Dec. 7, 2010 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX),
Following its recent change in management, Liberty Mines Inc. ("Liberty", or the "Company") was pleased to receive last week representatives of its majority shareholder, Jilin Jien, including and together with Liberty Directors, Mr. Wu Shu, Mr. John Pinsent, Mr. Gil Bertrand and Dr. Tao Li.
The Jilien Jien representatives and Directors reviewed the Company over several days, meeting with management and visiting the mine and mill operations to review progress on the McWatters Underground. Jilien Jien provided recommendations to operation and management personnel to address the performance issues of the Company and reinforced their enthusiastic support and willingness to provide continued operational assistance.
Together with Interim CEO, Jay Richardson, the Company and Jilin Jien made substantial progress developing an updated strategic plan of Liberty for 2011 and beyond that is expected to include increased attention and investment in exploration and development. The Company plans to release more information on its strategic plan later this month.
Pleased with its review of Liberty, Jilin Jien has provided further support for the Company, advancing last week $800,000 for general working capital requirements.
Jay Richardson commented: "We are very pleased with this affirmation of Jilin Jien's support for Liberty, which has been consistent and very substantial since their major investment in early 2009. This additional support at this time speaks to their commitment to Liberty and all of us at the Company are extremely pleased to have such a strong and supportive majority shareholder.
About Liberty Mines Inc.
Liberty Mines Inc. (LBE:TSX) 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 subsidiaries of Jilin Haorong Nonferrous Metal Group Co., Ltd., which was founded in 1960.
Jilin Jien possesses four nickel mines, one molybdenum mine, one silver mine and one coal mine, two smelters, seven refineries, two chemical plants and one electric power plant, with total assets of RMB 1.6 billion. The company produces nickel, copper, cobalt salts and nonferrous metal products for plating, chemical plating, battery materials and metallurgy.
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:
Jay Richardson, Interim CEO
(780) 485-2299
Source: Liberty Mines Inc. (TSX: LBE) http:// www.libertymines.com
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