The document provides an overview of Liberty Mines Inc., a nickel production and exploration company operating in Timmins, Ontario. It discusses Liberty's assets, including its Redstone Mill facility and the McWatters Mine. It outlines the company's near-term goals of restarting operations and expanding exploration, and long-term plans to increase resources and reserves. Key points include Liberty's strategic partnership with Chinese company Jilin Jien Nickel, current nickel resources, an exploration program focused on the Hart and Redstone properties, and goals to produce 4 million pounds of nickel in 2012.

1. TSX: LBE
Nickel Production and Exploration in Timmins Q2/ 2012
Chris Stewart, President & CEO

2. 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.
2

3. Investment Highlights
• New senior leadership team with turnaround strategy
• Only nickel mill/concentrator facility within the Shaw Dome
region
• Off-take agreement with Xstrata
• Strategic relationship with Jilin Jien Nickel Industry Co. (JJNICL)
• Targeted nickel production of 4.0 million lbs in 2012
• Solid pipeline of exploration projects
• Strong nickel market fundamentals
3

4. Our Strategic Partner
• JJNICL – list on the A-Share market of the
Shanghai Stock Exchange with stock code
600432
– Current Market Cap of approx. $2.0 Billion CDN
• Largest Liberty shareholder
– Currently @60% ownership
• Fully supportive of the “new” Liberty Mines
• Current Debt with Jilin Jien – approx. CDN$80
Million – friendly debt with 10% interest rate
• Discussions are underway to restructure the
debt to align with revised business plan
4

5. Expand Current Tailings Storage Facility (TSF)
Current TSF Upgrade
• Meets environmental standards
• 3 year life
Proposed New TSF
• Construction in 2014 - Provide 15+ year
tailings storage capacity
5

6. Our Assets
• Redstone Mill and Nickel Concentrator – 2,000 tonnes per day
capacity – currently permitted @ 1,500 tpd
• McWatters Mine – 791,000 tonnes @ 0.61% 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
Combining Production and Exploration
6

7. Liberty Mines – Property Locations
Timmins, ON
Safe, Mining-friendly Jurisdiction
7

8. Upcoming Milestones & Objectives
Short-term Long-term
Q1 2012 2013-2014
• Restart mining and milling • ExpandLiberty beyond the Shaw
operations Dome area
• Expand exploration program
Q4 2012 2014
• Generate positive operating cash •Construction of a new Tailings Pond
flow Facility
2012 2015
• Produce 4.0 million lbs of Nickel •Double current resources to provide
• Increase resources 12+ years of operating life
8

9. Current Operational Status
Redstone Mill
• Production restarted – ramping up to full production
• Concentrate shipped to Xstrata in Sudbury
9

10. Current Operational Status
McWatters Mine
• Mine fully operational
• 1,500 tpd production
6yd Scooptram Mucking Drawpoint
New 8yd Scooptram
Loading Underground Haul Truck
10

11. Vision for our operations
Redstone Mill
2,000 tpd design capacity
Permitted @ 1,500 tpd now
McWatters Mine
791,000 tonnes @ 0.61% Ni
Production Rate
1,500 tpd Q1/2012
Hart Mine
1,546,000 tonnes @ 1.40% Ni
Production Rate
250 tpd starting Q1/2014 ramping
up to 750 tpd by 2016
Deposit is open at Depth
Redstone Mine
Lower Zone Resource
737,000 tonnes Inferred @
1.57%– High Potential &
High Grade
Deposit is open at Depth
Production Rate
300 tpd from Q1/2014
11

12. Current Resources and Reserves
Resource / Grade Contained
Tonnes
Deposit Reserve Category (Ni%) Ni (lbs)
Hart Resource Indicated 1,546,000 1.40% 47,716,860
Inferred 322,000 1.27% 9,015,585
Proven &
791,000 0.61% 10,637,526
McWatters Reserve Probable
Proven &
50,252 1.48% 1,644,248
Redstone Reserve Probable
Resource Inferred 737,000 1.57% 25,509,472
Grand Total 3,446,252 1.24% 94,523,692
Potential for resource and reserve expansion
through targeted exploration program
12

