Liberty mines investor presentation march 2012 final

Nickel Production and Exploration in TimminsChris Stewart, President & CEO

Q1/ 2012

TSX: LBE

Forward-Looking Statement

This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “intend” and similar terminology and reflect assumptions, estimates, opinions and analysis made by management of Liberty in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Liberty’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability of suitable financing alternatives; fluctuations in nickel and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from Liberty’s activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. No invitation to purchase securities is being made. Liberty disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

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Investment Highlights

• New senior leadership team with significant mining and operational experience

• Only mill facility within the Shaw Dome Nickel region

• Progressing towards re-start of Mill & Mine operations and positive cash flow

• Solid pipeline of exploration projects

• Strategic relationship with Jilin Jien Nickel Industry Co.

• Strong nickel market fundamentals

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Our Assets

• Redstone Mill and Nickel Concentrator – 2,000 tonnes per day

capacity

• McWatters Mine – 792,000 tonnes @ 0.58% Ni

• Hart Deposit – 1,546,000 tonnes @1.40% Ni

• Redstone Mine – 737,000 tonnes inferred @ 1.57%Ni

• Groves Property – 500,000 tonnes historic @ 1.5% combined

Ni/Cu (non 43-101 compliant)

• Croxall Property – historic drill hole intercept verified in 2011

Foundation for re-launching Liberty

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Liberty Mines – Property Locations

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Timmins, ON

Upcoming Milestones & Objectives

Short-term Long-term

Q1 2012• Restart mining and milling operations

• Expand exploration program

2013-2014• Expand Liberty beyond the ShawDome area

Q2-Q3 2012• Generate positive operating cash flow

2014•Construction of a new Tailings Pond Facility

2012• Produce 4 million lbs of Nickel

• Increase ore resources

2015•Increase resources to provide 12+ years of operating life

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Current Operational Status

Redstone Mill• Major refurbishment work completed

• Commissioning is in progress

• Ready for production restart• 26,000 tonne surface stockpile

McWatters Mine• Ready for production restart

• 175,000 tonnes of broken ore

underground

Redstone Mine• On care & maintenance• U/G Exploration drilling underway

Preparing to re-start operations 7

Expand Current Tailings Storage Facility (TSF)

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Current TSF Upgrade

• Meets environmental standards

• 3 year life

Proposed New TSF

• Construction in 2014 -> 15+ year tailings pond facility

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Redstone Mine

Lower Zone Resource

737,000 t Inferred @

1.57%– High Potential &

High Grade

Deposit is open at Depth

Production Rate

300 tpd from Q1/2014

Redstone Mine

Lower Zone Resource

737,000 t Inferred @

1.57%– High Potential &

High Grade

Deposit is open at Depth

Production Rate

300 tpd from Q1/2014

Current Surface Ore Stockpile of 26,000 Tonnes

McWatters Mine

792,497 t @ 0.58% Ni

Production Rate

1,500 tpd Q1/2102

McWatters Mine

792,497 t @ 0.58% Ni

Production Rate

1,500 tpd Q1/2102

Hart Mine

1,546,000 t @ 1.40% Ni

Production Rate

250 tpd starting Q3/2013 ramping

up to 750 tpd by 2017

Deposit is open at Depth

Hart Mine

1,546,000 t @ 1.40% Ni

Production Rate

250 tpd starting Q3/2013 ramping

up to 750 tpd by 2017

Deposit is open at Depth

Redstone Mill

2,000 tpd capacity

Permitted @ 1,500 tpd now

Redstone Mill

2,000 tpd capacity

Permitted @ 1,500 tpd now

Vision for our operations

170,000 t broken

ore in the stope –

ready to start

mining

170,000 t broken

ore in the stope –

ready to start

mining

Shallow Mine –

Ramp to Surface

Shallow Mine –

Ramp to Surface

Infrastructure in place -

multiple draw points on

multiple levels

Infrastructure in place -

multiple draw points on

multiple levels

Surface Elev.

McWatters Mine

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INFERRED RESOURCE

Potential Shaft from surface or Winze from 1500 Level

Conceptual Shaft Stations & Main Mining Levels

737,000 TONNES @ 1.57% NI Below the 1600 Level –Remains open at depth

Existing Ramp from Surface to 1600 Level

1600 LEVEL

Redstone Mine – Deep Mining Potential

Typical Redstone Ore

Surface

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Ramp access from

surface – easily

adapted to access

other ore lenses nearby

Ramp access from

surface – easily

adapted to access

other ore lenses nearby

Blue Area is a

disseminated Sulphide

Zone – Potential to add

significant tonnes to

the current resource

Blue Area is a

disseminated Sulphide

Zone – Potential to add

significant tonnes to

the current resource

Indicated - 1,546,000 tonnes @1.40%

Ni

Inferred 322,000 tonnes @1.40% Ni

Indicated - 1,546,000 tonnes @1.40%

Ni

Inferred 322,000 tonnes @1.40% Ni

Hart Mine

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Hart – 445 Level (Preliminary)

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300m

Hart East – Potential New Ore Lense

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Opportunities for new exploration

