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Liberty Mines Reduces Net Smelter Royalty on Hart Project by 50 Percent
- Completes Internal Pre-Feasibility Study on Hart Project - TSX:  LBE &#...
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[{"type":"text","content":"\n\n\n\n\n\n- Completes Internal Pre-Feasibility Study on Hart Project - \n\n\nTSX:  LBE        \n\n\nTORONTO, Jan. 3, 2012 /CNW/ - Liberty Mines Inc. (TSX: LBE) (\"Liberty\"\n or the \"Company\") today announced that it has executed its right to\n purchase half of the two percent  Hart net smelter royalty (NSR)  from\n Canadian Arrow Mines (CAM) for a lump sum payment of CDN $1 million.\n\n\n\"Restructuring our Hart NSR represents a strategic decision to minimize\n royalty payments as we unlock the property's full potential,\" said\n Chris Stewart, President and CEO of Liberty Mines.  \"As our confidence\n in the Hart Project increases, we want to ensure we are taking all\n appropriate steps to ensure we are maximizing the project's full value\n for all of our stakeholders.\"\n\n\nIn 2006, Liberty Mines entered into an Option and Joint Venture\n Agreement with CAM.  Under the terms of this agreement, Liberty\n optioned 100% ownership of the Hart Claims from CAM in exchange for\n various payments as well as a two percent NSR.\n\n\nAlso in accordance with the agreement, Liberty Mines was given the right\n to purchase the first one percent of the NSR for a lump sum payment of\n CDN $1.0 million.  The remaining NSR will require negotiations between\n both parties to arrive at a mutually acceptable purchase price.\n\n\nInternal Pre-Feasibility Study\nLiberty also announced that it has completed an internal pre-feasibility\n study on the Hart Project. Based on the results of this study, Liberty\n is moving ahead with a feasibility study on the Hart Project.  The\n results from this detailed study are expected by mid-2012.\n\n\n\"We are very encouraged by the preliminary results of our internal\n pre-feasibility study,\" added Mr. Stewart.  \"The results support our\n efforts to expand our life of mine through strategic exploration\n activities on our properties in Timmins.\"\n\n\nAbout Liberty Mines Inc.Liberty Mines Inc. is a mid-tier producer of nickel and is focused on\n the exploration, development and production of nickel, copper, cobalt\n and platinum group metals from its properties in Ontario, Canada. It\n owns and operates the only nickel concentrator in the Shaw Dome, a\n prospective nickel belt region near Timmins, Ontario.  With a new\n m...