RDATE:31072006

Timmins, Ontario CANADA - Liberty Mines Inc. (LBE - TSX Venture), ("Liberty") is pleased to announce additional results of the drilling program at the McAra Lake base metal deposit located in Dufferin Township 120 km S.E of Timmins. Borehole M06-27 returned a significant 19.46m intersection of 1.10% cobalt ("Co") and 0.77% copper ("Cu") including zones of 9.62% Co and 6.26% Cu as indicated in the accompanying table.

Boreholes M06-23, M06-24, M06-26 and M06-27 intersected excellent cobalt values tabulated below in addition to that found in M06-22 as reported in the press release dated May 31, 2006.

M06-22, M06-23, M06-26 and M06-27 extended the mineralization of the main zone and intersected what appears to be cross or splay cobalt bearing structures associated with the main zone.

M06-24 was drilled 31m from an isolated value encountered in previous hole EDS-04-16 (5.73% Co over 0.50m). This hole confirmed a probable 31m extension of this isolated value.

M06-25 was drilled 25m from M06-24 and intersected veining with no cobalt values. This isolated zone remains a viable exploration target.

Liberty's 2006 drilling program encountered encouraging cobalt intersections with wall rock copper values proximal to the cobalt structures. The cobalt mineralization is hosted in quartz-breccia zones and as replacements invading the wall rock. Significant copper appears to occur as a wall rock halo of chalcopyrite.

The cobalt structures appear to occur in two orientations: one trending east-northeast and the other sub-parallel to the direction of drilling. Drilling to date has focused on the north-northeast trending cobalt structures.

The borehole locations and orientations of the 2006 drill program are tabulated below.

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-----------------------------------------------------------------------------Borehole

Easting Northing Elevation Dip Azimuth Depth of(m)

(m) (m) Hole-----------------------------------------------------------------------------M06-19

0502536.0 5249378.0 400 -48 degrees 360 degrees 92-----------------------------------------------------------------------------M06-20

0502536.0 5249378.0 400 -56 degrees 360 degrees 92-----------------------------------------------------------------------------M06-21

0502536.0 5249378.0 400 -52 degrees 360 degrees 57-----------------------------------------------------------------------------M06-22

0502449.5 5249421.2 401.3 -45 degrees 175 degrees 179-----------------------------------------------------------------------------M06-23

0502476.5 5249427.1 398.8 -46.5 degrees 191 degrees 140-----------------------------------------------------------------------------M06-24

0502305.4 5249260.1 408.0 -42 degrees 355 degrees 90-----------------------------------------------------------------------------M06-25

0502281.6 5249254.5 407.2 -45 degrees 005 degrees 104-----------------------------------------------------------------------------M06-26

0502450.6 5249435.7 403.0 -46 degrees 176 degrees 179-----------------------------------------------------------------------------M06-27

0502475.0 5249414.8 397.3 -47 degrees 191 degrees 140-----------------------------------------------------------------------------

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The following is a summary of the results so far including a review of M06-22 from the previous news release on the current drilling program:

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--------------------------------------------------------------------------------Borehole

From (m) To (m) Interval (m) Ag g/t %Co %Cu %Ni--------------------------------------------------------------------------------M06-22

71.76 81.60 9.84 2.2 1.229 - 0.085--------------------------------------------------------------------------------Including--------------------------------------------------------------------------------M06-22

71.76 72.36 0.60 4.4 2.270 - 0.235--------------------------------------------------------------------------------M06-22

73.36 73.69 0.33 8.8 1.450 - 0.101--------------------------------------------------------------------------------M06-22

79.53 81.60 2.07 7.6 4.930 - 0.319--------------------------------------------------------------------------------M06-23

78.73 79.80 1.07 22.66 0.733 0.540 0.037--------------------------------------------------------------------------------M06-24

55.08 56.13...