VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the year ended December 31, 2019. All amounts are presented in United States dollars 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 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.

In November 2019, we received $4 million as part consideration for the sale of the Halila?a porphyry copper gold deposit in Turkey (“Halila?a”). On July 12, 2019 we, along with our joint venture partners, signed a definitive agreement to sell Halila?a to Cengiz Holdings A.? for total consideration of $55 million. In accordance with our 40% interest in Halila?a, we will receive a total of $22 million over a three-year period. Closing of the final agreement and a second payment of $6 million is scheduled for August 15, 2020, to be followed by two additional bank guaranteed payments of $6 million each on August 15, 2021 and 2022.

In December 2019, we signed a definitive agreement to sell our interest in the Kinsley Mountain Gold deposit to Barrian Mining Corp. (the “Kinsley Agreement”) for aggregate gross proceeds of approximately $7.5 million to be received in 3 stages over 2 years.

In March 2020, we sold our 15% net profit interest in the Regent property in Nevada, to Ely Gold Royalties Inc. (“Ely”), for a total consideration of $800,000 and 2,000,000 warrants to purchase common shares in Ely with an exercise price of C$0.43.

Since July 2019, to the date of this press release, the Company has received a total of C$3,327,150 and C$401,375 from the early exercise of Liberty Gold 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.

In September 2019, the Company completed a bought deal financing, including the exercise of the overallotment in full, for C$15.8 million.

In February 2020 we announced the appointment of a new director Barbara Womersley.

Liberty Gold has $15 million in cash as at today’s date and expects to be fully funded for the 2020 exploration program.

Exploration highlights
At Black Pine, our 100% owned project in Idaho, we:
•Drill confirmed two new discoveries. “Discovery 1” was made in a 500 metre (“m”) wide gap between an area of known gold mineralisation and a historic pit with flanking gold mineralization, and “Discovery 2” occupies a large area between Discovery 1 and another historic pit to the northeast. At present, the Discovery 1 zone measures 1 kilometre (“km”) long and 150 m wide, and the Discovery 2 zone measures 600 m long and 400 m wide. Both zones are open in several directions.
•Drilled exceptional grades and widths of gold mineralisation. Completed a 19,650 m reverse circulation (“RC”) drill program and a 1,250 m large diameter core drilling program which returned nine out of 10 of the strongest (as defined by grade multiplied by thickness) unmined gold intercepts on the property, all in the new discovery zones, including: ?4.39 grams per tonne gold (“g/t Au”) over 53.3 m, including: 5.76 g/t Au over 38.1 m and 12.05 g/t Au over 12.2 m, in LBP043,
?3.40 g/t Au over 62.5 m, including: 5.01 g/t Au over 33.5 m and 6.21 g/t Au over 21.3 m, in LBP064,
?3.14 g/t Au over 44.2 m, including: 6.53 g/t Au over 16.8 m and 11.3 g/t Au over 7.6 m, in LBP062.

The six core holes, drilled primarily for metallurgical testing, each encountered thick oxide gold intercepts Highlights include:
?2.92 g/t Au over 55.9 m including: 5.64 g/t Au over 22.1 m and 12.4 g/t Au over 7.3 m in LBP067C,
?2.43 g/t Au over 15.5 m including: 5.56 g/t Au over 6.1 m and 8.10 g/t Au over 3 m in LBP078C, and
?1.84 g/t Au over 23.2 m including 2.79 g/t Au over 13.7 m in LBP073C.

•Demonstrated high cyanide solubility. Including 92% in LBP088, 97% in LBP043, and 94% in LBP045.
•Increased the potential size of the project. In January 2020 we staked 94 additional federal lode claims, primarily to the south and east of the original property. The Black Pine project currently covers a 38.6 square kilometer area.
•Received a new Plan of Operations. Received a new Plan of Operations in February 2019 allowing for 141 acres of disturbance and 351 drill sites over a 7.3 km3 project area.
•Will continue to add value. The 2020 fully funded, 28,800 m RC drilling exploration program, will commence on March 31, 2020.

At Goldstrike, our 100% controlled project in Utah, we:
•Demonstrated that mineralization in the resource model is open to extension.
•Continued to add value. In May 2019 we reported results from a phase 2 metallurgical testing providing additional support for a simple heap leach mining scenario. Gold extractions from 29 column tests were rapid, and greater than 80% of the leachable gold was extracted within 10 days, with final column leach gold extractions up to 95%.
•Announced drill results from the 2019 drill program, focused on extensions to gold mineralization in three portions of the resource area, the Western, Main and Dip Slope Zones for the purpose of further resource delineation. Highlights include: ?1.40 g/t Au over 19.8 m including 2.79 g/t Au over 9.1 m in PGS713,
?1.15 g/t Au over 27.4 m including 3.39g/t Au over 6.1 m in PGS733.


SELECTED FINANCIAL DATA
The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2019 as prepared in accordance with International Accounting Standards. A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:
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