Liberty Mines Acquires Croxall Property and Consolidates Land Package Near Its Redstone Mill

About this update from Electric Metals Usa Limited

[{"type":"text","content":"\n\n\n\n\n\nTSX:  LBE \n\n\nTORONTO, Nov. 26, 2012 /CNW/ - Liberty Mines Inc. (TSX: LBE) (\"Liberty\"\n or the \"Company\") announced today that it has fully exercised its\n options to acquire all of the Croxall properties in the Shaw Dome\n nickel area, which is located approximately 10 kilometers southwest of\n Timmins, Ontario and near the Company's Redstone mill, the only\n dedicated nickel mill in the region.\n\n\n\"In advance of the expected recovery of nickel prices, we have taken\n advantage of the opportunity to acquire all of the Croxall properties,\n and prepare for future exploration and production activities,\" said Mr.\n Chris Stewart, President and CEO of Liberty Mines. \"Our decision to\n acquire all of the Croxall properties is consistent with our strategy\n to consolidate our land package in the area and take full advantage of\n the only nickel concentrate producing mill in the region.\"\n\n\nMr. Stewart added, \"Our long-term success is dependent on advancing\n deposits from regional exploration programs through zone discovery,\n delineation, economic feasibility analysis and ultimately production.\n Acquiring the Croxall properties is the first stage of our long term\n strategy of delineation of existing deposits such as Hart, as well as\n exploration of targets which currently lie outside existing mine\n plans.\"\n\n\nThe acquired properties cover an area of approximately 1,760 hectares\n and consist of 110 mining claim units located within Eldorado, Adams,\n Deloro, and Shaw Townships. The acquired property is contiguous with\n Liberty's Redstone property, which hosts the Redstone Mine and Mill\n operations.\n\n\nLiberty entered into three separate option agreements to acquire the\n properties beginning in 2006. Since then, Liberty completed cash\n payments and issued shares to vendors as well as completed significant\n exploration programs in 2007 and 2011 thereby fully exercising its\n options. These properties, identified as the \"Croxall 1,\" \"Croxall 2,\"\n and \"Croxall 3\" properties, are collectively known as the \"Croxall\n Property.\"  Property vendors retain Net Smelter Return (\"NSR\")\n royalties on the claims acquired. The royalties total 3% and have\n buy-back provisions.\n\n\nCroxall Project\nThe Croxall property is located on the southwest limb of the Shaw Dome,\n which is h...

More updates from Electric Metals Usa Limited