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Liberty Gold Expands Discovery 2 Zone of High-Grade Oxide Carlin-Style Mineralization at the Black Pine Project, Idaho, USA, With 2.10 g/t Oxide Gold Over 61.0 Metres, Including 6.33 g/t Au Over 10.7 Metres

Drilling Extends Discovery 2 Zone in Three Directions

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce additional drill results from its Carlin-style Black Pine Property in southern Idaho, USA. Reverse Circulation (“RC”) drilling at Black Pine continues to return thick, high-grade intervals of Carlin-style oxide gold mineralization. New results reflect step-out drilling on all sides of the Discovery 2 Zone that has increased the size of the zone to 600 metres (“m”) in a northeast-southwest direction, merging with the Discovery 1 Zone, and up to 400 m in a northwest-southeast direction. Exploratory holes were also drilled to the south, east and west of the Discovery 1 and 2 Zones.

Based on the consistency of the high-grade results in the initial focus area, the 2020 Black Pine exploration program has been increased to 45,000 m of RC and Core drilling using up to three drills. The Company is fully funded and may further accelerate the exploration program going forward.

Fourteen of the 17 RC drill holes reported below in the highlight table contain a significant interval of oxide gold mineralization above 1 gram per tonne gold (“g/t Au”).

DISCOVERY 2 ZONE DRILL HIGHLIGHTS INCLUDE¹:

Hole ID (Az, Dip) (degrees)	From (m)	To (m)	Intercept (m)	Au (g/t)	Au Cut-Off (g/t)	Hole Length (m)	Comments

LBP071 (355, -73)	120.4	132.6	12.2	1.08	0.2	251.5	Discovery 2 Zone
and	160.0	172.2	12.2	0.82
and	199.6	204.2	4.6	1.62
including	199.6	202.7	3.0	2.21	1

LBP072 (70, -75)	57.9	94.5	36.6	0.62	0.2	306.3	Discovery 2 Zone
and	277.4	288.0	10.7	1.96	0.2
including	278.9	281.9	3.0	5.45	1

LBP077 (0, -70)	167.6	181.4	13.7	0.90	0.2	274.3	Discovery 2 Zone
and	187.5	190.5	3.0	2.34
and	202.7	216.4	13.7	0.67

LBP079 (350, -58)	166.1	175.3	9.1	0.48	0.2	243.8	Discovery 2 Zone
and	211.8	224.0	12.2	0.60	0.2	243.8	Discovery 2 Zone

LBP081 (025, -62)	195.1	208.8	13.7	1.09	0.2	275.8	Large step-out to the south of Discovery 2 Zone
including	202.7	207.3	4.6	2.44	1
and	214.9	230.1	15.2	0.88	0.2
including	214.9	224.0	9.1	1.17	1
and	237.7	246.9	9.1	1.39	0.2
including	240.8	245.4	4.6	2.27	1

LBP084 (110, -70)	155.4	173.7	18.3	0.66	0.2	257.6	Large step-out to the south of Discovery 2 Zone
and	227.1	236.2	9.1	0.96	0.2	257.6	Large step-out to the south of Discovery 2 Zone

LBP085 (65, -82)	51.8	68.6	16.8	0.70	0.2	257.6	Discovery 2 Zone
and	143.3	184.4	41.1	1.31	0.2
including	172.2	182.9	10.7	2.22	1

LBP086 (270, -65)	149.4	160.0	10.7	0.74	0.2	257.6	Discovery 2 Zone
and	178.3	192.0	13.7	2.25	0.2
including	181.4	185.9	4.6	5.49	1

LBP088 (75, -73)	237.7	239.3	1.5	2.21	0.2	327.7	Discovery 2 Zone
and	257.6	318.5	61.0	2.10	0.2
including	257.6	268.2	10.7	6.33	1
and including	257.6	260.6	3.0	16.2	5

LBP089 (155, -75)	41.1	79.2	38.1	0.86	0.2	260.6	Discovery 2 Zone
incl	59.4	70.1	10.7	2.20	1	260.6	Discovery 2 Zone

LBP090 (35, -80)	175.3	216.4	41.1	0.56	0.2	312.4	Discovery 2 Zone
and	222.5	259.1	36.6	1.03	0.2
including	222.5	228.6	6.1	4.25	1

LBP091 (260, -81)	4.6	25.9	21.3	0.56	0.2	243.8	Discovery 2 Zone
and	141.7	163.1	21.3	2.22	0.2
including	144.8	161.5	16.8	2.70	1
and	181.4	182.9	1.5	1.22	0.2

