Category Archives: Liberty

TSX: LBE

TORONTO , Aug. 14, 2012 /CNW/ - Liberty Mines Inc. (LBE.TO) ("Liberty" or the "Company") today reported its financial results for the three- and six-month periods ended June 30, 2012 . All amounts are in Canadian currency.

"Our second quarter performance was effectively marked by the re-start of operations and the ramp-up of production," said Chris Stewart , President and CEO of Liberty Mines. "While Q2 results included our highest production of concentrate and our highest revenue total in nearly two years, our progress was impeded by the nickel price declining by more than 25 percent in the past six months and generally unfavorable market conditions.In response to the current market environment, we are undertaking a full review of our strategy and operational activities to reduce costs and improve efficiencies. To maximize the value of our ore for when nickel prices recover, we are temporarily suspending production immediately."

Adverse market conditions, including the declining price of nickel, has resulted in JIIL deciding to re-evaluate the terms of the restructuring and the parties were unable to resolve the outstanding issues prior to the completion of the Company's financial statements for the six monthsending June 30 , 2012. As a result, approximately $52.6 million in debt that comes due on December 31 , 2012and a further $10 million advanced in 2012 pursuant to promissory notes will continue to be treated as a short term liabilities.The remaining $25.5 million that was to be included in the restructuring continues to have a due date of June 30 , 2014. The Company will keepshareholders advised on developments with respect to this matter.

Q2 2012 Financial and Operational Highlights

Selected Q2 financial highlights

Review of Q2 Financial Performance Revenue for Q2 2012 was $5.4 million , up from negative $117,000 for the corresponding period of 2011. The growth was due to a re-start of mining and milling operations effective March 31 , 2012. In Q2 2011, Liberty had suspended mining and milling operations and its revenue total included an adjustment from previous periods. For the six-month period of 2012, Liberty generated revenue of $5.4 million , up 170% from $2.0 million for 2011. In Q2 2012, the average price of nickel was $7.78 per pound.

Liberty generates revenue through the sale of nickel concentrate and related by-products produced from its mining and milling operations in Timmins, Ontario. Liberty has a 100 percent off-take agreement with Xstrata.

Operating expenses for Q2 2012 were $7.4 million , up from $1.4 million last year. The increase in operating expenses is primarily due to the re-start and subsequent ramp-up of production activities throughout Q2 2012. In Q2 2011, Liberty's production activities had been suspended and the Company was chiefly in a maintenance and care-take mode. For the six-month period 2012, operating expenses were $10.7 million , up from $4.8 million .

Net loss for Q2 2012 was $10.3 million or $0.05 per share (basic and fully diluted). The loss included amortization/depletion expenses of $3.2 million , interest on long-term debt of $2.5 million and dividends on preferred shares of $0.3 million . Liberty recorded a net loss of $4.5 million or $0.03 per share for the same period in 2011 when its operations were suspended. For the six month period of 2012, Liberty recorded a net loss of $18.3 million or $0.09 per share. This compares to a net loss of $9.7 million or $0.06 per share for the six-month period of 2011.

Original post:
Liberty Mines reports financial results for second quarter 2012

TSX: LBE

TORONTO , Aug. 14, 2012 /CNW/ - Liberty Mines Inc. ("Liberty" or the "Company") announced today that effective immediately it has temporarily suspended production activities due to a low nickel price environment, which has declined by more than 25% in the past six months. Liberty's decision is designed to preserve its nickel ore for when base metals prices improve, and production becomes economically viable.

"Clearly, we are disappointed that market conditions and commodities prices have not kept pace with Liberty's turnaround since the start of the year," said Chris Stewart , President and CEO of Liberty Mines. "Our decision to suspend production temporarily is not being taken lightly, but is ultimately in the best long-term interests of our investors and strategic partners. In the interim, we are making every effort to reduce costs and update our go-forward strategy."

