Black Pine To Continue Aggressive Exploration Program Targeting Resource Expansion

VANCOUVER - Liberty Gold Corp. President and CEO, Cal Everett, said, “With the recently announced bought deal financing now closed, Liberty has an exceptionally strong treasury to continue advancing and creating value from our high-quality oxide gold projects. Liberty also retains surplus funds above our budgeted expenditure commitments should we decide to accelerate our work efforts again this year due to exploration success. We would like to thank our shareholders for the continued support as we work towards our goal of establishing Liberty Gold as a premier gold developer in the Great Basin, USA.

With 18,600 m already drilled in 2022, we look ahead to the remainder of the year and are excited to continue our 110,000 m drill program across both our Great Basin projects, with a major focus on new discoveries and resource growth. We will continue to add value to both projects in 2022 with targeted, high-value de-risking activities, including metallurgical test-work, geotechnical engineering, water and mineral rights acquisitions, baseline environmental studies, permitting activities and engineering studies.”

The Company is also providing a corporate update on its 2022 work programs at Black Pine and Goldstrike. With the announcement of a 110,000 meter (“m”) full-year 2022 drill program, the Company is once more backing the drill bit and our proven exploration team for further success at our highly prospective oxide gold projects in the Great Basin, USA.

Liberty Gold is well funded, with approximately US$34.7 million in cash to date, and additional non-dilutive deferred payments from prior property sales and options that aggregate US$7.25M, expected later in 2022 to continue its value-accretive advanced exploration and project de-risking programs.

At Black Pine, our 2022 budget is approximately $19 million, with our goal to continue an aggressive exploration program targeting resource expansion and discovery of new mineralization, including a number of as-yet untested targets, as we continue to delineate the global footprint of the mineralized system in our Black Pine oxide gold deposit. Funding for 2022 also includes exploration and engineering drilling, metallurgy, engineering studies and permitting activities, as we continue to move the project diligently towards an economic analysis.