Liberty Mines Inc. (TSX: LBE) Nickel Production and Exploration in TimminsChris Stewart, President & CEO

January 2012

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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 asother 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 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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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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Liberty Mines – Property Locations

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Upcoming Milestones & Objectives

• Restart mining and milling operations Q1 2012

• Expand exploration program Q1 2012

• Generate positive operating cash flow Q2 2012

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Short-term

New management team in place

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

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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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Expand Current Tailings Pond Facility

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Current Pond Upgrade

•Meets environmental

standards

•3 year life

Proposed New Pond

•Construction in 2014 - 15+ year

tailings pond facility

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Vision for our operations

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Redstone Mine26,500 t @ 1.14% NiProduction Rate200 tpd thru Q3/2012Reserves 148,200 t

Lower Zone 737,000 t @ 1.57%– High Potential & High Grade

Hart Mine1,546,000 t @ 1.40% NiProduction Rate250 tpd starting Q1/2013500 tpd from Q4/2013

Redstone Mill2,000 tpd capacity

Permitted @ 1,500 tpd now

Average planned Mill rate per annum 2012 to 2014 1,372 tpd

Current Surface Ore Stockpile of 26,000 Tonnes

McWatters Mine792,497 t @ 0.58% NiProduction Rate1,400 tpd to 500 tpdthru to Q4/2013

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Hart Mine

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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

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Potential New Ore Lense

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Approx. 300m to the East

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Redstone Mine – Deep Mining Potential

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INDICATED

INFERRED

POTENTIAL SHAFT FROM SURFACE OR WINZE FROM 1500 LEVEL

SHAFT STATIONS & MAIN MINING LEVELS

737,000 TONNES @ 1.57% NI

1500 LEVEL

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Claims in the Shaw Dome

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Opportunities for new exploration

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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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Typical Deposit Structure

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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)

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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

16-11 issued on October 25,

2011 for more details on drill

results

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10 km road access

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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.

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Public markets and mining experience

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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.

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Mining and operational experts

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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

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Strategic partner

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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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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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Appendix

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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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Ore Sources

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New Tailings Dam Design

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Hart - 445 Level (Preliminary)

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