TSX: LBE <\/p>\n
TORONTO , March 27, 2013 \/CNW\/ - Liberty Mines Inc. (LBE; TSX) (\"Liberty\" or the \"Company\") today reported its financial results for the 12-month period ended December 31, 2012 . All amounts are in Canadian currency. <\/p>\n
\"Bolstered by a new management team and strong support from our Timmins operation, we achieved each of our key milestones in the first half of 2012. Most notably, we restarted production in Q1, stabilized and increased production in Q2, and then we were faced with rapidly declining nickel prices in Q3. As a result, we had to make the difficult decision to move to a care and maintenance mode in mid-August until Nickel prices increase and stabilize\", said Mr. Chris Stewart , President and CEO of Liberty Mines. \"Throughout all of 2012 Liberty delivered outstanding Safety and Environmental results. We continue to have belief in the long term success of Liberty Mines and will be aggressive with our business plans going forward.\" <\/p>\n
2012 Operational Highlights <\/p>\n
Operational Highlights Subsequent to Year-end <\/p>\n
On January 23 , Liberty Mines announced that it had identified the presence of chrysotile in its ore body at its McWatters Mine. 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. <\/p>\n
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. <\/p>\n
Review of 2012 Financial Performance <\/p>\n
Revenue for 2012 was $8.99 million , up from $2.1 million for 2011. The increase was directly related to the increase in mining and milling operations initiated in March 2012 . <\/p>\n
In 2012, Liberty shipped 1,143,053 pounds of payable nickel concentrate to X-Strata in Sudbury at an average price of $8.02 per pound. In comparison during 2011, Liberty shipped 276,692 pounds of payable nickel concentrate at an average price of $10.36 . <\/p>\n
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Liberty Mines Reports Financial Results For Fiscal 2012<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" TSX: LBE TORONTO , March 27, 2013 \/CNW\/ - Liberty Mines Inc. (LBE; TSX) (\"Liberty\" or the \"Company\") today reported its financial results for the 12-month period ended December 31, 2012 . Continue reading