NICKEL NEWS
Press Release Source: Liberty Mines Inc.
Liberty Ships Nickel in Concentrate to China
Tuesday July 25, 9:00 am ET
TIMMINS, ON--(MARKET WIRE)--Jul 25, 2006 -- Liberty Mines Inc. (TSX VENTURE:LBE.V - News) ("Liberty") is pleased to announce that it has been shipping nickel in concentrate from the custom milling facilities in Cobalt, Ontario, for shipment to China since July 5, 2006.
The concentrate shipments are being temporarily stored near Toronto until 300 tonnes are received from the custom mill. In approximately one week, that tonnage will be accumulated and sent by rail to Vancouver.
From there, the concentrate is transported by boat to the port of Dalian and then inland to the facilities of Jilin Jien Nickel Industry Company Ltd. for smelting and refining in Panshi City, Jilin Province, China.
After the first 300 tonnes are shipped as stated, weekly shipments will be made from the mill.
The price paid to Liberty for the concentrate is determined from an averaging calculation, which involves the London Metal Exchange ("LME") nickel price when the concentrate leaves the mill and the LME price within 45 days thereafter.
Commodity prices for nickel have reached record highs over the last few weeks. "Liberty has the good fortune to be able to take advantage of the currently high nickel prices," said Liberty's President, Gary Nash.
"We are now in a position to generate cash flow with the knowledge that profits from operations will more than double when our mill is commissioned, assuming nickel prices are stable," he said.
At the Redstone mill site, construction is ready to begin as soon as the Closure Plan, which was submitted by Liberty on June 20 2006, is filed by Ministry of Northern Development and Mines. Liberty wishes to express its appreciation publicly that to date, all Ministries have cooperated greatly with the company and its consultants to review and assist with the permitting process for the Redstone mill.
About Liberty Mines Inc.
Liberty Mines Inc. is a mineral exploration and development company with a focus on the development and production of nickel, cobalt and platinum group metals from its properties in 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 potential mineralization and reserves, exploration results, and 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, assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators.
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