EDMONTON, ALBERTA--(Marketwire - March 31, 2009) - Liberty Mines Inc. ("Liberty or the Company") (TSX:LBE) wishes to advise that pursuant to National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), the Company will be in default for failing to file its audited financial statements, MD&A and AIF for the year ended December 31, 2008 at the close of markets today. The financial statements should have been filed on or before March 31, 2009 pursuant to relevant securities laws. Cash flow difficulties have prevented the Company from having its auditors complete the preparation of the audited financial statements. It is anticipated that the financial statements will be filed by no later than May 12, 2009. The Alberta Securities Commission may impose a cease trade order on the trading of the securities of the Company for a period of time specified in the order, which has not yet been received by the Company.

Negotiations for a financing arranged by the Company have essentially concluded and a definitive agreement based on the negotiated terms is in progress. Upon successful completion of the agreement, a press release will be issued specifying the details of the financing.

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. Its operations are presently under care and maintenance due to low commodity prices.

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, 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:

Liberty Mines Inc.
Dr. Gary Nash, PhD (Physics)
President & CEO
(416) 238-9736
(780) 437-7898 (FAX)
Email: gnash@libertymines.com

Source: CCN Matthews (Marketwire) (March 31, 2009 - 4:53 PM EDT)

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