LBP092 (205, -80)	61.0	106.7	45.7	0.66	0.2	295.7	Discovery 2 Zone
and	201.2	208.8	7.6	0.79	0.2	295.7	Discovery 2 Zone

LBP094 (115, -68)	189.0	224.0	35.1	0.92	0.2	304.8	Discovery 2 Zone
including	207.3	213.4	6.1	3.58	1	304.8	Discovery 2 Zone

LBP095 (260, -82)	157.0	201.2	44.2	1.14	0.2	285.0	Joins Discovery 2 Zone with Discovery 1 Zone
including	193.5	196.6	3.0	1.77	0.2
and	217.9	240.8	22.9	2.83	0.2
including	219.5	234.7	15.2	4.03	1
and including	227.1	231.6	4.6	5.99	5
and	257.6	269.7	12.2	0.57	0.2

LBP096 (160, -70)	167.6	170.7	3.0	0.94	0.2	274.3	Discovery 2 Zone
and	178.3	216.4	38.1	0.72	0.2
including	211.8	214.9	3.0	1.18	1
and	227.1	256.0	29.0	1.87	0.2
including	228.6	239.3	10.7	4.41	1
and including	230.1	233.2	3.0	7.95	5

LBP097 (45, -75)	137.2	167.6	30.5	1.05	0.2	213.4	Discovery 2 Zone
including	147.8	160.0	12.2	1.86	1	213.4	Discovery 2 Zone

¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results. Grams per Tonne Gold abbreviated as “g/t Au”.

For a cross section of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/january/BlackPine_NR01072020CS.pdf

For a long section of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/january/BlackPine_NR01072020LS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/january/BlackPine_NR01072020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/january/BP_Intercepts01072020.pdf

Click here for a list of the top 500 unmined gold intercepts at Black Pine: https://libertygold.ca/images/news/2020/january/BlackPine_NR01072020HH.pdf

In addition to drilling on the Discovery Zones, drilling targeted areas to the west, south and east. Drill holes encountered oxide gold which warrants further follow-up drilling for discovery of additional high-grade corridors similar to the Discovery Zones. In particular, LBP100 and LBP102 extend gold mineralization up to 200 m to the west of the Discovery 1 Zone, and LBP084 extends mineralization 150 m to the south of the main Discovery 2 NE-SW corridor toward the historic B Pit, with an average historical mined grade of 1.38 g/t Au.

Key Points

The Discovery 2 Zone continues to deliver thick, high-grade oxide gold intercepts in drill holes.
Most highlight intercepts to date are oxide. Weighted average cyanide solubility for the primary high-grade interval in LBP088 is 92%, for LBP090, 86%, and for LBP095, 85%.
The new drill results highlight the NE – SW structural control on the Discovery 2 Zone, with LBP088, LBP085, LBP089 and LBP091 and LBP095 extending mineralization to the west of previous drilling and merging with the Discovery 1 Zone.
LBP081, LBP084 and LBP103 expand mineralization to the south of the Discovery 2 structural corridor corridor by up to 200 m. This area is still sparsely drilled, with more drilling planned in 2020.
LBP100 and LBP102 expand mineralization up to 200 m to the west of the Discovery 1 Zone.
8 of the top 10 unmined intercepts on the Black Pine Property have been drilled by Liberty Gold.
Drilling is completed for 2019, with a total of 20,900 m drilled in 87 RC and 6 core holes. Core drilling results are pending and drilling is anticipated to commence in mid-March.
Approximately 60% of the 1 square kilometer (“km²”) Focus Area has been drill tested to date, out of a gold system estimated to span 12 km².

“Our 2019 drill program at Black Pine was an unqualified success by any measure,” stated Cal Everett, President and CEO of Liberty Gold. “We are now updating the geological model and planning a program for 2020 that is over double the size of 2019’s. With mineralization in the Discovery 2 Zone still open to the south, the Discovery 1 Zone open to the northwest and southeast, and a host of other targets to test, we look forward to continued success and the release of a resource estimate in 2020.”

Core drilling at Black Pine was recently completed. The large-diameter core program obtained material to fulfill several goals, including: Phase 1 metallurgical column testing; specific gravity measurements; gold deportment studies; validation of RC drilling data; and collection of structural, stratigraphic and alteration information. Assays are pending from six diamond core holes.

