Liberty Receives Continued Support From Jilin Jien
Following its recent change in management, Liberty Mines Inc. (TSX:LBE)
('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. (TSX:LBE) 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.
Liberty Mines Inc.
Jay Richardson, 780-485-2299
Interim CEO