The Company will move all of its assets into a care and maintenance mode effective immediately. This will enable Liberty to protect its assets, and keep them in a ready state so that viable production can easily be restarted when the price of nickel has recovered sufficiently.

To reduce short-term cash requirements, Liberty has also decided to temporarily suspend its exploration diamond drilling activities until further notice.

In response to adverse market conditions, Liberty has also announced that the offering of units of the Company contemplated under the preliminary short form prospectus dated June 26, 2012 is being withdrawn. The Company is reviewing its options for alternative financing arrangements as part of its updated strategy.

To address short term cash requirements, the Company has approached its primary shareholder, Jien International Investment Limited (JIIL), for additional financial support. JIIL has agreed to provide additional financial support to allow Liberty to continue as a going concern by making available an additional $5 million dollars between the date hereof and the end of the year. Interest on these funds will accrue at the rate of 10% per annum following receipt of the required regulatory approvals (including shareholder approval if applicable) and will be due on December 31 , 2012. This additional advance will be secured as part of the existing security arrangements with JIIL and will be subject to standard covenants and events of default

Liberty also announced that it has been advised that its primary shareholder, JIIL, is re-evaluating the terms of the debt restructuring announced previously due to unfavorable market conditions and declining metals prices. The parties have agreed to enter into negotiations to complete a restructuring of all outstanding debt owed to JIIL prior to December 31 , 2012. Liberty will keep shareholders apprised of new developments as negotiations are settled.

About Liberty Mines Inc. Liberty Mines Inc. is a mid-tier producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada . It owns and operates the only nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins, Ontario. With a new management team in place, Liberty is focused on growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects.

SOURCE: Liberty Mines Inc.

See the original post here:
Liberty Provides Update on Operations, Financing and Debt Restructuring

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - Sennen Resources Ltd. (SN.V) ("Sennen or the Company") comments briefly on the second "Open Letter to Shareholders of Sennen Resources" (the "Letter") dated August 9, 2012 issued by Liberty Silver Corp. (TSX:LSL and LBSV-OTCBB) ("Liberty").

The Letter does nothing to refute the cogent reasons for rejection presented in Sennen's Circular and News Release dated July 31, 2012, and the Letter is replete with fundamental errors that display an embarassing lack of understanding by Liberty's management of Sennen's financial statements and other disclosure. Out of apparent desperation, despite suggesting the desire to conclude a "friendly" transaction, Liberty has spent an inordinate amount of time and effort on personal attacks and criticizing the stewardship of the Sennen's Board and management for succeeding where they themselves have not. Rather ironically, Liberty will fail if it is unable to achieve exactly what that stewardship has produced (and the Board of Liberty has not) - $13.5M in its treasury which places Sennen in a strong financial position to carry on its business and remain solvent for the foreseeable future.

Sennen's Shareholders, who understand the lack of relevant experience in the sector as demonstrated by Liberty's management in their Letter, and their desperate attempt to access cash by any means for that company's survival, still await a response from Liberty's management regarding their "entry cost" into Liberty. Sennen Shareholders, as well as any current and potential future shareholders of Liberty, are entitled to know whether this was at one half of one cent per share (or less), being the average cost of 68.4M of the 81M Liberty shares currently on issue. This fundamental shareholder issue of value creation or exploitation by the Liberty management, board and controlling shareholders must be addressed. Sennen has still been unable to locate Liberty management's US Insider filings, and Sennen once again extends an invitation to Liberty Directors and management to disclose this information in the interests of full and plain disclosure-a subject that lies at the very heart of Sennen Shareholders' lack of trust in Liberty's management.

Sennen has yet to receive one letter, phone call or email in support of the Liberty Offer, and the response of Sennen Shareholders to the Liberty Letter has been extremely negative. Any Sennen Shareholders that do wish to incur the high risk of financial exposure to Liberty are reminded that they can simply buy Liberty shares in the market.

Stated Ian Rozier, President of Sennen, "Several of the comments made by Liberty's management are unprofessional, factually inaccurate and disingenuous, and clearly demonstrate their lack of experience and integrity without the need for any further comment from Sennen. Quite simply put, Sennen Shareholders are effectively being asked to make a Private Placement of $13.5M into a junior company with an OTC Bulletin Board type share structure that the market, Liberty directors, and its major shareholders, are themselves unwilling to do. The myriad of reasons for the markets' refusal to make such an investment into Liberty are confirmed by the very comprehensive report from the Financial Advisors to the Board of Sennen, and based on Liberty's lack of financing success and the unwillingness of Liberty's directors and major shareholders to finance it themselves, we can only assume that they are aware of, and concur with this market assessment. We repeat, based on any analysis of the fundamental issues, Liberty's Offer is of zero interest to Sennen's Board, management and to shareholders representing a majority of the Company's shares. Liberty's advisors should advise them to stop wasting everyone's time and money."

Do not tender your Sennen Shares to the Liberty Offer. Sennen Shareholders are reminded that the Board of Directors have recommended rejection of the Liberty Offer for the reasons set out in the Director's Circular dated July 30, 2012. There is no need for Sennen Shareholders to do anything to reject the Liberty Offer. Please refer to the Director's Circular, which is available on SEDAR, for the reasons for rejection, and steps to take if you have already tendered your Sennen Shares.

Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.

Read more:
Sennen Comments Briefly on Liberty's Desperate Second Letter

Posted: Aug. 13, 2012 | 2:02 a.m. Updated: Aug. 13, 2012 | 8:15 a.m.

Liberty's American Legion baseball team was down to its final three outs and staring at elimination Sunday.

No problem.

The Patriots scored four runs in the bottom of the ninth inning, capped by Griffin Kelly's two-out, two-run double to right-center field for an 8-7 victory over Lakewood (Calif.) in the Legion Western Regional at Fairfield, Calif.

"It was a great feeling, one of those things just like the state title game," said Liberty coach Mike Eshragh, whose team rallied for a 4-3 win over Gorman in the state final. "We told these kids to believe again. We just needed to get base runners on and get that timely hit."

Kelly's timely hit ended a 14-pitch at-bat as the Patriots staved off elimination to reach the final day of the tournament.

Liberty (29-9) will play Fairfield (Calif.) at 4 p.m. today, with the winner meeting Lakewood in the final at 7:30 p.m. The regional champion advances to the Legion World Series at Shelby, N.C.

Liberty's Marcos Rivera singled home Jay Martz before Jesse Keiser's sacrifice fly scored Michael Vargas to pull Liberty within 7-6 in the ninth.

Rivera was called out at third for the second out of the inning as Christopher Bradford reached on a fielder's choice. Kelly's double then plated Bradford and Daniel Skelly to end the game.

Skelly went 2-for-5 with a double and two RBIs. Keiser drove in two runs, and Vargas was 2-for-2 and scored twice.

View original post here:
Liberty Rallies To Stay Alive In Legion Regional

MILFORD, Conn., Aug. 13, 2012 /PRNewswire/ -- West Liberty Foods, of West Liberty, Iowa, was named by the SUBWAY brand, and its Independent Purchasing Cooperative (IPC), as the 2012 Vendor of the Year at the company's recent convention in Orlando, Florida.

(Photo: http://photos.prnewswire.com/prnh/20120813/NY56344 )

West Liberty Foods, which provides various meat products and related services to the SUBWAY chain, was cited for its work with the brand on product improvements and food safety initiatives, as well as its commitment to corporate social responsibility.

"West Liberty Foods has continued its investment in state of the art facilities, implemented the most advanced food safety protocols, demonstrated strategic vision and innovation in their collaboration with Subway and the IPC, and has achieved national recognition for its work in the area of social responsibility," said Jan Risi, President of the IPC, which is responsible for procuring products, equipment, supplies and services used in Subway restaurants. "Across the board, West Liberty has demonstrated an outstanding commitment to the Subway brand and an unsurpassed level of excellence in all areas of their business."