RC drilling, with 2 drill rigs in a 1 km² Focus Area between the historic A Pit, B Pit and A Basin target, was recently completed as well. Weather permitting, drilling will resume at Black Pine in mid-March. The 2020 drill program will continue to build on the discovery in the Focus Area and also test new targets.

About Black Pine

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au and average recovery of approximately 65%.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}}

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.

For more information, visit www.libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, 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, availability of equipment, accuracy of any mineral resources, 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.}

^{The mineral resource estimates referenced in this press release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources." While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Liberty Gold is not an SEC registered company.}

^{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 unless required by law.}

Liberty Gold Intersects 2.92 g/t Oxide Gold Over 55.9 Metres, Including 5.64 g/t Au Over 22.1 Metres in Metallurgical Core Drilling Program at the Black Pine Project, Idaho, USA

Core Drilling Confirms RC Results and Tests New Rangefront Target

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce core drilling results from its Carlin-style Black Pine Property in southern Idaho, USA. Six large diameter (PQ) holes were drilled to collect material for: Phase 1 metallurgical column testing; specific gravity measurements; gold deportment studies; validation of Reverse Circulation (“RC”) drilling data; and collection of structural, stratigraphic and alteration information.

All holes returned thick intervals of high grade oxide gold mineralization.

One hole (LBP093C) confirmed the presence of oxide gold mineralization in the Rangefront Target, located 3.1 kilometres (“km”) to the southeast of the Discovery 1 and 2 zones described in previous press releases (see press releases: January 7, 2020; November 5, October 15, October 1, September 12, July 31, July 15 and June 19, 2019). The Rangefront Target, identified in historical drilling, is on-trend with mineralization located to the northwest, but separated from it by a 1.5 km-wide area of shallow cover rocks. Future drilling in the covered area will be focused on linking the Rangefront Target with the large area of mineralization represented by the Discovery 1 and 2 zones.

CORE DRILLING DISCOVERY 1 AND 2 REPORTABLE INTERCEPTS¹:

Hole ID (Az, Dip) (degrees)	From (m)	To (m)	Intercept (m)	Au (g/t)	Au Cut-Off	Hole Length (m)	Target	Comments	g/t x m

LBP067C (104, -66)	11.6	34.6	23.0	0.38	0.2	273.7	Discovery Zone 2	Near Twin of LBP043	185.2
and	78.6	81.7	3.0	1.03
and	170.9	185.2	14.2	0.70
and	188.7	244.5	55.9	2.92
including	195.1	217.2	22.1	5.64	1
and including	203.9	211.2	7.3	12.4	5

LBP073C (144, -81)	43.9	50.4	6.5	0.28	0.2	212.8	Discovery Zone 1		50.4
and	70.0	79.9	9.9	0.25
and	94.1	100.4	6.4	0.34
and	165.5	168.3	2.8	0.50
and	183.5	206.7	23.2	1.84
including	185.6	199.3	13.7	2.79	1

LBP078C (48, -52)	3.7	15.2	11.6	0.83	0.2	194.2	Discovery Zone 1	Near Twin of LBP002	55.7
and	22.4	41.8	19.3	0.43
and	178.6	194.2	15.5	2.43
including	186.5	192.6	6.1	5.56	1
and including	188.1	191.1	3.0	8.10	5

LBP082C (15, -82)	24.8	38.1	13.3	0.34	0.2	264.6	Discovery Zone 1		42.4
and	55.5	57.0	1.5	0.77
and	65.8	82.5	16.7	0.30
and	183.8	189.7	5.9	0.24
and	196.8	216.6	19.7	0.70
including	200.6	205.1	4.6	1.50	1
and	231.0	235.6	4.6	0.25	0.2
and	240.2	264.6	24.4	0.63	0.2
including	251.2	253.9	2.7	1.35	1

LBP087C (120, -80)	15.2	22.2	6.9	0.23	0.2	186.5	Discovery Zone 1		42.2
and	34.4	36.9	2.4	0.40
and	84.7	87.8	3.0	0.37
and	100.0	103.8	3.8	0.49
and	142.2	171.3	29.1	1.26
including	162.5	171.3	8.8	1.77	1

¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results. Grams per Tonne Gold abbreviated as “g/t Au”. Metres abbreviated as “m”.

