leases and 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