Liberty Gold Reports Q2 2020 Financial and Operating Results

VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the six months ended June 30, 2020. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

Recent Highlights

• On August 12, 2020 Liberty Gold announced the closing of the sale of the Halilağa porphyry copper gold deposit in Turkey, and receipt of the first of staged payments of $6.0 million. A further two $6.0 million installments are bank guaranteed and will be received on August 15, 2021 and August 15, 2022 respectively.
• On June 2, 2020 Liberty Gold received $1.25 million and 8.8 million common shares in New Placer Dome Corp. (“New Placer Dome”), the first staged payment pursuant to a purchase-option agreement agreement to sell our interest in the Kinsley Mountain gold deposit to New Placer Dome for aggregate gross proceeds of $6.25 million plus 9.9% of New Placer Dome, to be received in three stages over two years¹.
• Since January 1, 2020, to the date of this MD&A we have received a total of C$2.55 million and C$0.74 million from the early exercise of Liberty Gold common share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018 and January 26, 2018, respectively; the Warrants are exercisable for C$0.60 and C$0.65, respectively, for a period of three years from issue.

At Black Pine we:

• Discovered a third high-grade oxide gold zone (D-3), in close proximity to the D-1 and D-2 zones and accretive to the overall gold endowment in the Black Pine gold system. Highlights include²:
  -  1.98 grams per tonne gold (“g/t Au”) over 33.5 metres (“m”), including 3.93 g/t Au over 15.2 m, and 1.11 g/t Au over 30.5 m in LBP127.
  -  1.44 g/t Au over 96.0 m, including 1.95 g/t Au over 32.0 m and including 5.31 g/t Au over 1.5 m and 1.86 g/t Au over 29.0 m in LBP152
  -  1.43 g/t Au over 9.1 m and 1.20 g/t Au over 67.1 m including 2.57 g/t Au over 16.8 m and including 8.51 g/t Au over 3.0 m in LBP138.
  -  0.82 g/t Au over 76.2 m including 1.65 g/t Au over 22.9 m in LBP131.
• Released results from drilling at the D-1, D-2 and F zones. Highlights include³: