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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (24552)	11/7/2006 9:34:52 AM
From: LoneClone	Read Replies (1) \| Respond to of 78412

Phase 2 Deep Drilling Begins at the Redstone Mine Tuesday November 7, 9:00 am ET ca.us.biz.yahoo.com TIMMINS, ON--(MARKET WIRE)--Nov 7, 2006 -- Liberty Mines Inc. (TSX VENTURE:LBE.V - News) ("Liberty" or "the Corporation") is pleased to announce the beginning of the second phase of deep drilling at the Redstone Mine. Phase one was successfully completed in April 2006 with borehole R06-3 hitting 2.74m of 2.60% nickel ("Ni") from 740.14m to 742.88m. Borehole R06-4 intersected 3.60m of 2.07% Ni from 570.58m to 574.18m. Although boreholes R06-1 and R06-2 encountered low grade nickel mineralization on average less than 0.5% outside of the ore zones, both holes were pre-empted in komatiite for economic reasons. The first part of the phase 2 drilling program will be to deepen boreholes R06-1, R06-2 and R06-3. These holes will be extended well into the known mineralized zone at the 2300-2500 foot (701m-762m) level and could lead to further discoveries in that zone. Two additional boreholes will then be drilled with projected pierce-points at the 1800 (549m) and 2000 (610m) foot levels. Successful hits at these locations will show continuity of ore from the 1400 foot (427m) level to the 2500 foot level, approximately every 200 feet (61m). The prospective 250mx450m anomaly discovered by INCO in late 2003 from a down-hole geophysical study of borehole 89-5 at the 4000 foot (1219m) level will then be drilled. "Many investors and analysts have been patiently waiting for us to drill the anomaly," said Liberty's President Gary Nash. "A nice hit down there could add significant tonnage to the mine," he added. Should the hole be successful, wedge holes would then be drilled from it to further elucidate the anomaly. One vertical hole will also be drilled to test ground competence and verify the location of a shaft for the mine. 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. Distributed by Filing Services Canada and retransmitted by Market Wire Contact: For further information please contact: Dr. Gary Nash, PhD (Physics) President & CEO Liberty Mines Inc. Phone (416) 238-9736 Fax 780-437-7898 e-mail: Email Contact -------------------------------------------------------------------------------- Source: Liberty Mines Inc.