Liberty Provides Update

TSX:  LBE

TORONTO, Jan. 23, 2013 /CNW/ - Liberty Mines Inc. (LBE:TSX) ("Liberty" or the "Company") today announced that it has identified the presence of chrysotile in its ore body at its McWatters Mine.

As announced previously, McWatters Mine, which was intermittently operated from 2009-2012, is currently in care and maintenance mode following the Company's decision to suspend operations due to low spot prices for nickel. As chrysotile, a form of asbestos, is a designated substance under Ontario Health and Safety Regulation, the Company is investigating these matters further and is taking all required measures.

The Company expects to conduct additional testing and further independent analysis to determine the impact on the economic feasibility of restarting mine operations at the McWatters Mine having regard to this information.

The Company is also reviewing conditions at its former operating Redstone Mine, its Hart project and its Mill.

Liberty expects to provide additional updates as material information becomes available.

About Liberty Mines Inc.
Liberty Mines Inc. is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. It owns a nickel concentrator near Timmins, Ontario.

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; regulatory approvals; 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. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update any such statement or reflect new information or the occurrence of future events or circumstances, except where required by securities regulations. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE Liberty Mines Inc.