Jilin Jien Nickel Industry Co.,Ltd. ("JJNICL"), Liberty's strategic partner and major shareholder, has
agreed to allow all concentrate from the Redstone mill to be shipped to Xstrata Nickel in Sudbury to
maximize payment for metal credits from copper, cobalt and platinum group metals. Once Liberty can pay
JJNICL for the preferred shares outstanding; the balance owing for the prepayment of concentrate that
was not shipped to JJNICL; and the recent credit facility, Liberty will ship concentrate to either JJNICL or
Xstrata as per the existing off-take agreements between the parties.
Gary Nash, President and CEO of Liberty commented: "As our strategic partner, JJNICL continues to
show its commitment to develop a long-term cooperation with Liberty. Together, our short term goal is get
production from Liberty's mines to produce the cash required to redeem the preferred shares and re-pay
the concentrate prepayment and credit facility. With the modifications of the mine plan to maximize
tonnage at McWatters; the Redstone mine operating; and continued stronger nickel prices, that goal can
be substantially achieved by the end of 2010. In the long term, we want to expand our operations with
JJNICL and continue to grow the company".
Mr. Wang Xingrui, Vice President of JJNICL commented:"We are confident Liberty will achieve our short
term goals and our long term cooperation will provide steady growth for Liberty".
There is considerable other data to shoot down your inane statement, and some common sense required, which you will lack. But this is the policy approved by Jilin Jien ten months ago, and still relevant. You will notice that Jilin Jien approved the policy in order to maximize metal credits - not the action of a company that doesn't care about LBE profits, nor a company that only wanted nickel from LBE properties.
That policy will enhance profits, which commenced this month, and accelerate payments on debt and preferred share redemption. Hurts, doesn't it Rocky.