US$3.7 Million Received at Closing

VANCOUVER, British Columbia, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce it has closed the previously announced sale of its interest in the TV Tower copper gold project (“TV Tower” or the “Project”), located in Biga Province, northwest Türkiye (see press release dated April 17, 2024) and has received US$3.7 million representing the Company’s share of the payment due upon closing. There is no share dilution associated with this asset sale.

Liberty Gold’s share of the remainder of the gross proceeds will be paid in two stages as follows:

• US$2.2 million on October 4, 2025.

• US$2.6 million on October 4, 2026.

Cal Everett, CEO and Director of Liberty Gold commented, “The closing of the TV Tower transaction has completed the monetization process of all of Liberty Gold’s Turkish assets and removes the approximate one million dollar annual funding draw. It enables the Company to focus solely on advancing its projects in the Great Basin. The Company is nearing completion of a Pre-Feasibility study of the Black Pine Oxide Gold Project in Idaho.”

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in 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.

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 press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including but not limited to; the payment of future staged 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 is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.