This document provides an overview of Liberty Mines Inc.'s nickel production and exploration activities in Timmins, Ontario. It discusses Liberty's assets including the Redstone Mill, McWatters Mine, Hart Deposit, and Redstone Mine. It outlines upcoming milestones like restarting mining and milling operations to generate positive cash flow in 2012. The document also discusses Liberty's exploration program and properties in the Shaw Dome area, as well as its strategic partnership with Jilin Jien Nickel Industry Co. and positive nickel market fundamentals.

1. TSX: LBE
Nickel Production and Exploration in Timmins Q1/ 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 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
3

4. 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
4

5. Liberty Mines – Property Locations
Timmins, ON
5

6. 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
Q2-Q3 2012 2014
• Generate positive operating cash •Construction of a new Tailings Pond
flow Facility
2012 2015
• Produce 4 million lbs of Nickel •Increase resources to provide 12+
• Increase ore resources years of operating life
6

7. 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

8. Expand Current Tailings Storage Facility (TSF)
Current TSF Upgrade
• Meets environmental standards
• 3 year life
Proposed New TSF
• Construction in 2014 -> 15+ year tailings
pond facility
8

9. Vision for our operations
Current Surface Ore Stockpile of
Redstone Mill 26,000 Tonnes
2,000 tpd capacity
Permitted @ 1,500 tpd now
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
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
9

10. McWatters Mine
Surface Elev.
Shallow Mine –
Ramp to Surface
170,000 t broken
ore in the stope –
ready to start
mining
Infrastructure in place -
multiple draw points on
multiple levels
10

11. Redstone Mine – Deep Mining Potential
Surface
Potential Shaft from surface
or Winze from 1500 Level
Typical Redstone Ore
Existing Ramp from
Surface to 1600 Level
1600 LEVEL
INFERRED RESOURCE
737,000 TONNES
@ 1.57% NI Below Conceptual Shaft
the 1600 Level – Stations & Main Mining
Remains open at Levels
depth
11

12. 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 Ramp access from
the current resource surface – easily
adapted to access
other ore lenses nearby
12

13. Hart – 445 Level (Preliminary)
13

14. Hart East – Potential New Ore Lense
300m
14

15. Claims in the Shaw Dome
Opportunities for new exploration
15

16. Shaw Dome Area
Additional Drill Targets
Croxall
Redstone
Mine & Mill
Hart & Hart East Deposits McWatters Mine
16

17. 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
17

18. 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
18

19. 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 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.
Mining and operational experts 19

20. Our Strategic Partner
• 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
20

21. Market Data
Trading Symbol: LBE
Listing: TSX
Recent share price: $0.14
52-Week Range $0.07 - $0.27
Shares outstanding 214.2 million
Market Capitalization $29.0 million
Fiscal year end Dec. 31
21

22. 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
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. 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
25

26. 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
26

27. Ore Sources
27

28. 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