Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce its financial and operating results for the three months ended March 31, 2023. All amounts are presented in United States dollars unless otherwise stated.

FIRST QUARTER OF 2023 AND RECENT HIGHLIGHTS

At the Black Pine project, we:

• Reported weighted average 86.9% gold extraction¹ from 24 metallurgical column leach tests on Rangefront Zone oxide gold mineralization, showing that the Rangefront Zone comprises the most leach-amenable oxide material at Black Pine. Key results include²:
  • Gold extractions ranging from 54.1% to 95.8%.
  • >80% of leachable gold extracted within 10 days.
• Announced an update to the independent mineral resource. The new Black Pine Resource³ is reported using a constraining resource pit at a cut-off grade of 0.20 grams per tonne gold and consists of:
  • An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes; and
  • An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.
• Published reverse circulation exploration drill results from other areas including:

Rangefront Area:

• 2.13 g/t Au over 18.3 metres (“m”) including 10.3 g/t Au over 1.5 m in LBP793⁴;
• 1.19 g/t Au over 33.5 m including 3.33 g/t Au over 4.6 m in LBP809⁴;
• 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861⁶;
• 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800⁶;
• 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872⁶.

M Zone:

• 7.07 grams g/t Au over 18.3 m including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813⁵;
• 2.83 g/t Au over 25.9 m, including 7.88 g/t Au over 3.0 m in LBP849⁶;
• 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864⁶.
• 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736⁵; and
• 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823⁵;

Back Range⁵:

• 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796;
• 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774; and
• 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782.

• Continued column leach testing on 25 drill core (variability) composites distributed across the Black Pine mineralized areas and submitted a further 12 drill core composites from the CD Zone for metallurgical column testing⁷.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2023, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim 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 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.  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.