VANCOUVER, BC, Dec. 20, 2023 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) ("Libero Copper") announces the sale of its option agreement on the Big Bulk exploration project in British Columbia, Canada to Dolly Varden Silver Corporation ("Dolly Varden"). Libero Copper has strategically decided to concentrate its focus and allocate resources solely to the significantly more advanced Mocoa Porphyry Copper-Molybdenum Deposit in Colombia, which is both district-scale and 100% owned by the company. Libero Copper's initial drill hole in Mocoa intercepted 1,229 metres of 0.58% copper equivalent (see press release dated April 26, 2022). Over the past three years relationships have been built with all stakeholders at Mocoa resulting in support agreements with the local communities. Given the results of the recent municipal and regional elections, drilling is expected to recommence at Mocoa in the coming months.

"We are truly excited about this successful sale, which provides us with the opportunity to shift our focus to the Mocoa project. The recent elections in Putumayo and Mocoa, with new regional and local officials taking office on January 1, 2024, have created a favourable environment", commented Ian Harris, President & CEO of Libero Copper. "We believe that concentrating our efforts on the Mocoa project is the best path to generate substantial value for our shareholders. Our commitment to dedicating management time and our resources to this project reflects our unwavering confidence in its potential to deliver significant returns."

Libero Copper has entered into a binding assignment and assumption agreement (the "Agreement") with Dolly Varden and LCT Holdings Inc. ("LCT Holdings", the current owner of the Big Bulk exploration project), whereby Libero Copper will be issued 275,000 common shares (the "Shares") of Dolly Varden, which shall be free trading and issued as fully paid and non-assessable shares, as consideration for assigning all right, title, and interest to the existing option agreement dated October 7, 2020, as amended October 14, 2022 between Libero Copper and LCT Holdings, whereby LCT Holdings granted Libero Copper the right to acquire 100% of the Big Bulk project subject to the existing royalties. The issuance of the Shares remains conditional upon the approval of the TSXV.

About the Mocoa Porphyry Copper-Molybdenum Deposit

The 100% owned Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of Mocoa. Libero Copper's district scale holdings cover over 1,000 km² encompassing most of the Jurassic porphyry belt in southern Colombia. This belt hosts several other porphyry-copper deposits in Ecuador, such as Mirador, San Carlos, Panantza and Solaris' Waritza. Mocoa was discovered in 1973 when the United Nations and the Colombian government conducted a regional stream sediment geochemical survey. Between 1978 and 1983, an exploration program was carried out that consisted of geological mapping, surface sampling, ground geophysics (IP, magnetics), 31 diamond drill holes totalling 18,307 metres and metallurgical test work cumulating in a positive pre-feasibility study¹. Libero Copper drilled Mocoa in 2022 and intercepted 1,229 metres of 0.58% copper equivalent (see press release dated April 26, 2022).