Jilin Jien Nickel of China to Acquire Controlling Stake in Liberty Mines

Edmonton-based Liberty Mines Inc. arranged a C$30 million equity financing with Jilin Jien Nickel Industry Co., Ltd. of Panshi City in China. The financing consists of a private placement of approximately $9.5 million for 85,732,763 common shares at 11 cents per share; and the issuance of 186,994,510 preferred shares at 11 cents per share for the balance of the financing of approximately $20.6 million. Upon closing of the financing, Jilin will own 51% of the common shares of Liberty. Liberty is a producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. Jilin is a public-listed nonferrous metals enterprise integrated with mining, concentrating, smelting and chemical production.