Press Release 2-10 dated 12 Jan 09

The Redstone nickel concentrator ("Mill") processed 36,668 tonnes of ore grading 1.16% Ni from the Redstone mine consisting of 3,978 tonnes in the later part of September 2009 and 32,690 tonnes during the fourth quarter of 2009. The Mill processed 7,664 tonnes of development ore from the McWatters mine grading 0.41% Ni.

Note: 2 years ago financials were released 28 Mar. This year I expect financials will be released the week of 29th Mar.

AIF released 28 May 2008

First Quarter 2008 PR dated 14 May 2008

The McWatters nickel mine is now declared to be in commercial production. The first lower zone areas to be mined near the 150m level are known as panels 4, 3 and 7.(PR 2-10)(Note 500 tpd initial production figures)

Press Release 4-10

Liberty is buying additional equipment to be able to increase production from the McWatters mine from the present 500 tonnes per day to over 1600 tonnes per day when underground sublevel caving commences later this year

From PDAC

The open pit was started a couple of weeks ago. Overburden has been removed and they are working on the body of the open pitt. Weather this last month has been mild. Much of the snow pack has been removed and effects on water table well controlled. It has been a good snow melt. IMHO

Hart

Drilling was only done to 300 m.

exploration below 500m confirms the existence of deeper mineralization at Hart; similar to the deep mineralization found to 1150m at Redstone. (PR 6-10)

“Redstone Mineralization (p42 Ni43-101 Redstone)

Nickel-iron sulphides are predominantly found at, or immediately adjacent to, bthe basal contact between the komatiitic flow and the footwall daciteds. These sulphides occur mainly in massive form with associated stringers, but also as fine disseminations and blebs.

Numerous instances of semi-continuous hanging-wall mineralization have been described, and, more recently, mined by Liberty Mines. This mineralization occurs as discontinuous stringers of massive Ni-Fe sulphides within fractured dacitic rocks. In these instances the contact relations are reversed, with dacitic volcanic rocks forming the hangingwall and the ultramafic rocks the footwall.

The massive sulphide mineralization is composed primarily of pentlandite, pyrrhotite, and pyrite with lesser amounts of millerite, violarite, gersdorffite, and nicclolite (Robinson & Hutchinson, 1982). Pentlandite occurs as fine to medium grained, euhedral to subhedral, octahedral with a pyrrhotitic matrix and as exsolution lamellae within pyrrhotite. Millerite has been observed to be enclosed by pentlandite, while violarite forms replacement rims around pentlandite octahedral. Nickel tenors within the massive sulphide (100 percent sulphides) exhibit a large range from 8.4 to 29.74 percent Ni. In the Redstone deposit chalcopyrite has been remobilized and now rims either the massive sulphide or, more commonly, the quartz-carbonate veins with higher concentrations observed near the margins of the deposit.

Nickeliferous sulphide mineralization has been delineated over a strike length of up to 274.3 metres down to 508 metres vertically below surface. Further drilling has continued to identify mineralization down to 1,155 metres below surface with core intersections of up to 3.62 percent Ni over 4.65 metres including 7.13 percent Ni over 1.75 metres, and 2.4 percent Ni over 8.5 metres including 14.2 percent over 0.7 metre.”

NTF Notes on Redstone mineralization not included in feasibility study.

Press Release 2-10

Further Re-examination of drill data from 2007-2008 and earlier historical data revealed three mineralized zones roughly parallel to the footwall R-zone (massive pyrrhotite-pentlandite mineralization that has been the main target in the mine). The H-zone (hanging wall zone) occurs in a mineralized horizon that stratigraphically overlies the R-zone by approximately 20m. The H-zone has been drilled from the 213m and 244m levels and the following intersections and grades were obtained: UG7-12 at 11.15% Ni over 0.4m; UG8-18 at 2.52% Ni over 4.5 m; UG7- 04 at 1.97% Ni over 2.95 m; UG8-29 at 4.19%Ni over 1.08 m; and R06-08 which showed 2.26% Ni over 1.85 m.

The E-zone was intersected during 2007 surface drilling in hole R07-93, which assayed 3.05 m grading 3.77% Ni (including 0.5m grading 19.03% Ni). The E-zone appears to be a secondary shoot of mineralization occurring approximately 60m east from the R-zone. It lies on the main Redstone lithological contact between komatiite and footwall dacite and appears to be a parallel zone. The contact can be traced in outcrop and by mag and EM surveys.The target remains open to the east and corresponds well to a 1.5km long EM conductor identified in earlier geophysical surveys.

The historically known S-zone is a parallel zone located stratigraphically about 60m above the R-zone. Drill hole R-41 intersected 4.0m of mineralization in the interval 113.4m to 117.4m grading 1.02 % Ni. There are 4 other historically known drill holes of similar grades which may have intersected the S-zone.

These three target zones were not included in the resource estimation by SRK Consulting which stated a measured and indicated resource of 599,000 tonnes grading 1.47% Ni and 737,000 tonnes grading 1.57% Ni in the inferred resource category. There is significant potential to increase the resource in these categories through successful drilling and to convert the inferred resource to the measured and indicated category within the R-zone. These three target zones offer additional potential to expand the overall resources of the Redstone mine.

What has really struck me is that when you compare the older versions of Redstone’s Ni43-101s you begin to realize that the mineralization is beginning to be really understood. This can only help with the drilling of Hart. Lbe is also planning to drill McWatters and Redstone from inside the mine. Saves costs.