Liberty Mines Reiterated with 'Speculative Buy/ 4' Rating, 'Continued Operational Execution Yielding New Cash Flow Projections,' Says Investrend Analyst Lytel in Benchmark Research Update.

NEW YORK -- (Investrend Research Syndicate) In a Q3FY06 research update dated December 20, 2006, Investrend Analyst Kipley Lytel, CFA, states Liberty Mines, Inc. (TSX Venture: LBE) "accomplishments have largely moved in tandem with continued operational traction and management hitting several milestones," and further continues, "to find LBE's prospects higher than where it currently trades."

The full report, including important disclosures and disclaimers, is available at http://www.investrendresearch.com. In the report, the analyst also stated:

"Liberty Mines has rallied substantially since initiation of coverage in May 2006 when the Company was trading at CDN$0.63. However, we believe LBE's accomplishments have largely moved in tandem with continued operational traction and management hitting several milestones. Even with the over 350% stock increase, we continue to find LBE's prospects higher than where it currently trades. Going forward, the chief catalyst is expected to be the new emerging financial benchmark of LBE's cash flow projections. These cash flow projections are primarily attributable to the McWatters nickel mine. According to the economic studies conducted by BHM and Liberty management, the McWatters deposit is expected to generate total undiscounted cash flow of approximately CAD$63,000,000, with the open pit attributing approximately CAD$19,000,000 of the total cash flow. In terms of valuation, LBE is currently trading at 5.3x multiple of cash flow on only the McWatter's open pit mine potential alone. Indeed, according to Liberty's President Gary Nash, "McWatters open pit Ni grade is high enough to be mined and concentrated economically at the facilities of the nearby Redstone mill with Ni above US$6 per pound.

"Making the outlook in this story more appealing is LBE's announcement of the purchase of the west McWatters mining claim from Canadian Arrow Mines Limited ("CRO") for the sum of $100,000. The purchase and sale agreement provides for a 2% net smelter royalty ("NSR") in favor of CRO of which half of the NSR (1%) may be purchased by Liberty for $1,000,000. This claim facilitates construction of the new road to the McWatters mine and development at the mine site."

All Investrend Research reports published for LBE, including important disclosures and disclaimers, are also available via the company's InvestorPower(TM) Page, posted at Investrend.com (http://www.investrend.com). InvestorPower(TM) Pages are directly accessible from http://www.investrend.com/company/list.asp?sPathParam=yes. Investors are advised to read those disclosures carefully before trading in the equities of any enrolled company.

LBE is enrolled in Investrend Research's pioneering professional research program, which facilitates independent analysts to provide coverage for shareholders in companies that otherwise would have little or no analyst following. Enrollment fees for the Benchmark research platform are $26,800, which are being paid by Cronus Capital Markets (a "Third Party"). Analysts are paid in advance of initial reports by Investrend Research to eliminate pecuniary interest, and neither the analyst nor anyone associated with Investrend Research may own or trade in the stocks of a company under coverage.

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