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Message: Liberty Reports Fiscal Year 2010 Results

http://www.istockanalyst.com/business/news/4978606/liberty-reports-fiscal-year-2010-results

Thursday, March 17, 2011 4:13 PM

Mar. 17, 2011 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX), released today its 2010 Audited Financial Statements and related Management's Discussion & Analysis.

Mining production in 2010 was as follows:


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Mine Tonnes Produced Grade NI%
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Redstone 55,545 0.74%
McWatters - Underground
(including ore from development) 151,465 0.76%
McWatters - Open Pit 105,688 0.32%
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Mill operations in 2010 were as follows:


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Source Wet Tonnes Milled Cost per Tonne
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Redstone 42,288
McWatters - Underground 168,398
McWatters - Open Pit 105,688
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Total 316,374 $ 21.53
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Revenue for fiscal year 2010 was approximately $32.4 million, compared to $5.8 million in 2009, generating a positive contribution from operations, before non-cash items, of approximately $2.0 million. The net loss for the year, after amortization, depletion, corporate administrative expenses, interest and other capital and related charges, was approximately $17.2 million, or $0.10 per share.

Liberty Interim CEO, Jay Richardson, commented that "2010 has been, and 2011 will continue to be, a period of positive transition for Liberty. While no one at the Company is pleased with the net losses of 2010 and expected net losses in early 2011, we are more than satisfied with the recent changes we have made to our strategic and operating plans, all designed to create shareholder value."

"For example", continued Richardson, "since October 2010, Liberty has replaced senior operating management, developed new budgeting and control processes for 2011 and beyond, satisfied most outstanding and past due supplier obligations, re-engineered its balance sheet to reduce dilution risk to minority shareholders, raised $9.8 million in new capital, and announced and implemented an exciting and enhanced exploration program that should deliver maintainable shareholder value well into the future".

"We have also made excellent progress with our permanent CEO search, from which we expect in very short order to select and announce a superbly qualified new leader from a list of candidates that exceeded one hundred in number."

"With our new leader in place, this year will see even more change. For example, we expect in 2011 to announce a substantial capital expenditure program, intended to position Liberty as a leader in exploration, development and production of nickel in the Shaw Dome Nickel Belt. These are exciting times for Liberty, its shareholders and the Timmins community. All of us at the Company look forward to brighter days ahead in 2011."
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.
About Jilin Jien Nickel Industry Co., Ltd.

Jilin Jien is one of the largest holding subsidiaries of Jilin Horoc Nonferrous Metal Group Co., Ltd., which was founded in 1960. Horoc and Jien own four nickel mines, one molybdenum mine, one silver mine, two smelters, seven refineries, and two chemical plants with total assets over RMB 3.0 billion. Jilin Jien professionally provides all kinds of nickel, copper, cobalt salts and nonferrous metal products for plating, chemical plating, battery materials and metallurgy. Jilin Jien is one of the biggest producers of nickel sulfate in the world, with annual output of 25,000 tons. In September 2003, Jilin Jien Nickel Industry Co., Ltd. was listed on the A-share market of the Shanghai Stock Exchange with stock code of 600432.
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. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update any such statement or reflect new information or the occurrence of future events or circumstances, except where required by securities regulations. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information please contact:
James A. Richardson, President & CEO
Phone (780) 485-2299 or 416-410-5297
Fax 780-485-2253
e-mail: [email protected]
Source: Liberty Mines Inc. (TSX: LBE) http:// www.libertymines.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com

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