13. McWatters Mine
Surface Elev.
Shallow Mine –
Ramp to Surface
Infrastructure in place -
multiple draw points on
multiple levels
13

14. Redstone Mine – Resource Drilling – At Depth Potential
1600ft level
14

15. Hart Mine & Hart East Deposit Potential
Ga
bb
ro
Dy 550m
ke
650m
Open
Open
780m
Hart East sits 300m away from the main Hart Deposit
15

16. Claims in the Shaw Dome
Opportunities for new exploration
16

17. Shaw Dome Area
Additional Drill Targets
Croxall
Redstone
Mine & Mill
Hart & Hart East Deposits A6 McWatters Mine
17

18. Exploration Program 2012
Primary Focus Secondary Targets
Hart & Redstone Properties Croxall, Groves and McAra
Properties
•Deep drilling on Hart, Hart •Complete further geophysics
East and Redstone to work
increase resources •Identify additional drill targets
• New drilling on prospective
targets on Hart property
•Underground drilling to
confirm ore resources at
Redstone
18

19. 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
19

20. Management team
Chris Stewart, President & CEO – Professional engineer with 20+ years of mine development and mine
operations experience. Bachelor of Science from Queen’s University. Successful track record in mining services and operations.
Recently came from BHP Billiton where he was the Project Manager - Shafts at the Jansen Project. Former VP of Ops for Lake
Shore Gold in Timmins.
David Birch, CFO – 20+ years of experience in corporate finance and accounting. Certified Public Accountant (CPA)
and Certified Management Accountant (CMA) with an Economics Degree from York University. Previous Vice President of
Finance & Operations for McClelland Premium Imports. He has also held various senior financial positions with Labatt Breweries
and InBEV.
Heather Miree, VP Exploration – 25+ years of exploration and mining project experience in Canada and the
United States. A graduate of the University of Waterloo with an Honours Bachelor of Science in Earth Science, Ms. Miree is a
registered as a Professional Geologist in Ontario and Alberta. She has held senior positions for companies such as FNX Mining
Company, Lake Shore Gold, St. Andrews Goldfields and most recently she was the VP Exploration at Excellon Resources.
Kevin Fearn, VP Human Resources & Communication – 28+ years of experience in the mining,
construction and consumer goods industries. Mr. Fearn holds a business degree from Laurentian University, university
certificates in labour relations, safety and health, alternative dispute resolution and negotiations.
Keyvan Salehi, VP Corporate Development– Professional engineer with 10+ years of experience in the
mining industry. Obtained his 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.
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.
Mining and operational experts
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21. Market Data
Trading Symbol: LBE
Listing: TSX
Recent share price: $0.10
52-Week Range $0.065 - $0.22
Shares outstanding 214.2 million
Market Capitalization $20.65 million
Fiscal year end Dec. 31
21

22. Investment Highlights
• New senior leadership team with turnaround strategy
• Only nickel mill/concentrator facility within the Shaw Dome
region
• Off-take agreement with Xstrata
• Strategic relationship with Jilin Jien Nickel Industry Co. (JJNICL)
• Targeted nickel production of 4.0 million lbs in 2012
• Solid pipeline of exploration projects
• Strong nickel market fundamentals
22

23. Appendix
23

24. Typical Deposit Structure in the Shaw Dome
Nickel Ore gets
trapped in
embayments with
sources of sulphur in
footwall rocks
Footwall rock –
iron formation
(Hart) or
graphite (W4)
24

25. A6 Project – 2012 VTEM & Geochem Target
25

26. Groves Project
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, 10 km road access
2011 for more details on drill
results
26

27. Croxall
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
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28. Ore Sources
28

29. 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