EDMONTON, ALBERTA - April 4, 2008 - Liberty Mines Inc. (TSX:LBE - News; "Liberty or the Corporation") is pleased to announce the results of operations for the first quarter ending March 31, 2008. Production of 18,474 tonnes from the Redstone nickel mine near Timmins Ontario slightly exceeded the quarterly target by 2.6%; 19, 067 tonnes of ore grading 1.9% were processed through the floatation circuit to produce a concentrate assaying 16.4% nickel. The concentrate was shipped to Xstrata Nickel in Sudbury for further processing.
At the McWatters Mine located 9.5km east, ramp development is proceeding well. Cold weather and icy conditions during part of February and March slowed down initial progress in the ramp and the Corporation now expects ore from pre-production of the upper zone to begin in early June; ore from development of the rich lower zone is scheduled for October at approximately 4500 tonnes per day. Production in November is targeted at 28,000 tonnes from both zones with full production of 36,000 tonnes in December and each month thereafter until the deposit is exploited.
Documentation for the recently announced financing is in the final stages of preparation to enable registration and funding. The term has been increased to 18 months from 12 months with a further grace period of 60 days providing certain reasonable conditions are met; the amount of the loan has been increased to $30,000,000 from $25,000,000. The change in terms gives the Corporation many months of latitude to repay the loan should unforeseen events disrupt the Corporation's ability to repay the loan on time such as force majure at the smelter, acts of God, strikes etc.
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.
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 production targets, and 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, assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators.
CONTACT INFORMATION:
Liberty Mines Inc.
Dr. Gary Nash, PhD (Physics)
President & CEO
(416) 238-9736
Fax: (780) 437-7898
Email: gnash@libertymines.com
or
Liberty Mines Inc.
Chris Simister
Manager Investor Relations
(780) 485-2299
Fax: (780) 485-2253
Email: csimister@libertymines.com
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