Liberty Gold Provides Update on TV Tower Transaction
August 19 2024 - 5:00PM
Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce it has received approval from the
Bureau of Mining and Petroleum Affairs of the Ministry of Energy
and Natural Resources of the Turkish Government for 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). The transaction
is expected to close in September.
Cal Everett, CEO and Director of Liberty
Gold commented, “The government approval of the sale of TV
Tower represents the final approval required for the transaction,
which upon closing will complete the monetization process of all of
Liberty Gold’s Turkish assets and establish the Company as a pure
Great Basin gold company advancing two Carlin-style gold
deposits.”
Since signing the share purchase agreement,
Liberty Gold has increased its interest in the Project to 73.7%
through sole funding of certain project expenditures. Liberty
Gold’s share of the US$11.5 million in gross proceeds has now
increased to US$8.5 million which will be paid in three stages as
follows:
- US$3.7 million on the closing date.
- US$2.2 million on the first anniversary of the closing
date.
- US$2.6 million on the second anniversary of the closing
date.
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 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 the satisfaction
of the closing conditions of the Transaction, including the
approval of the Ministry, the payment of gross 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, the
timing of the closing of the sale of TV Tower, 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.
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; current economic conditions; future
prices of commodities; the failure of contracted parties to
perform; delays in finalising the necessary documentation to close
the transaction on TV Tower; possible claims against the Company;
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals, financing or in the completion of
exploration well as those factors discussed in the Annual
Information Form of the Company dated March 28, 2024 in the section
entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at
www.sedarplus.ca.
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.
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