Liberty Mines to drill 8,000 m at Hart

2011-02-25 12:39 ET - News Release

Mr. James Richardson reports

LIBERTY PROVIDES 2011 EXPLORATION PROGRAM UPDATE

Liberty Mines Inc. will start an 8,000-metre drill program in early March, 2011, designed to augment current ore resources at the Hart deposit which is located approximately 27 kilometres southeast of the city of Timmins, Ont., and to target new nickel opportunities. The Shaw dome has long been recognized as possessing geological similarities to the Kambalda mining camp of Western Australia and is believed to have the potential for additional nickel deposits, as these types of deposits are known to occur in clusters.

"With an inventory of producing nickel deposits, the Hart deposit scheduled for production and an excellent land position, Liberty is well positioned to extend past successes with new opportunities for additional discoveries in the Shaw dome nickel belt," commented vice-president of exploration Peter Caldbick.

The drill program, designated as phase 1, will largely target the Hart deposit, as it is believed to host additional tonnages down plunge of the known mineralization as defined in the current resource and scoping study by SRK Consultants. The drill program is further designed to follow up on earlier drill intersections, notably an intercept approximately 300 metres east of the Hart deposit which intersected 1.62 per cent Ni over 1.9 metres drilled width. The drill program will also follow up on a nickel discovery by Mustang Minerals in 2005, approximately 1.5 km northwest of the Redstone mine on the Croxall claim group where drilling intersected 0.62 per cent Ni over 3.34 metres drilled width.

Liberty has retained additional expertise for interpreting the VTEM survey flown by Geotech Ltd. over Liberty's land position in the Shaw dome in order to target potential channel flow pathways which host such deposits as the Redstone and Hart as well as ultramafic intrusive sills, host to the McWatters deposit. This conceptual approach is being utilized in the drill target selection process as a strategy to enhance the likelihood of discoveries of more elusive Kambalda nickel deposits in the Shaw dome area.

In addition, Liberty will focus on the Groves project approximately 75 km south of Timmins, Ont., in Groves township which is recognized as a magmatic Ni-Cu sulphide deposit hosted within a gabbroic intrusive. The Groves project contains a historically reported resource of 500,000 tons (Canadian Mines Handbook, 1957) of 1.5 per cent combined copper (Cu) plus nickel (Ni) above the 45.7-metre level in two separate zones. The company is not treating the resource figure as NI 43-101 defined verified by a qualified person at this time and therefore the resource figure should not be relied upon.

The geological team will be reviewing the results of a VTEM survey flown over the Groves property to define additional potential magmatic Ni-Cu targets within proximity of the Groves deposit. Further drilling is planned to test the down plunge extent of mineralization on the Groves deposit.

The project is being supervised by Liberty's vice-president of exploration, Mr. Caldbick BSc, PGeo, a qualified person as defined by National Instrument 43-101.

Jay Richardson, Liberty's chief executive officer commented, "We have every confidence that a strong exploration program under Peter's leadership will expand the company's resources and provide enhanced shareholder value as a core element in Liberty's strategy."

The technical contents of the press release have been reviewed and approved by Mr. Caldbick.

We seek Safe Harbor.