Liberty Gold Receives Final US$2.5M Option Payments for Kinsley

US$1.25M in Cash and US$1.25M in CopAur Shares

VANCOUVER, British Columbia, May 18, 2022 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the receipt of the final option payments for the sale of the 79.9% interest in the Kinsley Mountain gold project in Nevada (“Kinsley”) from CopAur Minerals Inc. (TSXV:CPAU) (“CopAur”). CopAur has now satisfied all requirements under the terms of option agreement for the sale of the Company’s interest in Kinsley (the “Kinsley Agreement”).

The final payments aggregate US$2.5M split evenly between cash and CopAur common shares, (“CopAur Shares”). Prior to the receipt of the final option payment, Liberty Gold owned 3,081,042 CopAur Shares following the completion of the recent merger between CopAur and New Placer Dome Gold Corp. On closing of the Kinsley Agreement Liberty Gold has received in aggregate US$3.75M in cash and now holds 5,207,493 CopAur Shares, representing 10.23% of the issued and outstanding shares of CopAur.

Liberty Gold retains a 1% Net Smelter Return Royalty (“NSR”) on Kinsley where CopAur, has the right to re-purchase up to one-half percent of the NSR upon payment of US$500,000. The Company owns a total of six royalties on Great Basin precious metal projects and is currently evaluating options of maximizing value from this portfolio. This is consistent with Liberty Gold’s strategy of re-deploying capital through monetization of non-core assets into advancing both the Black Pine and Goldstrike oxide gold development projects in the Great Basin, USA.

Liberty Gold acquired the CopAur Shares for investment purposes and will evaluate its investment in CopAur and may, based on such evaluation of market conditions and other circumstances, increase or decrease its shareholdings in CopAur as circumstances require.

This news release is being issued in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. To obtain a copy of the early warning report, please contact Susie Bell, Manager, Investor Relations, at 1-877-632-4677, or by email: [e-mail] or refer to SEDAR under CopAur’s profile.

Liberty Gold Corp.
Suite 1900, 1055 West Hastings Street
Vancouver, British Columbia
V6E 2E9

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.