Added Subway VP, Research and Development, Suzanne Greco, "West Liberty Foods has a strong focus on increasing efficiencies, decreasing waste and ensuring value for the Subway system. For the past 13 years, they have been a true vendor partner and a real friend to the thousands of Subway franchisees they serve."

"We are honored to receive this award, and it is celebrated by each member of our team," said Ed Garrett, President and CEO of West Liberty Foods. "As a company we push the boundaries; whether it is food safety, product development, or environmental sustainability, because it's the right thing to do. As we enter our 14th year as members of the Subway team, our partnership continues to be built on our willingness to invest in our team members and technology, and grow on the strengths of the Subway Brand."

On the Corporate Social Responsibility front, West Liberty Foods is among the first companies in the United States to have its "landfill free" efforts at its Mount Pleasant, Iowa, and Tremonton, Utah, plants verified by a third party organization, a major milestone in the food industry. In fact, West Liberty Food's Tremonton facility has successfully diverted nearly 3.5 million pounds of annual waste from the local landfill while the Mount Pleasant facility has diverted more than 2 million pounds. West Liberty Foods is aggressively working towards that goal in its West Liberty, Iowa, facility as well.

West Liberty Foods also built the Hearts & Hands Children's Academy in Tremonton as a way to provide day care, as well as educational activities and programming, for children from 6-weeks of age through 12-years-old.

About West Liberty FoodsWest Liberty Foods is a leading co-packer, private label manufacturer, and foodservice supplier of sliced deli meats and fully cooked IQF products. They supply products to many well-known retail and foodservice chains nationwide. In 2004 they became the first turkey processing facility to become ISO 14001:2004 Certified. (www.wlfoods.com)

About SUBWAY RestaurantsThe SUBWAY restaurant chain is the world's largest franchise, with more than 37,000 locations in 100 countries. Headquartered in Milford, Connecticut and with regional offices in Amsterdam, Beirut, Brisbane, Miami and Singapore, the SUBWAY franchise was co-founded by Fred DeLuca and Dr. Peter Buck in 1965.

Here is the original post:
West Liberty Foods Honored By SUBWAY® As Top Vendor

Posted: Aug. 12, 2012 | 2:02 a.m.

After watching his team strike out 13 times in a loss Friday night, Liberty baseball coach Mike Eshragh wanted to see his players execute better at the plate Saturday.

The Patriots did that, and then some.

Liberty pounded out 20 hits on its way to a 23-9, seven-inning victory over Albuquerque (N.M.) to stave off elimination in the American Legion Western Regional at Fairfield, Calif.

"We struck out 13 times at the plate (Friday) night. That doesn't happen to us," Eshragh said of his team's 9-6 loss to Fairfield. "Responding today with a good offensive output shows these kids know how to make adjustments quickly. It was good to bounce back."

Liberty (28-9) is one of four teams remaining in the double-elimination regional. The Patriots will play Lakewood (Calif.) at 3:30 p.m. today.

The Patriots led 9-0 after two innings, but Albuquerque scored three runs in the fifth to pull within 13-7. But Liberty scored 10 runs in the bottom of the inning to put the run rule into effect.

Liberty's Jay Martz went 4-for-5 with four runs and two RBIs, and Michael Vargas was 3-for-4 with four RBIs.

Jesse Keiser went 3-for-5 with three runs and two RBIs for Liberty. Teammates Daniel Skelly, Nate Bennett and Marcos Rivera added two hits each. Skelly drove in four runs and Bennett three.

"We got to the field a little bit earlier today and had a little bit extra cage time," Eshragh said. "The players knew what was on the table, and we responded right away."

