Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce its financial and operating results for the fiscal year ended December 31, 2021. All amounts are presented in United States dollars unless otherwise stated.

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 metre 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 (as of March 25, 2022), 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.

Cal Everett, President and CEO of Liberty Gold stated: “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.”

2022 PROGRAM – BLACK PINE

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.

The 2022 budget includes funds for:

• 84,000 m of Reverse Circulation drilling, which commenced in January (17,300 meters drilled to-date), focused on understanding the full size and extent of the gold mineralized system as well as expanding and increasing confidence in the current resource. Key deliverables include:
  • Rangefront Focus Area (“RFA”) resource definition and expansion drilling
  • Discovery Zone expansion drilling
  • M-Zone, Back-Range, E Zone and SW Extension drilling
  • Targeting new discoveries south and north of the existing RFA footprint and in along the western margin of the permit area
• De-risking activities include identifying access to power and acquiring additional mineral and water rights in the vicinity of Black Pine.
• An updated mineral resource estimate and preliminary economic assessment targeting completion in the second half of 2022.
• Phase 4 metallurgical column leach tests on low-grade material that will be completed in the first half of 2022 and phase 5 column leach tests on broader variability composites from 1,300 m of large diameter core drilling completed in Q1, 2022.
• An amendment to our plan of operations to allow additional exploration and condemnation activities on lands administered by the U.S. Bureau of Land Management to the east of the main Black Pine deposit. A record of decision on PoO3 is expected in the second half of 2022.

2022 PROGRAM – GOLDSTRIKE

At Goldstrike, our 2022 budget totals $9.5 million, a significant increase from the 2021 program, with our goal to ramp-up exploration, complete resource delineation drilling and conduct core drilling in support of metallurgical, geochemical and geotechnical studies. The intent is to complete these key resource and engineering programs this year, in preparation for the commencement of a formal pre-feasibility study in 2023, followed by a mine plan of operations permit submission.

The 2022 budget includes funds for:

• A 21,000 m RC drill program that commenced in March, with the primary objective to expand on the current resource model, including:
  • 15,000 m of resource upgrade and step-out drilling,
  • 3,000 m of new target exploration; and
  • 3,000 m of condemnation drilling.
• A PQ Core drilling program of 4,400 m that commenced in March to provide:
  • Variability composites for a phase 3 metallurgical column leach test program; and
  • Geotechnical data to facilitate pre-feasibility level slope stability evaluation and material for geochemical and other studies.
• Identification of process water sources and environmental baseline work.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2021 as prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring 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.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.