VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the year ended December 31, 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.

HIGHLIGHTS FROM 2020 AND SUBSEQUENT EVENTS:

We have monetized a number of our non-core assets through sale or option1:

Halila?a: We closed the sale of the Halila?a porphyry copper gold deposit in Turkey and received the first of the three 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.
Kinsley: We received 8,844,124 common shares in New Placer Dome Gold Corp (TSXV:NGLD) (“New Placer Dome”) and $1.25 million as the initial option payment, on the option of the Kinsley Mountain gold deposit (“Kinsley”). Under the terms of the option agreement, a further $2.5 million is expected in June 2021, and a further $2.5 million in common shares of New Placer Dome is expected in June 2022.
Baxter Spring: Pursuant to a purchase-option agreement, we received $0.25 million in cash and 14,986,890 common shares in Huntsman Exploration Inc. (TSXV:HMAN) (“Huntsman”) equal to 19.5% of the issued and outstanding shares in Huntsman. A further $250,000 is due on November 12, 2021.
Regent: In March 2020, we sold our 15% net profit interest (“NPI”) in the Regent property in Nevada to Ely Gold Royalties Inc. (TSXV:ELY) (“Ely”) for a total consideration of $0.80 million and 2,000,000 warrants to purchase common shares in Ely (“Ely Warrants”). The Ely Warrants are each exercisable for C$0.43 and expire on December 18, 2021.
Portfolio Properties: On March 3, 2021 we closed the sale of three of our 100% owned portfolio properties, consisting of Anchor, Stateline and Sandy, as well as three of our 49% owned properties (Brik, Easter and Viper), to Raindrop Ventures Inc. (CSE:RAYN) (“Raindrop”) for a total consideration of $0.05 million and 4,013,406 common shares of Raindrop, representing 9.9% of Raindrop’s issued and outstanding common shares. We retained a 1.5% net smelter return (“NSR”) on Anchor, Stateline and Sandy.
We have received a total of C$8.1 million from the exercise of all 12,469,212 Liberty Gold common share purchase warrants (“Warrants”) issued pursuant to the bought deal financing that closed on January 26, 2018; the Warrants were each exercisable for C$0.652. C$5.05 million was received during 2020, and C$2.8 million received during 2021.

At Black Pine we:

Increased our strategic land holding by staking 201 new claims covering a total of 16.5 square kilometres (“km2”), increasing the size of the core claim block as well as adding a new area to the west of the original claims for a total of 47.8 km2.3
Received approval of an amendment to our Plan of Operations allowing us to access to an additional 4.6 km2 including key strategic drill targets, as well as an easement to a water well.4
Reported weighted average 82.1% gold extraction in phase 2 of metallurgical column testing, with a range up to 94.5% gold extraction.5
Discovered or confirmed six new mineralised zones. The most significant new discovery is the D-3 zone, situated immediately west of and under the D-1 zone.
Released further results from drilling on a newly-defined portion of the D-1 and new D-3 and F zones. Highlights include6:
D-3 zone:
1.98 grams per tonne of gold (“g/t Au”) over 33.5 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.
1.50 g/t Au over 27.4 m and 0.62 g/t Au over 7.6 m in LBP203.
1.01 g/t Au over 62.5 m, including 1.94 g/t Au over 25.9 m in LBP189.
0.98 g/t Au over 80.8 m, including 2.32 g/t Au over 18.3 m and 2.19 g/t Au over 7.6 m in LBP169.
D-1 Southeast Extension zone:
4.34 g/t Au over 22.9 m, including 10.8 g/t Au over 6.1 m in LBP258.
1.26 g/t Au over 10.7 m, including 1.59 g/t Au over 7.6 m in LBP176.
1.18 g/t Au over 16.8 m, including 1.82 g/t Au over 7.6 m in LBP173.
1.06 g/t Au over 32.0 m, including 2.34 g/t Au over 10.7 m in LBP168.
F zone:
2.21 g/t Au over 22.9 m, including 7.42 g/t Au over 4.6 m in LBP149.
0.43 g/t Au over 74.7 m, including in LBP227.
0.64 g/t Au over 62.5 m, including 1.33 g/t Au over 10.7 m in LBP229.
M zone:
1.26 g/t Au over 38.1 m, including 1.74 g/t Au over 22.9 m in LBP256.

Released results from five large diameter core holes drilled to support phase 3 metallurgical column testing from the D-1, D-2 and D-3 zones include7:
3.32 g/t Au over 47.4 m, including 12.5 g/t Au over 5.8 m in LBP214C.
3.62 g/t Au over 8.1 m and 1.27 g/t Au over 54.2 m, including 2.51 g/t Au over 17.0 m in LBP222C.
1.12 g/t Au over 13.4 m and 3.16 g/t Au over 32.0 m in LBP207C.
1.44 g/t Au over 16.5 m and 1.36 g/t Au over 15.2 m and 1.23 g/t Au over 7.6 m in LBP197C.
1 See press releases dated August 12, 2020; June 2, 2020; August 28, 2020 and March 12, 2020.
2 See press release dated January 28, 2021.
3 See press release dated June 10, 2020.
4 See press release dated February 18, 2021.
5 See press release dated August 18, 2020
6 See press releases dated: June 23, 2020; July 14, 2020; July 28, 2020; September 29,2020; November 10, 2020; December 22, 2020 and March 24, 2020.
7 See press release dated January 12, 2021

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, 2020 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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