Underground development work is being curtailed at Liberty Mines' Timmins-area properties as a result of the fluctuating nickel markets.
The company will put its short-term focus on underground areas that can be mined quickly and processed at its Redstone mill. The company warns in a release that "more operational changes may be necessary pending further changes in the market or the corporation's cash flow position."
Liberty is also seeking alternative financing to the secured notes financing for gross proceeds of up to US$32 million it announced in late September.
Net proceeds of this financing was to pay off the principal owing on existing financing of CAD$16.4 million. It was also slated to pay for the buy-back of shares, development of the McWatters and Hart mines, and for general working capital.
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