Key Points

The core holes were designed to sample a wide range of grades and rock types, primarily within the Discovery 1 Zone, with one hole in the Discovery 2 Zone and one testing historical drilling in the Rangefront Target, located 3.1 km southeast of the Discovery 1 and 2 zones.
The core holes encountered thick oxide gold intercepts in all drill holes.
Weighted average cyanide solubility for the primary high-grade interval in LBP067C is 95%, and for LBP087C, 94%.
With all holes now reported, 9 of the top 10 unmined intercepts on the Black Pine Property have been drilled by Liberty Gold. Please see the Black Pine Unmined Intervals chart below. Drill holes highlighted in yellow were drilled by Liberty Gold:

Black Pine Unmined Intervals
Black Pine Unmined Intervals
Rank	Hole ID	From metres	To metres	Interval metres	Au g/t	Au gXm

1	LBP043	208.8	262.1	53.3	4.39	234.0
2	LBP064	112.8	175.3	62.5	3.38	211.3
3	LBP067C	188.7	244.5	55.9	2.92	163.3
4	LBP062	129.5	173.7	44.2	3.14	138.9
5	LBP088	257.6	318.5	61.0	2.10	128.3
6	LBP002	111.3	189.0	77.7	1.49	116.1
7	LBP029	166.1	207.3	41.1	2.56	105.1
8	LBP051	131.1	172.2	41.1	2.51	103.5
9	89-417	67.1	117.4	50.3	1.98	99.7
10	LBP054	248.4	349.0	100.6	0.95	95.1
11	87-169	79.3	121.9	42.7	2.10	89.6
12	LBP069	160.0	217.9	57.9	1.52	88.1
13	LBP023	204.2	253.0	48.8	1.78	86.9
14	88-357	61.0	121.9	61.0	1.40	85.3
15	LBP021	189.0	236.2	47.2	1.78	84.3
16	92BP-078	21.3	76.2	54.9	1.50	82.1
17	88-366	74.7	86.9	12.2	6.66	81.2
18	LBP066	173.7	243.8	70.1	1.15	80.6
19	92BX-18	1.5	68.6	67.1	1.18	79.2
20	LBP055	190.5	266.7	76.2	0.99	75.6

CORE DRILLING RANGEFRONT TARGET REPORTABLE INTERCEPT:

Hole ID (Az, Dip) (degrees)	From (m)	To (m)	Intercept (m)	Au (g/t)	Au Cut-Off	Hole Length (m)	Target	Comments	g/t x m

LBP093C (0, -90)	21.8	25.3	3.5	0.41	0.2	119.8	Rangefront Target	Hole ended in grade	31.4
and	26.8	32.8	5.9	0.23
and	46.2	101.5	55.3	0.49
incl	93.2	96.9	3.7	1.80	1
and	113.7	119.8	6.1	0.28	0.2

Rangefront Target Key Points

LBP093C in the Rangefront Target encountered a total of 74.5 m of above cut-off oxide mineralization at shallow depth, including 55.3 m grading 0.49 g/t Au starting at a depth of 46.2 m.
Approximately 65% of LBP93C is above the cut-off grade for reporting of 0.2 g/t Au. The drill hole bottomed in above cut-off grade material and will be extended in future drilling.
Average cyanide solubility for above cut-off material in LBP93C is 93%.
Host rocks for gold mineralization at the Rangefront Target include fine sandstone and calcareous siltstone which are the same host rocks at the Discovery 1 and 2 zones.

For a map of drill collars, bulk sample locations and regional cross section for the current release, please click here: https://libertygold.ca/images/news/2020/january/BlackPine_NR01162020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/january/BP_NR01162020Intercepts.pdf

For highlight core photos, please click here: https://libertygold.ca/images/news/2020/january/BlackPine_NR01162020Corephotos.pdf

Click here for a list of the top 500 unmined gold intercepts at Black Pine: https://libertygold.ca/images/news/2020/january/BlackPine_NR01162020HH.pdf

Core from the six holes will be used to carry out a Phase 1 metallurgical column testing and characterization program. In addition, six bulk samples (~1000 kilograms) were collected with a backhoe from historic pits for column testing, with head assays ranging from 0.23 to 4.06 g/t gold. The head grades highlight the tenor of gold mineralization left behind in the historic pit walls. Results are expected in early Q3.

Drilling and assaying are completed for 2019, with a total of 20,900 m drilled in 87 RC and 6 core holes.

