Company Overview
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. With the Redstone Mine in production and the McWatters Mine coming online in May 2008, Liberty Mines is set to have record profits in 2008.
Liberty has a 100% interest in three major assemblies of contiguous mining claims and leases in northern Ontario: over 12,000 ha in the Shaw Dome Nickel Belt 25 km southeast of Timmins; 6,400 ha in the Groves nickel copper platinum group metals (“PGM”) project 20 km southeast of Gogama; and 6,300 ha in the McAra Lake-Ray cobalt nickel copper project about 120 km south east of Timmins.
Shaw Dome properties
Liberty declared the Redstone nickel mine to be in commercial production on July 1, 2007 at a target rate of 200 tonnes per day. Construction of a shaft to the 1150m level is in progress which will enable the deeper ore to be mined at a reduced cost and increased tonnage. An updated 43-101 technical report will be released in late Q2 2008 which will include deep drilling to the 1150m level. Drilling in 2007 has confirmed a large section of the “Inco Anomaly” as a nickel (“Ni”) bearing ore body. More drilling is required to test the entire extent of the geophysical anomaly below 1150m and further to the west at depth. Some highlights of the deep drilling include:
8.5m of 2.4% Ni at 789m below the surface; and
4.65m of 3.62% Ni encountered 1064m below the surface.
In July of 2007 Liberty commissioned the Redstone nickel concentrator, located at the Redstone Mine site. The mill is permitted to process 1500 tonnes per day of altered komatiite nickel ore. Liberty’s first shipment of nickel in concentrate went to China on July 30, and in November of 2007, shipments were sent to Xstrata Nickel’s smelter in Sudbury, Ontario
Going forward, permitting is underway for Liberty’s third nickel mine at the Hart project, located 7 km east of the Redstone site. This exciting property has exceeded expectations and will come online as the McWatters Mine is winding down. A 43-101 technical report is expected to be completed in Q2 2008 for drilling to the 500m level. Recent highlights from the fall 2007 drill program include:
H-07-30 intersected 27.4 m averaging 1.17% Ni;
H-07-28 cut 9.55 m averaging 1.04% Ni; and
H-07-35 intersected 14.55 m averaging 2.15% Ni.
A geophysical survey to further elucidate drill targets for the entire Shaw Dome will be complete in Q1 2008. Management plans to have 2-4 drills working on the properties in 2008 and is excited about the prospects of making new discoveries on its prospective mining claims in the Shaw Dome Nickel Belt.
Groves Nickel Copper PGM Project
An airborne VTEM survey is scheduled for Q1 2008 and will be followed by an extensive drill program in 2008. The deposit has only been shallowly drilled and has great potential to be expanded at depth. Some historical drill cores reported 5 g/t of iridium, which indicates the potential of the deposit as a source of this rare element.
Investment Highlights
Liberty currently has three nickel mines to feed its 1500 tonne per day nickel concentrator: one in commercial production, a second to be declared in commercial production in the fall of 2008 and a third to be brought into pre-production in 2009.
The Company has three major exploration areas consisting of contiguous mining claims and leases with known mineralization and excellent potential for additional discoveries.
Liberty has the potential to be a primary producer of both nickel and cobalt with significant copper and PGM credits.
Three NI 43-101 resource/reserve reports will be complete by mid 2008 which will signify the strong growth of the Company’s resource base.
Liberty Mines Inc. will soon be acknowledged in the financial community for its substantial fast paced achievements and development of positive cash flow.
Cash flow will increase substantially in 2008 as Liberty becomes a mid tier producer of nickel in 2009.

McAra Lake Cobalt Project
The cobalt deposit at McAra Lake consists of rich veins of cobaltite typically grading up to 11% cobalt over 1m-1.5m with intersections of 19.46m averaging 1.1% cobalt. It also contains significant copper with intersections of chalcopyrite containing 11.9% copper over 3.1m as well as varying credits of nickel up to 1%.
The McAra Lake cobalt deposit offers Liberty the potential to be a primary producer of nickel and cobalt. The adjacent Ray Township properties have many surface pits that may provide additional tonnage for a cobalt operation. A drill program is scheduled to commence in 2008 to further develop these two contiguous properties.