TORONTO, Nov. 30, 2011 /CNW/ - Liberty Mines Inc. (LBE:TSX) ("Liberty"
or the "Company") today announced that it has received approval from
the Ontario Ministry of Natural Resources to commence repair on the
company's Redstone Mill tailings storage facility (TSF), a necessary
component of Liberty's turn-around strategy and commitment to restart
operations in the first quarter of 2012.
"November has been an extremely busy and successful month for our
operations group as they have achieved all of the key milestones
planned," said Chris Stewart, President and CEO of Liberty Mines Inc.
"We remain on target to restart our mining and milling operations in Q1
of 2012, and we are extremely pleased with progress that has been made
given the substantial amount of work that had to be done to develop a
solution to our tailings dam issues."
The repair work, deemed Phase 1 of the two phase TSF Project, is
expected to take 10-12 weeks to complete. Upon completion of this
phase, all environmental concerns with the existing dam will have been
addressed and the TSF will be able to safely store mill tailings. In
turn, this will allow Liberty to restart operation of the Redstone Mill
and the McWatters Mine.
The approval was received under the provisions of the Lakes and Rivers
Improvement Act (LRIA).
As part of its re-habilitating effort, Liberty Mines has entered into a
contract with Leo Alarie & Sons Construction of Timmins, ON for the
repair and upgrade construction work on the TSF. Site clearing and
grubbing is currently underway on site, and work is expected to start
on the dam itself within the next week. All of the rock fill required
for completing the Phase 1 work program has already been stockpiled on
The application for an amendment to the Certificate of Approval for the
Redstone Mill has also been submitted to the Ministry of Environment
and it is currently being reviewed. This amendment is required in order
to allow Liberty to raise the height of the existing TSF dam. The dam
height needs to be increased in order to provide an additional 36
months of tailings capacity, which will allow time for Liberty to
construct a new TSF with an expected life of 15 years.
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.
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