Liberty Mines Releases Fiscal 2012 Financial Results

Liberty Mines Inc (TSX:LBE) announced the release of its financial reports for year ended December 31, 2012 which showed a revenue of $8.99m, which is significantly higher than the previous year.

As quoted in the press release:

2012 Operational Highlights

• Delivered on the plan to restart operations at the McWatters mine and Redstone Nickel Concentrator in Q1 and produced 1.143MM pounds of nickel concentrate in 2012.
• Completed the Preliminary Economic Assessment( PEA) for the Hart Project.   Provided a 43-101 technical report highlighting an estimated pre-tax Net Present Value (NPV) of $35.8 million using an 8% discount rate and an eight year mine life.
• Conducted an exploration program consisting of 7,591 metres of drilling during 2012, focused on deep exploration of the Hart Deposit, continued exploration of the Hart East Zone, the Redstone Deposit, and exploration of the “A6″ area, located east of the Hart Deposit
• Implemented a care and maintenance program at the Company’s Redstone and McWatters mines as of August 14, 2012
• Closed a series of transactions with Jilin Jien Nickel Industry Co. Ltd., and its wholly-owned subsidiary, Jien International Investments Ltd., Liberty’s controlling shareholder. The transactions were designed to provide support for Liberty’s 2013 business plan and restructure Liberty’s financial obligations.
• Appointed Mr. Chris Stewart, CEO and Mr. James Xiang to the Company’s board of directors.
• Appointed David Birch, CFO of the Company effective June 4, and Heather Miree, Vice President of Exploration effective May 23.

Click here to read the full Liberty Mines Inc (TSX:LBE) press release.