EBF,

You are about a slick as they come. All resource reports, not just Liberty’s have the typical disclaimer discussed. End of story unless you want to continue to be a slickster or an idiot, and bring it up again. So don’t come on here and act like you are on the high road; because you are not, as is evidenced from what you do so well.

Details of the cost per pound were outlined and you slickly glossed right over them. You then twist that into debt payment; so this is how the numbers work.

From the McWatters technical report: Life of mine (2 years) payable pounds is 14,172,000 times .88 to get payable pounds from reserve 12,471,000. Ore from development to end of June was about 1,300,000 and guidance gives about 4,700.000 to balance in 2010 is 3,400,000. That means LBE will mine 7,800,000 pounds in 2011 having sublevel caving in full swing from January 1 and no development to do.

Since LBE is at $4.50 or so now as a cost per pound, and let’s assume average price of nickel to be $ 9.00. LBE should expect about $15 million cash in last the last half of 2010. (4.5 * 3.4) and in 2011, $ 34 million. This does not include $4-5 million that Redstone will make this year.

It is clear the debt is quite manageable and that the amount of the debt associated with the preferred shares that get paid off will be in the second half of 2011. If nickel is more than $ 9.00 on average over next year or if there is a few percent gain on Can/US exchange, all of the debt can be paid. If nickel is less than $ 9.00 ; less will be paid on the preferred shares.

Bringing on Hart will allow the revenue stream to continue but will take approx $ 7-8 million from 2011 cash flow which could delay full redemption of preferred shares into 2012. As far as I know, there is no time limit to redeem the shares.

So don’t bring up twisting the industry standard cost per pound into a cost per pound for all possible corporate expenses that has nothing to do with the benchmark standard.

Maybe you should use a little of your energy to try and get hold of ISM. The list of questions and concerns shareholders have keeps growing as each day passes.

Best

Nickel