EDMONTON, ALBERTA--(Marketwire - Feb. 26, 2009) - Liberty Mines Inc. ("Liberty or the Company") (TSX: LBE.TO) announces that further to the press release of February 19, 2009, the note-holders shall refrain from enforcing or directing the Trustee of the loan to enforce any rights under the indenture securing the loan until April 1, 2009 providing there are no actions by creditors which materially deteriorate the security position of the note-holders or the Trustee.

The note-holders encouraged management to pursue alternative financing arrangements with one or more third parties to ensure the long term well being of the Company. Management hopes to conclude negotiations and announce the signing of a definitive agreement soon.