“With our 2019 field program now complete, we will spend the next two months working toward implementing a much larger drill program in 2020, commencing in mid-March,” stated Moira Smith, Vice President, Exploration and Geoscience for Liberty Gold. “We are now updating the model, designing the metallurgical program, and amending our permit to allow drilling in a new, 3 km² area between the main permit area and the Rangefront Target, where we expect to link mineralization between the two outcropping zones under shallow sandstone cover. Given the grade and tenor of oxide gold encountered at Black Pine in the initial 1 km² Focus Area, our pre-drilling, 2 to 4 million ounce property-scale estimate of gold endowment now appears to be conservative. Only 5% of the 12 km² overall target has been drill verified by Liberty Gold to date.”

About Black Pine

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.pdf

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 inUtah, both past producing open-pit mines, where previous operators only scratched the surface.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Liberty Gold’s VP Exploration and Geoscience, Dr. Moira Smith, Receives The 2019 AME Colin Spence Award for Her Essential Contribution to the Discovery of the Long Canyon Gold Deposit, Nevada

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that Dr. Moira Smith is the recipient of the Association for Mineral Exploration 2019 Colin Spence Award for her role in the discovery and delineation of the high-grade Long Canyon gold deposit in Nevada, U.S.

The Colin Spence Award is a prestigious Canadian Mining industry award, recognizing Excellence in Global Mineral Exploration. It is awarded to those who have made a significant contribution to enhance the mineral resources within Canada or in foreign countries through the original application of prospecting techniques or other geoscience technology.

“We are thrilled to see Dr. Moira Smith receive this exciting award. Very few teams make a mineral discovery that becomes an operating mine especially one as high grade as Long Canyon,” stated Dr. Mark O’Dea, Chairman of Liberty Gold and former CEO of Fronteer Gold Inc. “Moira, as the technical leader of Fronteer Gold’s Long Canyon team, countered conventional thinking to advance a project long ignored because the location and geology were considered wrong. Focused on geological first principles, Moira created a new geological model for this part of eastern Nevada that guided the full discovery and delineation of the multi-million ounce, high-grade, Carlin-style Long Canyon, gold deposit, which recently completed its third year of commercial production by Newmont.”

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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Barbara Womersley Joins the Liberty Gold Board of Directors

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that Barbara Womersley (CPHR) has been appointed to the Board of Directors effective February 24, 2020.

Ms. Womersley is a Chartered Professional in Human Resources and brings over 20 years of experience in a variety of industries with a focus on the mining industry, including previous senior roles at Barrick Gold Corp, Lundin Mining Corp and Yukon Zinc Corp.

Ms. Womersley runs a human resources consultancy, leading projects such as leadership coaching and advising, compensation system review and implementation, recruitment for senior roles, HR policy and project management plan development, and performance management system development and implementation.

Mark O’Dea, Chairman of Liberty Gold, commented, “On behalf of the Board of Directors and of our shareholders, we welcome Barbara to Liberty Gold. She joins us at an exciting time for the Company and her extensive experience in Human Resources is extremely relevant at this stage in our Company’s evolution. We are aggressively advancing the Black Pine gold project and we look forward to building out our team in order to place us in the best position for our future development.”

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Liberty Gold Corp. Closes Sale of Net Profit Interest on the Regent Gold Project, Nevada, USA to Ely Gold Royalties Inc.

Griffon Project Sale Completed to Fremont Gold Ltd. and Receipt of C$3,728,525 from Early Exercise of Warrants.

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that it closed the sale of its Net Profit Interest (“NPI”) in the Regent Hill Property, Nevada, to Ely Gold Royalties, Inc. (“Ely Gold”).

Liberty Gold has also closed the sale of the Griffon Property, Nevada, to Fremont Gold Ltd. (“Fremont”) through a purchase-option agreement (the “Option Agreement”).

Terms of the Regent Hill Property NPI Sale include:

US$800,000 - received
2,000,000 two-year purchase warrants for Ely Gold common shares, exercisable at C$0.43 per warrant.

Terms of the Griffon Property Option Agreement include:

US$25,000 upon executing the Option Agreement (the “Execution Date”) – received.
US$25,000 and 2,500,000 Fremont common shares to be issued to Liberty following TSX Venture Exchange approval of the Agreement– received.
US$50,000 and the number of Fremont common shares that will bring Liberty Gold’s total ownership of Fremont’s issued and outstanding common shares to 9.9% on the first anniversary of the Execution Date.
US$50,000 on the second anniversary of the Execution Date.
US$75,000 on the third anniversary of the Execution Date.
US$100,000 on the fourth anniversary of the Execution Date.
1% NSR which may be repurchased by Fremont for US$1,000,000.

