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Liberty Mines Announces Q2 Results
Liberty Mines Announces Q2 Results Toronto, Ontario CANADA, August 05, 2011 /FSC/ - Liberty Mi...
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[{"type":"text","content":"\nLiberty Mines Announces Q2 Results\n\nLiberty Mines Announces Q2 Results\nToronto, Ontario CANADA, August 05, 2011 /FSC/ - Liberty Mines Inc. (LBE - TSX),  (\"Liberty\" or the \"Company\") today announced the results of its second quarter 2011 operations.  An operating loss of $4.3 m was incurred with no revenue as against the comparable quarter of 2010's loss of $5.0 m on revenue of $6.9 m.  The complete statements and MDA can be obtained on www.sedar.com or www.libertymines.com. \nChris Stewart, President CEO, commented: \"As previously announced, we had to halt production in Q1 of this year in order to address some major issues with our Tailings Pond Facility (TPF).  Significant progress was made during Q2 with respect to the investigative work that needed to be done in order to provide us with the information we require to properly design a long term solution to the TPF issues.  Unfortunately there is still more work to be done before we can begin implementing a solution that will get us back into production as quickly as possible.  The result of all of this is that there was no revenue generated from production in Q2 to offset the ongoing costs of maintaining our operations.  \nDuring Q2 a great deal of emphasis has been placed on identifying and repairing all of the operating facilities.  We are also taking full advantage of this downtime by refurbishing major components of the Redstone Mill so that we are prepared to sustain maximum production levels once the TPF issues have been resolved. \"\nLiberty continued with the drill program during Q2 as defined in an earlier press release.  Results from these drill holes are expected in late Q3 or early Q4.  Going forward, a second drill has been secured to increase the drilling program commencing in Q3. \nAbout Liberty Mines Inc. \nLiberty Mines Inc. is a 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 Redstone nickel concentrator near Timmins Ontario.\nAbout Jilin Jien Nickel Industry Co., Ltd.\nJilin Jien is one of the largest holding subsidiaries of Jilin Horoc Nonferrous Metal Group Co., Ltd., which was founded in 1960. &...