Business
Liberty Reports Third Quarter 2009 Financial Results
Liberty Reports Third Quarter 2009 Financial Results
About this update from Electric Metals Usa Limited
[{"type":"text","content":"\nLiberty Reports Third Quarter 2009 Financial Results\n\n\n Nov. 9, 2009 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX), is pleased to report the financial results as of September 30, 2009 which reflects the start-up of mining operations during the quarter since being in care and maintenance since October 31, 2008. The Redstone nickel mine commenced operations during the week of August 24, 2009. As of September 30, 2009, 6,784 tonnes of mineralization was hauled to the Redstone nickel concentrator which processed 302.95 tonnes of concentrate grading 15.41% nickel; during the month of October, 831.97 tonnes of concentrate grading 17.01% nickel were processed and shipped to Xstrata Nickel in Sudbury for smelting.  The concentrator started operations the week of September 15 with half staff only and is now fully staffed with 4 crews to allow operations to run 24 hours a day for 7 days a week.  Development of the McWatters nickel mine recommenced on August 4, 2009. At the end of the third quarter 2009, the ventilation raise to the 65m level was substantially complete and 60m of ramp development was required to reach the 140 meter level. The ramp to the 155m level and the ventilation raise connecting the 140m level to the 65m level are scheduled to be completed by early December 2009. Overburden stripping of the open pit will begin upon receipt of the amended closure plan and an amended Permit to Take Water. Mining at the open pit is tentatively scheduled to commence in the first quarter of 2010, subject to receipt of amended permits as stated. Pre-commercial production from the McWatters mine is scheduled for the latter part of November from the 85m level and the 155m level in the early part of December, 2009.Gary Nash, Liberty's President and CEO, commented: \"Today, we received our first payment from Xstrata   Nickel since closing operations October 31, 2008. We have re-grouped from a staff of 8 key people in July 2009 to 104 workers today in our mines and concentrator. Production from the Redstone mine has met or exceeded our target of 8,000 tonnes per month with lower costs as a result of changing our mining methods. Development to the lower level at McWatters is on schedule to be completed this month. We plan to have the third ball mill in the concentrator commissioned early in 2010 al...