Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”) is pleased to announce the receipt of the final US$6.0
million cash payment as final consideration for the sale of its 40%
interest in the Halilağa copper-gold porphyry deposit (“Halilağa”),
located in Biga Province, northwest Turkey to Cengiz Holdings A.Ș.
(the “Halilağa Sale Agreement”). Liberty Gold has received US$22.0
million to-date from the sale of Halilağa. This cash payment in
non-dilutional to the Company’s capital structure.
The Halilağa divestiture is consistent with
Liberty Gold’s strategy of re-deploying capital from non-core
assets into the high-quality Black Pine and Goldstrike oxide-gold
projects in the Great Basin, USA.
At the TV Tower gold-silver-copper property,
Liberty Gold’s remaining asset in Turkey, Natural Resources Global
Capital Group (“NRG”) has been retained to conduct a strategic sale
process, to generate further funds to invest in oxide gold
exploration and development in the Great Basin. The Company’s
ownership percentage of TV Tower is 64.4%. In 2021, the Company
announced an updated resource estimate on five gold, silver, and
copper deposits, more than tripling the prior resource
estimate. TV Tower hosts a multimillion-ounce gold equivalent
resource, with most deposits open in multiple directions and a
large number of undrilled targets.
Cal Everett, CEO of Liberty Gold stated, “We are
pleased to the report receipt of the final payment in this
important transaction. Work continues at our Black Pine and
Goldstrike properties and we are well-funded, a stand-out point for
the Company in the current market conditions.”
ABOUT TV TOWER
The four South TV Tower deposits (Kayali,
Yumrudag, Valley and Hilltop) contain multiple ore types and
corresponding resource subsets by ore type and cut-off grade, with
the breakdown illustrated in Table 2. These resource subsets
comprise the South TVT Oxide Gold; South TVT Supergene Copper; and
South TVT Au-Cu Porphyry subsets. The four deposits all lie within
a 4 km-long trend, such that separate milling and heap leaching
operations, managed as a single operation, would reasonably be
expected to accommodate mineralized material from all of the
deposits.
The two North TV Tower deposits contain three
ore types and corresponding resource subsets (North TVT Au-Cu
Porphyry, North TVT Oxidized Porphyry and North TVT KCD HSE
Au-Ag-Cu resource subsets). The two deposits are located within 1.5
km of each other such that it is reasonable to expect that they
would be developed using common infrastructure. However, without
further analysis, it is uncertain at this time whether the North TV
Tower and South TV Tower deposits would be developed using common
infrastructure.
The six deposits are all open to expansion, and
several very compelling drill targets await drill testing.
For a full table of the TV Tower Resource
Estimate Summary1, please click here:
https://libertygold.ca/images/news/2021/April/21-06_TV_Tower_Resource_Final.pdf
Moira Smith, Ph.D., P.Geo., Vice-President
Exploration and Geoscience, Liberty Gold, is the Company's
designated Qualified Person for this news release within the
meaning of National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") and has reviewed and validated that
the information contained in the release is accurate.
ABOUT LIBERTY GOLDLiberty 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.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations Phone:
604-632-4677 or Toll Free 1-877-632-4677 info@libertygold.ca
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 statements that address potential
quantity and/or grade of minerals. 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", "potential", 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, the impact from
the pandemic of the novel coronavirus (COVID-19), availability of
equipment, the availability of drill rigs, the timing of the
publication of any updated resources, preliminary economic
assessments or pre-feasibility studies, 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.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results and/or the reliance on technical
information provided by third parties as related to the Company’s
mineral property interests; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration activities generally; delays in permitting; possible
claims against the Company; labour disputes and other risks of the
mining industry, including impacts from the pandemic of the novel
coronavirus (COVID-19); the timing of the publication of any
updated resources, any preliminary economic assessments or
pre-feasibility studies, successful, delays in obtaining
governmental approvals, the completion of exploration as well as
those factors discussed in the Annual Information Form of the
Company dated March 25, 2022 in the section entitled "Risk
Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
Although Liberty Gold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Liberty Gold disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise.
Cautionary Note for United States Investors
The information in this press release, including
any information incorporated by reference, and disclosure documents
of Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. Shareholders
in the United States are advised that, while such terms are defined
in and required by Canadian securities laws, the United States
Securities and Exchange Commission (the “SEC”) does not recognize
them. Under United States standards, mineralization may not be
classified as a reserve unless the determination has been made that
the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in
rare cases. Therefore, United States investors are also cautioned
not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of
contained ounces is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report resources as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in these documents may not
be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the
SEC.
1 See press release on May18, 2021, “Liberty
Gold Files Technical Report on SEDAR for the Resource Estimate at
TV Tower, Western Turkey”
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