The following is my transcription of LBE's latest Agoracom's Executive Broadcast on February 29, 2008. Enjoy!
"Hi This is Gary Nash President and CEO of Liberty Mines welcoming you to our official state of the art investor relations hub here at Agoracom.
Where investors have an opportunity to ask questions and receive answers in near real time to discuss our corporate developments with each other in a monitored and constructive environment.
I am pleased to present a quick update for those who visit on Agoracom. Our financials will be released by March 28th so I can't comment on the results until then. As explained months ago we are now operating at 200 tpd from the Redstone Mine and that target should be achieved or slightly exceeded throughout the remaining 2008.
The infrastructure for the Redstone shaft is essentially complete including the crown, the head-frame, hoist, hoist pallet and the collar house. Sinking of the shaft will begin soon after the McWatter's Nickel Mine is in pre-production which is on target for May.
at McWatters the settlement and treatment ponds, compressor house, maintenance shop, power line and electrical facilities are complete. We are running on generator power for a few more weeks as we wait for the power line to be energized - just got an update also this morning that now it is expected to be next week the recent cold weather in Timmins hampered the ramp development for about a week but I am sure the guys will try their best to make up some of the rounds over the next few months.
The feasibility study for McWatters is in draft form and has to be approved by SRK consulting before it can be posted. It is based on additional drilling last fall and considers the mine plan and full economics to mine the deposit.
I will confirm that the project makes good money which is no surprise to those that have followed it but cannot comment any further until it is released.
It does have a short mine life as we all know and that is why it was so important to the company to have discovered what we have at the Hart Nickel Deposit two and a half kilometres West of McWatters. From the news released on the Hart drilling to date investors can actually make a crude model.
It is a block model of the potential tonnage under certain assumptions to attempt to compensate for the irregular shape typical of an ore body. Take about 60% of your answer and you should get a closer approximation through the actual result that one would obtain from a resource calculation but please understand you are only obtaining a crude estimate of the actual estimation and you should not make an investment decision on non-43-101 compliant models.
The 43-101 resource calculation should be available by late June and will include drilling to at least the 500 metre level below the surface. We are also going to drill a few deeper holes to test the extent of the komatiite flow - I will go on record to say I expect Hart to be the biggest deposit with a good grade ever found and mined in the Shaw Dome Nickel Belt to date.
The road to McWatters passes through the Hart project and so does the power line. Studies for permitting at Hart are under way. We intend to use the McWatters settling and treatment ponds for the Hart Mine by installing an underground water line between projects. Permitting will therefore be much simpler for this project and it is slated for pre-production in the second half of 2009.
At the Redstone Mill the second ball mill is ready to commission and the bearing shell for the third mill is being manufactured for installation in about a month. In addition 12 flotation cells purchased and paid for last year are now being installed to be ready to process 1,500 tonnes of ore per day by this summer.
The online analyser is slated to be installed in April to enable the mill to be completely automated with advance analysis of the incoming nickel and magnesium grades in the ore. This will maximize the recovery of the mill and therefore the revenue from our concentrate.
To dispel any unfounded rumours this mill is built with new equipment except for the three ball mill shells and the larox filter press. The larox has been stripped and completely rebuilt with new components including all hydraulic such components. Since early this month it has performed flawlessly producing a concentrate with 7 - 10% of water. All three ball mills have new liners, lifters, motors, gear reducers, bearings and any other components such as a pinning gear as necessary to make them run perfectly.
3 drills will continue to turn at the Hart project. The VTEM geophysical study for the entire Shaw Dome and the Groves project is complete and the geology team is now looking at the preliminary results to fine tune our grass roots exploration program this summer at both projects. We will also be at McAra Lake Cobalt property this summer.
Finally we are contemplating acquisitions to build our resource base even faster. We will report complete details when we are successful in completing the details. We are extremely optimistic about these prospects of the company going forward and encourage all of our shareholders to take full advantage of this investor relations hub to stay informed ask questions and keep up with our news and progress. Thank you and have a great day."
