Business
Liberty Mines Reports Financial Results For Fiscal 2012
TSX:  LBE TORONTO, March 27, 2013 /CNW/ - Liberty Mines Inc. (LBE; TSX) ("Libert...
About this update from Electric Metals Usa Limited
[{"type":"text","content":"\n\n\n\n\n\nTSX:  LBE\n\n\nTORONTO, March 27, 2013 /CNW/ - Liberty Mines Inc. (LBE; TSX) (\"Liberty\"\n or the \"Company\") today reported its financial results for the 12-month\n period ended December 31, 2012. All amounts are in Canadian currency.\n\n\n\"Bolstered by a new management team and strong support from our Timmins\n operation, we achieved each of our key milestones in the first half of\n 2012. Most notably, we restarted production in Q1, stabilized and\n increased production in Q2, and then we were faced with rapidly\n declining nickel prices in Q3.  As a result, we had to make the\n difficult decision to move to a care and maintenance mode in mid-August\n until Nickel prices increase and stabilize\", said Mr. Chris Stewart,\n President and CEO of Liberty Mines.  \"Throughout all of 2012 Liberty\n delivered outstanding Safety and Environmental results.  We continue to\n have belief in the long term success of Liberty Mines and will be\n aggressive with our business plans going forward.\"\n\n\n2012 Operational Highlights\n\n\nDelivered on the plan to restart operations at the McWatters mine and\n Redstone Nickel Concentrator in Q1 and produced 1.143MM pounds of\n nickel concentrate in 2012.\n\n\nCompleted the Preliminary Economic Assessment (PEA) for the Hart\n Project.   Provided a 43-101 technical report highlighting an estimated\n pre-tax Net Present Value (NPV) of $35.8 million using an 8% discount\n rate and an eight year mine life.\n\n\nConducted an exploration program consisting of 7,591 metres of drilling\n during 2012, focused on deep exploration of the Hart Deposit, continued\n exploration of the Hart East Zone, the Redstone Deposit, and\n exploration of the \"A6\" area, located east of the Hart Deposit\n\n\nImplemented a care and maintenance program at the Company's Redstone and\n McWatters mines as of August 14, 2012\n\n\nClosed a series of transactions with Jilin Jien Nickel Industry Co.\n Ltd., and its wholly-owned subsidiary, Jien International Investments\n Ltd., Liberty's controlling shareholder. The transactions were designed\n to provide support for Liberty's 2013 business plan and restructure\n Liberty's financial obligations.\n\n\nAppointed Mr. Chris Stewart, CEO and Mr. James Xiang to the Company's\n board of directors.\n\n\nAppointed David Birch, CFO of the Company effec...