Read the rest here:
Liberty Pounds Out 20 Hits, Stays Alive At Legion Regional

Posted: Aug. 11, 2012 | 2:02 a.m.

Liberty's American Legion baseball team brought the potential winning run to the plate in the ninth inning Friday, but consecutive strikeouts ended the game as the Patriots lost 9-6 to host Fairfield, Calif., in the Western Regional.

Jesse Keiser's two-run triple cut the lead to 9-6, and Daniel Skelly and Chris Bradford walked to load the bases. Fairfield reliever Kyle Wagner then struck out Griffin Kelly and Joe Maurer.

Liberty trailed 9-1 before Keiser belted a three-run homer in the seventh inning to get the Patriots going. Liberty's other run came in the third on an RBI single by Michael Vargas.

The Patriots fell behind 4-0 after two innings. Fairfield scored a run in the first, then got a two-run triple by Wagner and an RBI triple from Michael Brown in the second.

Fairfield added four runs in the sixth on two hits, as Liberty pitchers walked four and the Patriots made an error.

Keiser was 2-for-5 with five RBIs, and Vargas and Jay Martz each went 2-for-4. Vargas scored twice.

Liberty (27-8) plays Albuquerque, N.M., at 3 p.m. today in an elimination game.

LITTLE LEAGUE - Cheyenne-North Las Vegas fell behind 10-0 after 3 innings and couldn't recover in a 10-4 semifinal loss to Northern California representative Petaluma in the Little League West Regional in San Bernardino, Calif.

Cheyenne, the No. 4 seed, nearly was ousted on the 10-run mercy rule, but extended the game with a run in the fourth against top-seeded Petaluma.

Link:
Liberty Comeback Falls Short In Legion Regional Loss

Aaron Parker and his girlfriend Mabel Larsen were living in a filthy home in rural Liberty County. He was on probation for a 2009 child abuse case and had multiple Child Protective Services court filings.

Aaron Parker and his girlfriend Mabel Larsen were living in a...

Authorities remove dogs from a Liberty County home in the 100 block of County Road 2802 is seen Wednesday, Aug. 8, 2012, in Cleveland, Texas. 15 dogs and two horses were removed from the home after a sheriff's deputy discovered a child living in filthy conditions while investigating reports of animal neglect at the home authorities said. Authorities also found a dead horse about 7 p.m. on Tuesday in the backyard of the trailer home and also spotted several other emaciated animals, including dogs that weren't moving, on the property, Liberty County sheriff's officials said. Photo: Cody Duty, Houston Chronicle / 2011 Houston Chronicle

Authorities remove dogs from a Liberty County home in the 100 block...

Authorities remove dogs from a Liberty County home in the 100 block of County Road 2802 is seen Wednesday, Aug. 8, 2012, in Cleveland, Texas. 15 dogs and two horses were removed from the home after a sheriff's deputy discovered a child living in filthy conditions while investigating reports of animal neglect at the home authorities said. Authorities also found a dead horse about 7 p.m. on Tuesday in the backyard of the trailer home and also spotted several other emaciated animals, including dogs that weren't moving, on the property, Liberty County sheriff's officials said. Photo: Cody Duty, Houston Chronicle / 2011 Houston Chronicle

Authorities remove dogs from a Liberty County home in the 100 block...

Captain Rex Evans of the Liberty County Sheriff's Department speaks to the media after authorities removed 15 dogs and two horses from a Liberty County home in the 100 block of County Road 2802 Wednesday, Aug. 8, 2012, in Cleveland, Texas. A sheriff's deputy discovered a child living in filthy conditions while investigating reports of animal neglect at the home authorities said. Authorities also found a dead horse about 7 p.m. on Tuesday in the backyard of the trailer home and also spotted several other emaciated animals, including dogs that weren't moving, on the property, Liberty County sheriff's officials said. Photo: Cody Duty, Houston Chronicle / 2011 Houston Chronicle

Captain Rex Evans of the Liberty County Sheriff's Department speaks...

