VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the nine months ended September 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.

HIGHLIGHTS:
•Liberty Gold announced the closing of the sale of the Halila?a porphyry copper gold deposit in Turkey, and receipt of 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 1.
•Contributing towards Liberty Gold’s cash balance of $16.7 million held as at today’s date, since January 1, 2020, to the date of this release, we have received a total of C$3.4 million and C$1.4 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.
•In August 2020 we announced the start of a five-hole core drill program at the TV Tower property in Turkey.
•Continuing the monetisation of non-core assets, on November 12, 2020, pursuant to an option agreement on the Baxter Spring gold project (“Baxter Option Agreement”), between Liberty Gold and Huntsman Exploration Inc. (TSXV:HMAN, formerly BlueBird Battery Metals Inc.) (“Huntsman”), Liberty Gold received $250,000 in cash and 14,986,890 common shares in Huntsman (“Huntsman Shares”) equal to 19.5% of the issued and outstanding Huntsman Shares2, subject to a 12 month hold period. Pursuant to the Baxter Option Agreement, a final payment of $250,000 is due on November 12, 2021. In addition, Liberty Gold will retain a 2% Net Smelter Royalty and back-in rights to acquire up to a 35% interest in Baxter Spring within three years, upon payment of the sum of $1.0 million to Huntsman. Liberty Gold also retains the right to appoint a member to Huntsman’s board of directors provided minimum share positions are maintained per the terms outlined in the Baxter Option Agreement.

At Black Pine we:
•Reported weighted average 82.9% gold extraction in phase 2 of metallurgical column testing, with a range up to 94.5% gold extraction.3
•Released further results from drilling at the D-1 zone. Highlights include: ?1.26 grams per tonne gold (“g/t Au”) over 10.7 metres (“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.

•Continue to intersect high-grade oxide gold in the D-3 zone, discovered 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 include 4: ?0.98 g/t Au over 80.8 m including 2.32 g/t Au over 18.3 m and including 5.60 g/t Au over 3.0 m, and 2.19 g/t Au over 7.6 m including 3.17 g/t Au over 4.6 m in LBP169.
?0.86 g/t Au over 9.1 m and 0.82 g/t Au over 33.5 m, including 1.28 g/t Au over 16.8 m in LBP162.
?1.50 g/t Au over 27.4 m and 0.62 g/t Au over 7.6 m in LBP203.
?1.10 g/t Au over 15.2 m, including 1.63 g/t Au over 7.6 m and 0.70 g/t Au over 44.2 m including 1.77 g/t Au over 3.0 m and 1.68 g/t Au over 4.6 m in LBP165.


SELECTED FINANCIAL DATA
The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and nine months ended September 30, 2020 as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim 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 in USD except per share data:

Three months ended September 30 Nine months ended September 30
2020 2019 2020 2019
Attributable to shareholders:
Income (loss) for the period $12,866 $(2,931) $10,705 $(7,182)
Income (loss) and comprehensive income (loss) for the period $13,386 $(3,128) $10,527 $(7,143)
Basic and diluted income (loss) per share $ 0.05 $ (0.01) $ 0.04 $ (0.03)

As at September 30, 2020 As at December 31, 2019

Cash and short-term investments $ 17,496 $ 14,464
Working capital $ 18,235 $ 11,493
Total assets $ 57,644 $ 42,109
Current liabilities $ 5,879 $ 5,403
Non-current liabilities $ 2,405 $ 1,998
Shareholders’ equity $ 41,501 $ 26,192

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