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Liberty Gold Reports Third Quarter 2022 Financial and Operating Results, The Canadian Business Journal

VANCOUVER, BRITISH COLUMBIA, NOVEMBER 9, 2022 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) will be terminated on September 30, 2022 for 9 months. All amounts are in US dollars unless otherwise stated.

Q3 2022 and recent highlights:

  • Jason Attew was appointed as the new President and CEO of Liberty Gold on October 11, 2022. Attew was most recently President and CEO of Gold Standard Ventures Corp., which owns the South Railroad Project, an open pit gold oxide heap reach project. Located in Nevada’s rich Carlin Trend, he successfully negotiated the sale of Gold Standard Ventures to Aura Mining Limited for C$242 million. Prior to this role, he served as CFO of Goldcorp Inc. In April 2019, he served as CEO of Investor Relations, Corporate, until Goldcorp merged with Newmont Mining Corporation for $32 billion. He led the development and strategy functions. Mr. Attew was previously a senior investment banker at BMO Global Metals. He is a mining group and has extensive experience in the capital markets.
  • On September 1, 2022, we will publish our first Environmental, Sustainability and Governance Report.1.
  • On August 11, 2022, the Company received a final $6 million step payment for the sale of the Hariraa copper-gold deposit in Turkey.2.

The Black Pine Project (“Black Pine”) will:

  • We found near-surface gold oxide that confirms a 750-meter (“m”) long corridor that connects the CD Zone and the Discovery Zone. Gold oxide mineralization begins at the surface or shallow depth of all pits. This drilling connects several resource pits, and as drilling information increases, gold mineralization at the Black Pine tends to coalesce into larger and continuous mineralization zones, with more extensive mining. It shows that it can be easier.
    • Reveal current hole highlights including:
      • 0.95 grams per tonne gold (“g/t Au”) on 18.3 m, including 1.03 g/t Au on 16.8 m from the surface of LBP657
      • 0.74 g/t Au at 38.1 m including 0.87 g/t Au at 30.5 m from the surface of LBP660
      • 0.84 g/t Au at 36.6 m, including 0.97 g/t Au at 30.5 m from the surface of LBP662
      • 1.01 g/t Au at 19.8 m including 2.07 g/t Au at 7.6 m from near surface of LBP666
      • 0.48 g/t Au at 45.7 m, 1.11 g/t Au at 12.2 m, and 1.56 g/t Au at 7.6 m from near the surface of LBP672.
  • Kappes Cassiday and Associates begins column leaching test work on 26 large diameter drill core composites from the Rangefront Zone. Interim results suggest that leaching kinetics and gold extraction are consistent with previous good test results from the major discovery zones.
  • With recently approved regulatory actions and completed mineral rights acquisitions, the company has announced that it has significantly expanded the scope of its permitted exploration, discovery and development operations. Drilling in these areas will continue through the fourth quarter of 2022.
    • On September 7, 2022, the Company received a positive decision record from the Bureau of Land Management (“BLM”) regarding the new Plan of Operation (“PoO”) for 117 pads and 18.8 kilometers of associated access roads. From the entire eastern margin of the Black Pine gold oxide system (Rangefront and M Zones) to mineral exploration.
    • On August 23, 2022, the Company completed the acquisition of a controlling interest in certain privately held mineral interests in BLM-managed surface areas adjacent to the eastern edge of the existing project boundary. It lays the foundation for future mining and processing infrastructure.

Selected financial data

The following selected financial data are the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2022, prepared in accordance with International Accounting Standards – IAS 34: Interim and related notes (“ interim financial statements”). financial statements.

Copies of the interim financial statements are available on the company’s website at www.libertygold.ca or SEDAR at www.sedar.com.

Information in the table below is presented in units of $000, except per share data.

3 months over
September 30

9 months end
September 30
2022 2021 2022 2021
Attributable to shareholders:
net loss $ (6,347 ) $ (7,251 ) $ (14,531 ) $ (19,006 )
Loss for the Year and Comprehensive Loss $ (8,327 ) $ (8,036 ) $ (17,234 ) $ (18,989 )
Basic and diluted loss per share $ (0.02 ) $ (0.03 ) $ (0.05 ) $ (0.07 )
As of September 30, As of December 31,
2022 2021
cash and short-term investments $ 26,203 $ 17,255
working capital $ 23,262 $ 13,691
Total assets $ 54,033 $ 53,329
Current Liabilities $ 3,231 $ 9,885
Non-current liabilities $ 2,855 $ 3,116
Shareholders’ equity $ 43,801 $ 32,800

About Liberty Gold

Liberty Gold focuses on the exploration and development of open-pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects suitable for open-pit mining. The region is one of the world’s most gold-producing regions, stretching from Nevada to Idaho to Utah. We know the Great Basin inside out and are driven to discover and advance large gold deposits that can be mined profitably in an open pit scenario. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past production open pit mines where previous operators have only scratched the surface.