Authorities remove dogs from a Liberty County home in the 100 block of County Road 2802 is seen Wednesday, Aug. 8, 2012, in Cleveland, Texas. 15 dogs and two horses were removed from the home after a sheriff's deputy discovered a child living in filthy conditions while investigating reports of animal neglect at the home authorities said. Authorities also found a dead horse about 7 p.m. on Tuesday in the backyard of the trailer home and also spotted several other emaciated animals, including dogs that weren't moving, on the property, Liberty County sheriff's officials said. Photo: Cody Duty, Houston Chronicle / 2011 Houston Chronicle

Authorities remove dogs from a Liberty County home in the 100 block...

More here:
Man arrested in Liberty County case involving filthy home

Liberty Media Corp., a Centennial-based holding company, announced Wednesday that it will spin off its Starz cable channels into a separate company, immediately stirring questions about the company's future in the Denver area.

The separation should be completed by the end of the year, creating a new, publicly held company.

"I think in this market, people always like pure plays," said Matt Harrigan, a Denver-based analyst for Wunderlich Securities. "It just makes sense to keep them different and separate."

The separation is meant to accomplish several goals, including greater clarity for investors regarding the business operations of Starz, improving its capital structure, and creating two "currencies" that can be used for acquisitions, said Greg Maffei, president and chief executive of Liberty.

Seeking to quell rumors of a major shift toward Los Angeles, Starz told The Denver Post that the split will not affect its operations at the Denver location.

Maffei also hopes that this move will produce greater liquidity for Liberty Media as it attempts to buy up more stock in the satellite radio broadcaster SiriusXM and the events promoter Live Nation, further increasing ownership in those companies.

Liberty Media expects the spinoff to be tax-free for its stakeholders.

Starz will consist of 100 percent of Starz LLC, about $1.5 billion in debt, and a yet-to-be determined amount of cash.

Chris Albrecht, currently the CEO of Starz LLC, will remain in his position.

"I think they're very committed to Chris Albrecht and what he can do," Harrigan said.

Read the original here:
Liberty Media and Starz to become separate companies

The malnourished animals found packed inside a Liberty County home, where 15 dogs, two horses and a 1-year-old baby were discovered living in filth this week, are getting medical attention as they await future court proceedings to decide their fate.

On Tuesday evening , a 1-year-old baby was found in a dirty, hot house after Liberty County Sheriff's Office officials responded to an animal cruelty report at 105 County Road 2802 in Cleveland. A horse was found dead and other sickly animals were found on the property.

The Houston SPCA rescued the dogs, four of which were puppies, and two horses from the property on Wednesday. Tara Yurkshat, Houston SPCA vice president of animal welfare, said Thursday that each animal is now on an individual medical plan. Many were under-weight, some were heart-worm positive and many had general eye and skin infections. One of the recovered horses has an injury to a hoof.

The animals were visibly underfed when the crews took them from the house, which reeked of a foul stench, with their ribs showing.

Read more: Couple from filthy home on probation over kids

The SPCA is taking care of the animals, now considered wards of the state, while the courts decide the fate of the animals. They are not available for adoption at this time.

"Basically, we are their caretakers until we know the next step for them," Yurkshat said. "They are resting, comfortable, getting food and water and TLC. That's what they really need."

The little girl was also found in the rural house, among trash, roaches, drinking from a dirty bottle with spoiled milk. Her parents were already on probation for a previous injury to a child charge, and had five children taken from their care.

Captain Rex Evans with the Liberty County Sheriff's Office said deputies still consider the child's father Aaron Parker a person of interest and would like to talk to him about the house and his baby. Parker is not considered a suspect at this time. The child's mother Mabel Larsen is in custody facing an animal cruelty charge, with additional charges pending.

Excerpt from:
Neglected dogs, horses found at Liberty County home recovering