SOURCE: Liberty Mines Inc.

July 11, 2007 08:00 ET

Liberty Receives Resource Estimate for the Redstone Mine

TIMMINS, ON--(Marketwire - July 11, 2007) - Liberty Mines Inc. (TSX-V: LBE) ("Liberty or the Corporation") is pleased to announce the receipt of the executive summary from SRK Consulting (Canada) Inc. ("SRK") of Toronto regarding the mineral resource estimate for its wholly owned Redstone Nickel Mine. Mineral resource estimates reported in this press release refer only to ore contained above 508 meters below surface (1667 foot mine level). Drilling is ongoing to bring ore below this level into an Inferred resource category according to NI 43-101 reporting standards.

The current SRK estimate reports a Measured and Indicated resource of 418,931 tonnes of ore grading an average of 2.32% nickel ("Ni"), within the upper 508m of the deposit. Table 1 shows the Measured and Indicated resource estimate breakdown:

Table1: Mineral Resource Statement, Redstone Mine, Ontario (as at June 30, 2007).

------------------------------------------------------------
Classification    Tonnes     Ni%      Contained Ni tonnes
------------------------------------------------------------
Measured          274,085   2.64            7,236
Indicated         144,846   1.70            2,462
Total             418,931   2.32            9,698
------------------------------------------------------------

The Redstone resource estimate was classified according to CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005). Resource classifications, being a function of data density and geological uncertainty, were defined as follows: Measured (z < 2750m) and Indicated (2750m > z > 2525m). All classifications had a minimum of 2 and maximum of 20 samples informing each resource block.

"The NI 43-101 mineral resource is the product of extensive drilling by the company over the better part of a year, and it has more than paid off," said Liberty's Vice President of Exploration, William Randall. "This gives the mine a strong base and a viable incentive to continue drilling and defining ore zones below 508m of vertical depth. The reported numbers are extremely encouraging and we expect to continue adding tonnes with subsequent drill programs," he added.

The Redstone database, which forms the basis for the mineral resource estimate, is comprised of 190 diamond drill holes and 2718 underground development sampling records. This allowed for a basal massive sulphide zone and overlying stringer zone to be modeled. In addition, a specific gravity ("SG") dataset of 577 records derived from drill core was applied to estimate an SG dataset of 2.93 cmg/t for the massive sulphide ore, and 2.87 cmg/t for the stringer type ore. All mining depletions from mining operations have been excluded from the resource estimate. A 3m by 2m by 2m block model was created in Datamine with grade estimation estimated by inverse distance squared. Appropriate search ellipses for grade estimation were derived from variography with 1m composite data.

A copy of the full resource calculation report will be available on the SEDAR website within 45 days of this press release. The qualified person (as described under National Instrument 43-101) responsible for the resource estimate and technical content of this press release is Mr. Glen Cole (P.Geo), Principal Resource Geologist at SRK. The information in this press release was prepared under the direction of Liberty's Vice President of Exploration, William Randall MSc (Geology) a qualified person as defined by National Instrument 43-101.

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