Business
Liberty Reports Second Quarter 2010 Financial Results
Liberty Reports Second Quarter 2010 Financial Results
About this update from Electric Metals Usa Limited
[{"type":"text","content":"\nLiberty Reports Second Quarter 2010 Financial Results\n\n\n Aug. 11, 2010 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX), (\"Liberty or the Company\") reports financial results for the second quarter ended June 30, 2010 (\"Q2\") from its mining operations at the Redstone and McWatters nickel mines near Timmins Ontario. All dollar amounts are expressed in Canadian dollars unless specified otherwise.Second quarter highlights:* Mining from the open pit at the McWatters nickel mine commenced June 7, 2010;* Commissioning of the third ball mill at the Redstone nickel concentrator (\"Mill\") in late May 2010 allowed the Mill to operate at its permitted capacity of 1500 tonnes per day subsequent to the quarter in mid July 2010;* During June, 32,125 tonnes of ore were processed at the Mill, being 56.8% of the 56,520 tonnes processed during Q2;* Milling cost per tonne in June was $15.86;* Average metallurgical recovery was 83.1%;* Metal sold to Xstrata was 699,554 pounds of nickel, 43,342 lbs of copper, and 8,601 lbs of cobalt subject to final settlement;* Cost to produce a pound of nickel in June was US$5.17*;* Cash operating profit from mining operations was $708,516 before non-cash charges.Mine production statistics during Q2:---------------------------------------------------------------------Mine                      Tonnes      Grade Ni %    Mining Cost/Tonne---------------------------------------------------------------------Redstone                  19,588         0.88             $63.35           ---------------------------------------------------------------------McWatters Underground     37,833         0.78             $45.33           ---------------------------------------------------------------------McWatters Open Pit     
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