Jul. 30, 2009 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX), ("Liberty or the Company") is pleased to announce that it has arranged a CDN$4,500,000 credit facility with Jilin Jien Nickel Industry Co.,Ltd. ("JJNICL") of China to complete the development of the McWatters nickel mine near Timmins, Ontario. The credit facility will be advanced in three tranches: the first tranche of $1,000,000 was released today and the second and third tranches will be funded on or about August 31, 2009 and September 30, 2009, respectively. The principal advanced will bear interest at 8% on the unpaid balance and will be payable in full with interest by July 30, 2010. Liberty may, at its option, prepay at any time all or any portion of the principal amount outstanding or any interest owing without notice or penalty provided that any such prepayment shall be applied firstly to interest and then to the payment of principal.
Gary Nash, President and CEO of Liberty commented: "As our largest shareholder, JJNICL understands the potential for growth of the Company and continues to support our goals to bring our projects into full production."
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. It owns and operates the Redstone nickel concentrator near Timmins Ontario.
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.
For further information please contact:
Dr. Gary Nash, PhD (Physics), President & CEO
Phone (416) 238-9736 Fax 780-437-7898
e-mail: gnash@libertymines.com
Press Release 11-09
