Liberty Mines Ships First Batch of Nickel Concentrate Since Re-Starting Operations
TSX: LBE
TORONTO, April 16, 2012 /CNW/ - Liberty Mines Inc. ('Liberty' or the 'Company') announced today that it has reached permitted production capacity of 1,500 tonnes per day at its Redstone Mill, the only operating mill in the Shaw Dome nickel region, following a planned phase of production ramp up.
The Company also announced that it has shipped its first batch of nickel concentrate since re-starting operations on March 31, 2012. The shipment, which contained approximately 128,000 kg of 13% grade nickel concentrate, was sent to Xstrata's smelter in Sudbury this past week. Under its current off-take agreement, Liberty will ship 100% of its concentrate production to Xstrata through 2013.
'Generating cash flow marks another important step of our turn-around strategy,' said Mr. Chris Stewart, President and CEO of Liberty Mines. 'In the coming months, we plan to improve the grade of our concentrate production through ongoing analysis and optimization of our milling circuit as our team works to maximize revenue generation. These measures will help us achieve our financial and operating targets for the year.'
About Liberty Mines Inc.
Liberty Mines Inc. is a mid-tier 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 only nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins, Ontario. With a new management team in place, Liberty is focused on growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects.
Liberty Mines Inc.
CONTACT: Chris Stewart, President & CEO
Liberty Mines
(416) 226-4360
cstewart@libertymines.com
Joe Racanelli
TMX Equicom
416 815 0700 ext. 243
jracanelli@equicomgroup.com
