- Liberty on track to start production at Hart in Q1 2014 -
TORONTO, June 7, 2012 /CNW/ - Liberty Mines Inc. ("Liberty" or the "Company") announced today that an important planning phase necessary for launching production at its Hart Mine has been approved and filed by the Ontario Ministry of Northern Development and Mines. The plan, which is a necessary requirement for mines operating in Ontario, provides details and financial assurance on the rehabilitation measures that Liberty will take during operations and after the life of the Hart Mine has been exhausted.
"With approval of the Hart Mine Closure Plan in place, we are one important step closer to launching production at our Hart Mine, which we expect in early 2014," said Chris Stewart, President and CEO of Liberty Mines. "Over the coming months, we will continue on our deep drilling program at Hart and advance towards completion of a feasibility study by year end."
The Hart Mine, which is located approximately 30 kilometres from Timmins, Ontario, is a nickel deposit currently consisting of 1.55 million tons of indicated resource with a grade of 1.40% nickel. Liberty expects production at Hart to start in Q1/2014 with an initial production of 250 tons per day, eventually ramping up to 750 tons per day.
All ore produced at the Hart Mine will feed Liberty's Redstone mill which has a design capacity of 2,000 tonnes per day and is currently permitted to operate at 1,500 tonnes per day. The Redstone mill is the only nickel mill and concentrator in the Shaw Dome Nickel region, and it is located approximately 6 kilometers away from the Hart Mine.
In January 2012, Liberty announced that it restructured its net smelter royalty on the Hart Mine, reducing the amount to one percent (1.0%) through a lump sum payment of $1 million to Canadian Arrow Mines.
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.
For further information:
Chris Stewart, President & CEO
416 815 0700 ext. 243