Jilin Jien Nickel Industry Co., Ltd. Announces Conversion of Preferred Shares in Liberty Mines Inc.

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - Jilin Jien Nickel Industry Co., Ltd. ("JJNICL") announces that on June 30, 2011 it converted 38,098,908 series A preferred shares ("Preferred Shares") of Liberty Mines Inc. ("Liberty") into common shares ("Common Shares"), pursuant to the terms of the Preferred Shares.

JJNICL now owns 123,831,671 Common Shares (representing approximately 59.97% of the 206,477,365 Common Shares now outstanding) and 148,895,601 Preferred Shares (representing 100% of the Preferred Shares now outstanding) of Liberty.

The common shares were acquired for investment purposes and in furtherance of JJNICL's interest in acquiring nickel concentrate produced by Liberty. JJNICL may, from time to time, (i) purchase or otherwise acquire additional common shares, or other securities of Liberty in the open market, in privately negotiated transactions or otherwise or (ii) sell, transfer or otherwise dispose of common shares, or other securities of Liberty, in the open market, in privately negotiated transactions or otherwise.

JJNICL intends to transfer its ownership of the Common Shares and Preferred Shares to a wholly-owned Canadian subsidiary, Jien International Investment Ltd. ("JIIL").

For further information, or to obtain a copy of the associated report filed under National Instrument 62-103 please contact:

About Jilin Jien Nickel Industry Co., Ltd.

Jilin Jien Nickel Industry Co., Ltd. is one of the largest holding subsidiaries of Jilin Horoc Nonferrous Metal Group Co., Ltd., which was founded in 1960. Horoc and JJNICL own four nickel mines, one molybdenum mine, one silver mine, two smelters, seven refineries, and two chemical plants with total assets over RMB 3.0 billion. The company professionally provides all kinds of nickel, copper, cobalt salts and nonferrous metal products for plating, chemical plating, battery materials and metallurgy. JJNICL is one of the biggest producers of nickel sulphate in the world, with annual output of 25,000 tons. In September 2003 JJNICL was listed on the A-share market of the Shanghai Stock Exchange with the stock code 600432.