Liberty Mines Inc announced that a positive preliminary economic assessment has been completed for its Hart Project, a nickel deposit located in Timmins in Ontario.

The study predicted total life of mine production of 38,497,588 payable nickel pounds. Total gross revenue is estimated at USD 429.3 million using a USD 10 per pound nickel price. Estimated mining operating costs was pegged at USD 109.6 million or an average of USD 64.43 per tonne. Estimated Internal Rate of Return was set at about 23%.

The Preliminary Economic Assessment assumes that construction of the mine will begin in 2013 and will reach a steady rate of production by 2017.

Mr Chris Stewart president & CEO of Liberty Mines Inc said that "We are very encouraged by the positive results of the Preliminary Economic Assessment and our prospects for the Hart Project. The PEA suggests that the Hart Project has the potential to become economically viable, generate positive cash flow, and take advantage of the available capacity at our Redstone Mill. Recent drill results, although preliminary at this time, also suggest that the deposit has the potential for mineralization expansion at depth and stronger economics."

Source - Liberty Mines Inc

(www.steelguru.com)