Liberty acquires Queensland energy project April 23, 2009

Perth based company Liberty Resources Ltd (ASX: LBY) has announced the completed acquisition of Queensland tenements covering shallow and deep coal potentially suitable for Underground Coal Gasification (‘UCG’). Liberty now owns 100% of tenement areas covering 26,000km2 in the Surat, Galilee and Bowen Basins. Shareholders welcomed the announcement and rallied with a 42% increase in the share price at the close of trade.

“This heralds a new phase of growth for the Company,” Liberty’s Managing Director, Andrew Haythorpe said. “Whilst we acknowledge the challenges that lie ahead, we also see the substantial growth opportunity in joining the leaders of a rapidly developing, clean energy industry in Australia.”

The transaction follows the acquisition of four Australian private companies that hold Exploration Permits for Coal Applications (‘EPCAs’) and Exploration Permits Coal (‘EPCs’) in Queensland. The company now holds 11 granted EPCs, a Mineral Development Lease (MDL) and 28 EPCAs awaiting offer for grant, covering a total area of over 26,000km2.

An estimated 4.2 billion tonnes of coal occurs in within the shallow part of the Surat Basin (refer to http://www.dme.qld.au/mines/resources.cfm) adjacent to the EPCA areas. The MDL application covers the Inferred Resource of 338 million tonnes (Mt) of thermal coal in its Galiilee Project as announced on 15 December 2008.

Click here to view the full announcement.

For further information, please contact:

Bec Jarvis
(08) 9388 8869
bjarvis@libertyresource.com.au