VANCOUVER, British Columbia, Aug. 19, 2024 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has received approval from the Bureau of Mining and Petroleum Affairs, Ministry of Energy and Natural Resources, Government of Turkey, for the previously announced sale of its interest in the TV Tower copper-gold project (“TV Tower” or the “Project”) in Biga Province, northwestern Turkey (see news release dated April 17, 2024). The transaction is expected to close in September.

Cal Everett, CEO and Director of Liberty Gold, commented: “Regulatory approval of the sale of the TV tower represents the final approval required for the transaction. Upon completion of the transaction, the monetization process of all of Liberty Gold’s Turkish assets will be completed and the Company will establish itself as a pure play gold company in the Great Basin, developing two Carlin-style gold deposits.”

Since signing the Share Purchase Agreement, Liberty Gold has increased its interest in the Project to 73.7% by solely funding certain project expenditures. Liberty Gold’s share of the gross proceeds of US$11.5 million has now increased to US$8.5 million, which will be paid in three stages as follows:

• $3.7 million at closing.

• $2.2 million on the first anniversary of the closing date.

• $2.6 million on the second anniversary of the closing date.

ABOUT LIBERTY GOLD

Liberty Gold is focused on the exploration and development of open pit oxide deposits in the Great Basin of the United States, where large gold projects ideally suited to open pit mining are located. This region is one of the most prolific gold producing regions in the world, stretching from Nevada to Idaho and Utah. We know the Great Basin and are committed to discovering and developing large gold deposits that can be profitably mined using open pit mining.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or toll free 1-877-632-4677
[email protected]

All statements in this news 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 relating to the satisfaction of the closing conditions to the transaction, including the approval of the Department, 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 can often, but not always, be identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “scheduled”, “expect”, “project”, “predict”, “potential”, “seek”, “intend”, “believe” and similar expressions or describe a “goal” or variations of such words and expressions or state that certain actions, events or results “may”, “should”, “could”, “would”, “may” or “will” be taken, occur or be achieved. Forward-looking statements are not guarantees of future performance and are based on a number of estimates and assumptions made by management at the time the statements are made, including, among other things, assumptions regarding future gold and other metal prices, foreign exchange and interest rates, favorable operating conditions, the timing of the completion of the sale of the TV tower, political stability, timely receipt of regulatory approvals and financing, renewal of existing licenses and permits and receipt of required licenses and permits, labor market stability, stability of market conditions, availability of equipment, availability of drill rigs, successful resolution of disputes, and anticipated costs and expenses. Many assumptions are based on factors and events beyond Liberty Gold’s control and there can be no assurance that they will prove to be correct.

Such forward-looking information involves known and unknown risks that may cause actual results to differ materially from any future results expressed or implied by such forward-looking information, including risks associated with the interpretation of results and/or reliance on technical information provided by third parties with respect to the Company’s mineral property interests; current economic conditions; future commodity prices; default by contracting parties; delays in completing the necessary documentation to complete the TV Tower transaction; potential claims against the Company; labor disputes and other risks inherent in the mining industry; delays in obtaining regulatory approvals, financing or completing exploration drilling, and those factors detailed in the Company’s Annual Information Form dated March 28, 2024 under the section entitled “Risk Factors” under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. No assurance can be given that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.