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Liberty Mines Reports Financial Results for First Quarter 2012
TSX:  LBE TORONTO, May 14, 2012 /CNW/ - Liberty Mines Inc. (TSX: LBE) ("Liberty"...
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[{"type":"text","content":"\n\n\n\n\n\nTSX:  LBE\n\n\nTORONTO, May 14, 2012 /CNW/ - Liberty Mines Inc. (TSX: LBE) (\"Liberty\"\n or the \"Company\") today reported its financial results for the 3-month\n period ended March 31, 2012. All amounts are in Canadian currency.\n\n\n\"Our first quarter was marked by our most significant milestone since we\n began our turn-around strategy nine months ago,\" said Mr. Chris\n Stewart, President and CEO of Liberty Mines.  \"With the re-start of\n mining and milling operations now behind us, we can focus our efforts\n on maximizing production of our nickel concentrate, and continuing to\n add to our resources and reserves through a strategic exploration\n program.  These efforts will not only generate improved financial\n results in the near term through increased revenue and cash flow, they\n will also effectively position us for future long-term growth.\"\n\n\nQ1 2012 Operational Highlights\n\n\nCommissioned the Company's mill and concentrator at Redstone and resumed\n production effectively March 31, with cash flow from operations\n expected to resume in the second quarter.\n\nAnnounced operational and strategic targets for 2012, including\n production of 4 million pounds of nickel, which will be supplied by the\n Company's McWatters mine.\n\nReceived a $5,000,000 loan from Jien International Investments Ltd., the\n Company's controlling shareholder.  The loan provided working capital\n to address requirements stemming from resumption of mining activities.\n\nExecuted the right to purchase half of the two percent Hart net smelter\n royalty (NSR) from Canadian Arrow Mines (CAM) for a lump sum payment of\n $1 million. The purchase represents a strategic decision to minimize\n royalty payments as Liberty realizes the full potential from its\n property.\n\nAnnounced plans to proceed with the development of a feasibility study\n on the Company's Hart Project after encouraging preliminary results\n from internal assessments. The feasibility study is expected by late\n 2012.\n\nOn March 30, 2012 Liberty Mines received the Angus D. Campbell safety\n award from the Porcupine Mines Safety Group.  The award recognized\n Liberty Mines for having zero (0) lost time injuries in the year 2011.\n\n\nHighlights Subsequent to Quarter End\n\n\nResumed shipment of concentrate produced at the Company's Redstone...