ONTARIO Edmonton-based LIBERTY MINES is the latest company to announce that is mines must be placed on care-and-maintenance. The decision affects both the Redstone and McWatters nickel mines near Timmins. The Redstone concentrator is also affected.
The move was necessitated by the failure of Liberty’s financing announced at the end of September. The company now seeks near-term financing in order to fund its intended restructuring and interim operations. It is also seeking partners or a business combination.
Meanwhile, Liberty is completing technical reports on the Redstone and McWatters properties as required by the securities commissions of British Columbia and Alberta.
Gary Nash, president & CEO of Liberty, put the best case forward in a news release, saying, “In these difficult financial times, a company needs to be flexible and creative in order to survive. Liberty is rich in mining assets and is seeking a business combination with a partner who is looking for first class mining assets that can finance our growth and production plans.”
Interested parties should visit the Liberty website at www.LibertyMines.com.