Claims in the Shaw Dome

Hart & Hart East Deposits

Redstone Mine & Mill

Croxall

McWatters Mine

Additional Drill Targets

Shaw Dome Area

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Exploration Program 2012

Primary Focus Secondary Targets

Hart & Redstone Properties Croxall, Groves and McAra

Properties

•Deep drilling on Hart, Hart

East and Redstone to

increase resources

• New drilling on prospective

targets on Hart property

•Underground drilling to

confirm ore resources at

Redstone

•Complete further geophysics

work

•Identify additional drill targets

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Public markets and mining experience

Mr. Wu Shu, Director & Chairman of the Board – CEO of Jilin Jien Nickel Industry Co. Previously President of Jilin Haorong Nonferrous Metal Group Co., Ltd. and CFO and a Director of JJNICL.

Mr. John Pinsent, Lead Director - Founding partner in St. Arnaud Pinsent StemanChartered Accountants. 10+ years of experience with Ernst & Young LLP. Significant mining industry experience.

Dr. Tao Li, Director - Specialist in geotechnical engineering and is the director and principal of an independent consulting company. 30+ years of mining and engineering experience (Mount Isa Mines, WMC Resources, Gold Fields and Newcrest Mining)

Mr. Kim Oishi, Director - 17 years of capital markets experience, serving as an officer and director of a number of public companies, and focused on China since 2004.

Dr. Shu Zhang, Director - President & COO of Jien International Investment Ltd. (JIIL). He is a mining engineer with 38+ years of mining industry experience working in China, Australia and Canada.

Board of Directors

19Mining and operational experts

Chris Stewart, President & CEO – Professional engineer with 20+ years of mine development and mine operations experience. Track record in mining services and operations. Recently came from BHP Billiton where he was the Project Manager for the two new shafts at the Jansen Project. Former VP of Ops for Lake Shore Gold in Timmins.

William Woods, CFO – 25+ years of experience in corporate finance and accounting in the mining and transportation industries. Previously CFO for Valens Pharma Ltd. and VP of Finance for Northern Transportation Company Limited.

Peter Caldbick, VP Exploration – 28+ years of geological experience in the mining industry with the past 7 years spent specifically exploring the Shaw Dome in Timmins.

Brendan Zuidema, General Manager – 20+ years of experience in the mining industry. He has held various senior positions including Operations General Foreman at the Montcalm Mine, Mine Manager at Lake Shore Gold’s Timmins Mine and most recently Area Manager for Dumas Contracting in Timmins.

Keyvan Salehi, Director Technical Services & Corporate Strategy – Professional engineer with 10+ years of experience in the mining industry. Obtained MBA through Kellogg/Schulich program at York University. Previous positions include Chief Engineer for Lake Shore Gold at the Bell Creek Complex and Project Manager for DMC Mining on various projects in the Sudbury area.

Management team

• Largest Liberty shareholder

– Currently @60% ownership

• Current Debt with Jilin Jien – approx. CDN$71

Million

• Fully supportive of the “new” Liberty Mines

and the operating plan developed for moving

the company forward

• Discussions are currently underway to

restructure the debt so it more closely aligns

with Liberty’s 5 year business plan

Our Strategic Partner

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Trading Symbol: LBEListing: TSX

Recent share price: $0.1452-Week Range $0.07 - $0.27Shares outstanding 214.2 million

Market Capitalization $29.0 millionFiscal year end Dec. 31

Market Data

Investment Highlights

• New senior leadership team with significant mining and operational experience

• Only mill facility within the Shaw Dome Nickel region

• Progressing towards re-start of Mill & Mine operations and positive cash flow

• Solid pipeline of exploration projects

• Strategic relationship with Jilin Jien Nickel Industry Co.

• Strong nickel market fundamentals

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Appendix

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Nickel Ore gets

trapped in

embayments with

sources of sulphur in

footwall rocks

Nickel Ore gets

trapped in

embayments with

sources of sulphur in

footwall rocks

Footwall rock –

iron formation

(Hart) or

graphite (W4)

Footwall rock –

iron formation

(Hart) or

graphite (W4)

Typical Deposit Structure in the Shaw Dome

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10 km road access

Historic resource (non 43-101) of 500,000 tonnes of 1.5% combined Cu/Ni.

Completed a 13 hole drill program totally 1,245 meters in 2011

Best drill hole intercept from GR-11-05 which graded 1.69% Ni, 1.66% Cu and 0.73 G/T Au over drilled width of 15.50 meters

Refer to Liberty’s press release 16-11 issued on October 25, 2011 for more details on drill results

Groves Project

2011 follow up drill hole - 25m

east of the Mustang discovery

returns with 0.92% Ni over 4.20m

Mustang Minerals 2005

nickel discovery of 0.63%

Ni over 3.34m

Croxall

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Ore Sources

*Source: RBC

Nickel market trends

• Nickel demand is growing*:

– 17.1% in 2010

– 8.4% in 2011

– 9.5% in 2012

• China is main driver for growth

• Nickel consumption is dominated by the stainless steel sector

– accounts for more than half of the global consumption of nickel