Liberty Gold Announces Signing of Definitive Agreement to Sell the TV Tower Project in Türkiye

Transaction Values the Project at US$11.5 Million on a 100% Basis

VANCOUVER, British Columbia, April 17, 2024 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce it has signed a share purchase agreement (the “Agreement”) for the sale of its interest in the TV Tower copper gold project (“TV Tower” or the “Project”), located in Biga Province, northwest Türkiye, to a foreign mining company.

Pursuant to the terms of the Agreement, Liberty Gold has agreed to sell its 72.1% interest in the company that holds the Project for gross proceeds to the Company of US$8.3 million in cash, to be paid in three stages over a two-year period (the “Transaction”).

Cal Everett, CEO and Director of Liberty Gold commented, “The sale of TV Tower strengthens Liberty Gold’s treasury position without diluting shareholder’s exposure to our flagship Black Pine project in Southern Idaho while also removing annual carrying costs related to the project. Liberty Gold will now be 100% Great Basin focused advancing two Carlin-style gold deposits.”

TERMS OF THE AGREEMENT:

Closing of the Transaction is subject to customary conditions including the approval of the local mining authorities.

Liberty Gold’s share of the US$11.5 million in gross proceeds (US$8.3 million) will be paid in three stages as follows:

• US$3.6 million on the closing date.
• US$2.2 million on the first anniversary of the closing date.
• US$2.5 million on the second anniversary of the closing date.
  

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in 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.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: [phone] or Toll Free 1-877-632-4677
[e-mail]

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address the satisfaction of the closing conditions of the Transaction, including the approval of the Ministry, the payment of gross proceeds of the Transaction, the exploration and development of open pit oxide deposits in the Great Basin, and the discovery and advancement of gold deposits in the Great Basin. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.