"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."