Liberty Mines Announces Q2 Results
Toronto, Ontario CANADA, August 05, 2011 /FSC/ - Liberty Mines Inc. (LBE - TSX), ("Liberty" or the "Company") today announced the results of its second quarter 2011 operations. An operating loss of $4.3 m was incurred with no revenue as against the comparable quarter of 2010's loss of $5.0 m on revenue of $6.9 m. The complete statements and MDA can be obtained on www.sedar.com or www.libertymines.com.
Chris Stewart, President CEO, commented: "As previously announced, we had to halt production in Q1 of this year in order to address some major issues with our Tailings Pond Facility (TPF). Significant progress was made during Q2 with respect to the investigative work that needed to be done in order to provide us with the information we require to properly design a long term solution to the TPF issues. Unfortunately there is still more work to be done before we can begin implementing a solution that will get us back into production as quickly as possible. The result of all of this is that there was no revenue generated from production in Q2 to offset the ongoing costs of maintaining our operations.
During Q2 a great deal of emphasis has been placed on identifying and repairing all of the operating facilities. We are also taking full advantage of this downtime by refurbishing major components of the Redstone Mill so that we are prepared to sustain maximum production levels once the TPF issues have been resolved. "
Liberty continued with the drill program during Q2 as defined in an earlier press release. Results from these drill holes are expected in late Q3 or early Q4. Going forward, a second drill has been secured to increase the drilling program commencing in Q3.
About Liberty Mines Inc.
Liberty Mines Inc. is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. It owns and operates the Redstone nickel concentrator near Timmins Ontario.
About Jilin Jien Nickel Industry Co., Ltd.
Jilin Jien is one of the largest holding subsidiaries of Jilin Horoc Nonferrous Metal Group Co., Ltd., which was founded in 1960. Horoc and Jien own four nickel mines, one molybdenum mine, one silver mine, two smelters, seven refineries, and two chemical plants with total assets over RMB 3.0 billion. Jilin Jien professionally provides all kinds of nickel, copper, cobalt salts and nonferrous metal products for plating, chemical plating, battery materials and metallurgy. Jilin Jien is one of the biggest producers of nickel sulfate in the world, with annual output of 25,000 tons. In September 2003, Jilin Jien Nickel Industry Co., Ltd. was listed on the A-share market of the Shanghai Stock Exchange with stock code of 600432.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward looking statements". All statements other than statements of historical fact included in this release, without limitation, statements regarding future plans and objectives of Liberty, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Liberty's expectations are: exploration risks; commodity prices; regulatory approvals; receipt of mining permits and leases; and assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update any such statement or reflect new information or the occurrence of future events or circumstances, except where required by securities regulations. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information please contact:
Chris Stewart, President CEO
Phone (416) 226-4360 xt 203 Fax 416-226-0857
e-mail: cstewart@libertymines.com
To view this press release as a web page, please click on the following link:
http://www.usetdas.com/pr/liberty08052011.htm
Source: Liberty Mines Inc. (TSX: LBE) http:// www.libertymines.com
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