This document provides an overview of Liberty Mines Inc., a nickel production and exploration company operating in Timmins, Ontario. It discusses Liberty's assets which include the Redstone Mill, McWatters Mine, Hart Deposit, and several exploration properties. Near term milestones include restarting mining and milling operations in Q1 2012 and expanding exploration. Long term goals include increasing resources to provide over 12 years of operating life. The document reviews the current operational status and provides visions for the operations and exploration potential on properties like Hart and Groves. It introduces the board of directors including the chairman who is CEO of a strategic partner, Jilin Jien Nickel Industry Co.

1. Liberty Mines Inc. (TSX: LBE)
Nickel Production and Exploration in Timmins
Chris Stewart, President & CEO
January 2012

2. Forward-Looking Statement
FORWARD-LOOKING INFORMATION AND STATEMENTS
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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3. Investment Highlights
• New senior leadership team with significant mining
and operational experience
• Only mill facility within the Shaw Dome Nickel region
• Progressing towards Mill & Mine start-up 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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4. Our Assets
• Redstone Mill and Nickel Concentrator – 2,000 ton/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
Foundation for re-launching Liberty
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5. Liberty Mines – Property Locations
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6. Upcoming Milestones & Objectives
Short-term
• Restart mining and milling operations Q1 2012
• Expand exploration program Q1 2012
• Generate positive operating cash flow Q2 2012
Long-term
• Expand Liberty beyond Shaw Dome area 2013-2014
• Construct New Tailings Pond Facility 2014
• Increase resources to provide 12+ years operating life 2015
New management team in place
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7. Current Operational Status
McWatters Mine
170,000 tonnes of broken ore underground
26,000 tonne surface stockpile
On care & maintenance
Redstone Mine
On care & maintenance
U/G exploration drilling underway
Redstone Mill
On schedule for completion of refurbishment work
by Nov. 30/11
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8. Expand Current Tailings Pond Facility
Current Pond Upgrade
•Meets environmental
standards
•3 year life
Proposed New Pond
•Construction in 2014 - 15+ year
tailings pond facility
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9. Vision for our operations
Redstone Mill
2,000 tpd capacity Current Surface Ore Stockpile of
Permitted @ 1,500 tpd now 26,000 Tonnes
Average planned Mill rate per annum
2012 to 2014 1,372 tpd
McWatters Mine
792,497 t @ 0.58% Ni Hart Mine
Production Rate 1,546,000 t @ 1.40% Ni
1,400 tpd to 500 tpd Production Rate
thru to Q4/2013 250 tpd starting Q1/2013
500 tpd from Q4/2013
Redstone Mine
26,500 t @ 1.14% Ni
Production Rate
200 tpd thru Q3/2012
Reserves 148,200 t
Lower Zone 737,000 t @
1.57%– High Potential &
High Grade
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10. Hart Mine
Indicated - 1,546,000 tonnes @1.40% Ni
Inferred 322,000 tonnes @1.40% Ni
Blue Area is a
disseminated Sulphide Zone
– Potential to add significant
tonnes to the current
resource Ramp access from
surface – easily adapted
to access other ore
lenses nearby
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11. Potential New Ore Lense
the East
Approx. 300m to
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12. Redstone Mine – Deep Mining Potential
POTENTIAL SHAFT FROM
SURFACE OR WINZE FROM
1500 LEVEL
INDICATED
1500 LEVEL
INFERRED
SHAFT STATIONS &
MAIN MINING LEVELS
737,000 TONNES @ 1.57% NI
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13. Claims in the Shaw Dome
Opportunities for new exploration
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14. Exploration in the Shaw Dome
Current Exploration Program 2011:
•Focus is on the Hart East drill
intersections (300m east of the main
Hart deposit) – working on expanding
the size of the resource
•In-house underground drilling on the
lower Redstone deposit to move
resources from inferred to indicated
status
•Croxall (MA05-01) – follow up drilling
to twin historic holes
•Groves – drill program complete for
2011
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15. Typical Deposit Structure
Nickel Ore gets trapped
in embayments with
sources of sulphur in
footwall rocks
Footwall rock –
iron formation
(Hart) or
graphite (W4)
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16. Groves Project
• Followed up on 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
• 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 10 km road access
16-11 issued on October 25,
2011 for more details on drill
results
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17. Board of Directors
• 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 Steman Chartered
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.
Public markets and mining experience
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18. Experienced Management Team
• 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 a $400 Million shaft 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 around the Sudbury area.
• Bryan Neeley, Environmental Manager – 15+ years of experience in environmental management
including senior roles at Tembec, Xstrata and Lake Shore Gold.
• Rock Bouchard, Health & Safety Manager – 24+ years of experience in the mining industry
including with senior roles at Dumas and Lake Shore Gold in the Timmins camp.
Mining and operational experts
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19. Relationship with Jilin Jien
• Largest Liberty shareholder (60% ownership)
• Provided a credit facility of $20.0 million since June
2011
• Fully supportive of the “new” Liberty Mines and the
operating plan developed for moving the company
forward
Strategic partner
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20. Market Data
• Trading Symbol: LBE
• Listing: TSX
• Recent share price: $0.15
• 52-Week Range $0.07 - $0.27
• Shares outstanding 214.2 million
• Market Capitalization $31.0 million
• Fiscal year end Dec. 31
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21. Investment Highlights
• New senior leadership team with significant mining
and operational experience
• Only mill facility within the Shaw Dome Nickel region
• Progressing towards McWatters mine start-up 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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22. Appendix
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23. 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
*Source: RBC
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24. Ore Sources
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25. New Tailings Dam Design
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26. Hart - 445 Level (Preliminary)
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