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Liberty Announces Change in Management and Reports Third Quarter 2010 Financial Results
Liberty Announces Change in Management and Reports Third Quarter 2010 Financial Results
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[{"type":"text","content":"\nLiberty Announces Change in Management and Reports Third Quarter 2010 Financial Results\n\n\n Nov. 10, 2010 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX), (\"Liberty or the Company\") wishes to announce the departure of Dr. Gary Nash, President & CEO and announces the appointment of Jay Richardson as interim CEO while the Company undertakes a search for a new CEO.  Dr. Nash has also resigned as a director of the Company.Liberty also wishes to report financial results for the third quarter ended September 30, 2010 (\"Q3\") from its mining operations at the Redstone and McWatters nickel mines near Timmins Ontario. All dollar amounts are expressed in Canadian dollars unless specified otherwise.Third quarter highlights:* The Redstone nickel concentrator (\"Mill\") processed 95,587 tonnes during Q3; an increase of 69% over the 56,520 tonnes processed during the second quarter of 2010.* Milling cost per tonne in Q3 was $17.57.* Average metallurgical recovery was 82.1% (from an average head grade of 0.63%) with 49.5% of the ore processed from the McWatters open pit.* Metal sold to Xstrata was 955,688 pounds of nickel (\"Ni\"), 47,817 lbs of copper, and 12,784 lbs of cobalt subject to final settlement.* Cost to produce a pound of nickel in Q3 was US$6.89* from McWatters underground ore.* Cash operating profit from mining operations was $486,377 before non-cash charges.Mine production statistics during Q3:------------------------------------------------Mine                  Tonnes Produced Grade Ni %------------------------------------------------Redstone                        8,221       0.75------------------------------------------------McWatters Underground          41,712       0.94------------------------------------------------McWatters Open Pit             76,170       0.34------------------------------------------------Mill processing statistics during Q3:----------------------------------------------...