TORONTO, Feb. 16, 2012 /CNW/ - Liberty Mines Inc. (LBE:TSX) ("Liberty"
or the "Company") today announced that its Board of Directors has
approved the Company's budget and operating targets for 2012.
"Our budget and targets for the year build on the significant progress
we have recently made towards re-starting production and expanding our
resource estimates in the Shaw Dome Nickel Belt," said Mr. Chris
Stewart, President & CEO of Liberty Mines. "More specifically, we are
pleased with our work on the tailings storage facility from both a
safety and refurbishment perspective. We look forward to restarting
our Redstone Mill, which we expect before the end of Q1/2012, as this
will enable us to begin generating cash flow in the second quarter."
Selected targets for 2012:
Liberty expects 2012 nickel production to be approximately 4.0 million
pounds, which will be supplied by the Company's McWatters Mine.
To support its production targets for the year, Liberty is near
completion of Phase 1 of its Tailings Support Facility (TSF) Project,
which is designed to allow mining and milling operations to restart in
Q1 as previously announced. The new TSF will meet environmental
standards and once the project is completed, it will provide a minimum
The Company is also moving ahead with an expanded exploration program
that will consist of the following key initiatives:
Drilling along strike and at depth to increase the size of the Hart East
Drilling at depth on the main Hart deposit to expand the resource
Underground drilling program at the Redstone Mine to confirm near-term
Drilling at depth on the Redstone Mine with the objective of moving the
747,000 tonne inferred resource into the indicated category;
Exploration drilling on combined airborne VTEM and geochemical soil
sample target areas for potential new discoveries;
Implementing soil geochemistry and ground geophysics on the Groves
Compilation and interpretation of recent work on Croxall and McAra
projects to determine additional drill targets.
Liberty is continuing to progress with the environmental baseline work
that is required to permit the construction of a new tailings pond
facility. The permit application is expected to be submitted by
mid-2013 with construction to follow in 2014. Once the construction is
completed, Liberty will have a new TSF with a 15 year life.
Mr. Stewart added, "We are clearly on the right path to turning Liberty
Mines around. With the right strategy and team in place, we believe
that our transformation will be completed before the end of the year."
About Liberty Mines Inc.
Liberty Mines Inc. is a mid-tier 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. It
owns and operates the only nickel concentrator in the Shaw Dome, a
prospective nickel belt region near Timmins, Ontario. With a new
management team in place, Liberty is focused on growth initiatives not
only through a more aggressive exploration program on its current
properties but also through potential acquisition or partnership
opportunities beyond its core Timmins area projects.
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 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; regulatory
approvals; 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. Forward-looking
statements speak only as of the date on which they are made. The
Company undertakes no obligation to publicly update any such statement
or reflect new information or the occurrence of future events or
circumstances, except where required by securities regulations.
Accordingly, readers should not place undue reliance on forward-looking
SOURCE Liberty Mines Inc.
For further information:
Chris Stewart, President & CEO
416 815 0700 ext. 243