For more information, visit libertygold.ca or contact us at:

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

All statements in this press release, other than statements of historical fact, are “forward-looking information” regarding Liberty Gold within the meaning of applicable securities laws and are statements regarding potential quantities and/or grades of minerals. Including. Forward-looking information is often, but not always, “seek,” “expect,” “plan,” “continue,” “plan,” “expect,” Identified using words such as “predict”. , “may”, “target”, “intend”, “believe”, “could” and similar expressions, or “goals”, or to describe variations of such words or phrases, or to specify states that an action, event, or outcome “could”, “should”, “could”, “would”, “could”, or “would” is adopted, generated or achieved. Forward-looking information is not a guarantee of future performance and is based on many of management’s estimates and assumptions at the time the statement was made. This includes, among other things, assumptions regarding future prices of gold, other metal prices and exchange rates. Interest rates, favorable operating environment, political stability, timely government approval and financing, renewal of existing licenses and permits and acquisition of necessary licenses and permits, stability of labor, stable market conditions, availability of equipment. ,timingor resultofpublication ofmineral resources,PEaor pre-feasibility study, availability of drill rigs, successful resolution of disputes, anticipated costs and expenditures. Many assumptions are based on factors and events beyond Liberty Gold’s control and there is no guarantee that they will prove correct.

Such forward-looking information includes risks associated with the interpretation and/or reliance on results that could cause actual results to differ materially from any future results expressed or implied by such forward-looking information. Includes potential known and unknown risks. Technical information provided by third parties in connection with our mineral ownership. As plans continue to be refined, project parameters change. current economic conditions; future prices of commodities; potential fluctuations in grades or recoveries; Cost and timing of development of new deposits. failure of equipment or processes to perform as expected; failure of contracting parties; timing and success of general exploration activities;timingor resultDisclosure of Mineral Resources,beansor pre-feasibility study;delays in authorization; potential claims against us; Mining Labor Disputes and Other Risks.Receiving staged paymentsaccording to hariraeContract or Kinsley Option Agreement,Delays in obtaining government approvals, funding or completion of exploration, and factors described in the company’s annual information formOutdatedmarchtwenty five2022,in theSection titled “Risk Factors” under Liberty Gold’s SEDAR profile www.sedar.com.

Liberty Gold has attempted to identify important factors that could cause its actual actions, events or results to differ materially from those set forth in the forward-looking information, but Liberty Gold does not There may be other factors that cause it to be different than expected, estimated or different. was intended. There can be no assurance that such information will prove to be accurate, as actual results or future events could differ materially from those anticipated in such statements. Unless required to do so, we disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Note to US Investors Regarding Estimation of Measured, Displayed and Inferred Resources

The information in thisnews release, and Liberty Gold’s disclosure documents filed with Canadian securities regulators regarding mineral properties have been prepared in accordance with the requirements of the securities laws in force in Canada, which differ from those of US securities. law.

Without limiting the foregoing, these documents use the terms “measured resource”, “indicated resource”, “inferred resource” and “probable mineral reserves”. US shareholders are advised that such terms are defined and required under Canadian securities laws, but that the US Securities and Exchange Commission (“SEC”) does not recognize them. Under U.S. standards, mineral deposits cannot be classified as reserves unless it is determined that the mineral deposits could be economically and legally produced or extracted at the time the reserves determination was made. US investors are cautioned not to assume that all or any portion of the measured or indicated resources will translate into reserves. Furthermore, the inferred resource has great uncertainty about its existence and whether it can be mined legally or economically. It cannot be assumed that all or some of the inferred resources will be upgraded to a higher resource category. Under Canadian regulations, inferred Mineral Resource estimates may not form the basis of feasibility, prior feasibility, or other technical reports or studies, except in rare cases. Accordingly, US investors are cautioned not to assume that all or any portion of the inferred resources exist or that they can be legally or economically mined. Disclosure of the contained ounces is permitted under Canadian regulations. However, the SEC generally only permits issuers to report resources as prescribed tonnages and grades without reference to unit measurements. Accordingly, the mineralization and resource description information contained in these documents may not be comparable to information published by US companies subject to SEC reporting and disclosure requirements..

__________________________________
1 See press release dated September 1, 2022.
2 See press release dated August 12, 2020.


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Liberty Gold Reports Third Quarter 2022 Financial and Operating Results, The Canadian Business Journal

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