The Company also wishes to announce that since July 2019 to the date of this press release it has received a total of C$3,327,150 and C$401,375 from the early exercise of Liberty Gold share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018 and January 26, 2018 respectively; the Warrants are exercisable for C$0.60 and C$0.65 respectively for a period of three years from issue.

With the sale of Liberty Gold’s 40% interest in the Halilağa copper gold Project in Turkey (see press release of November 18, 2019); the pending sale of the Kinsley Mountain project in Nevada (see press release of December 2, 2019); and the monetization of the Regent project NPI and the Griffon project, the Company can focus its exploration efforts on its core projects, the Black Pine oxide gold discovery in Idaho and the Goldstrike oxide gold deposit in Utah. The Company’s intent is to continue to lower non-core project obligations and maximize exploration expenditures with no equity dilution to shareholders.

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, 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 receipt of staged payments. 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.}

LIBERTY GOLD REPORTS Q4 2019 FINANCIAL AND OPERATING RESULTS

VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the year ended December 31, 2019. All amounts are presented in United States dollars unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

In November 2019, we received $4 million as part consideration for the sale of the Halilağa porphyry copper gold deposit in Turkey (“Halilağa”). On July 12, 2019 we, along with our joint venture partners, signed a definitive agreement to sell Halilağa to Cengiz Holdings A.Ș for total consideration of $55 million. In accordance with our 40% interest in Halilağa, we will receive a total of $22 million over a three-year period. Closing of the final agreement and a second payment of $6 million is scheduled for August 15, 2020, to be followed by two additional bank guaranteed payments of $6 million each on August 15, 2021 and 2022.

In December 2019, we signed a definitive agreement to sell our interest in the Kinsley Mountain Gold deposit to Barrian Mining Corp. (the “Kinsley Agreement”) for aggregate gross proceeds of approximately $7.5 million to be received in 3 stages over 2 years.

In March 2020, we sold our 15% net profit interest in the Regent property in Nevada, to Ely Gold Royalties Inc. (“Ely”), for a total consideration of $800,000 and 2,000,000 warrants to purchase common shares in Ely with an exercise price of C$0.43.

Since July 2019, to the date of this press release, the Company has received a total of C$3,327,150 and C$401,375 from the early exercise of Liberty Gold share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018 and January 26, 2018 respectively; the Warrants are exercisable for C$0.60 and C$0.65 respectively for a period of three years from issue.

In September 2019, the Company completed a bought deal financing, including the exercise of the overallotment in full, for C$15.8 million.

In February 2020 we announced the appointment of a new director Barbara Womersley.

Liberty Gold has $15 million in cash as at today’s date and expects to be fully funded for the 2020 exploration program.

Exploration highlights
At Black Pine, our 100% owned project in Idaho, we:

Drill confirmed two new discoveries. “Discovery 1” was made in a 500 metre (“m”) wide gap between an area of known gold mineralisation and a historic pit with flanking gold mineralization, and “Discovery 2” occupies a large area between Discovery 1 and another historic pit to the northeast. At present, the Discovery 1 zone measures 1 kilometre (“km”) long and 150 m wide, and the Discovery 2 zone measures 600 m long and 400 m wide. Both zones are open in several directions.
Drilled exceptional grades and widths of gold mineralisation. Completed a 19,650 m reverse circulation (“RC”) drill program and a 1,250 m large diameter core drilling program which returned nine out of 10 of the strongest (as defined by grade multiplied by thickness) unmined gold intercepts on the property, all in the new discovery zones, including:
- 4.39 grams per tonne gold (“g/t Au”) over 53.3 m, including: 5.76 g/t Au over 38.1 m and 12.05 g/t Au over 12.2 m, in LBP043,
- 3.40 g/t Au over 62.5 m, including: 5.01 g/t Au over 33.5 m and 6.21 g/t Au over 21.3 m, in LBP064,
- 3.14 g/t Au over 44.2 m, including: 6.53 g/t Au over 16.8 m and 11.3 g/t Au over 7.6 m, in LBP062.
The six core holes, drilled primarily for metallurgical testing, each encountered thick oxide gold intercepts Highlights include:
- 2.92 g/t Au over 55.9 m including: 5.64 g/t Au over 22.1 m and 12.4 g/t Au over 7.3 m in LBP067C,
- 2.43 g/t Au over 15.5 m including: 5.56 g/t Au over 6.1 m and 8.10 g/t Au over 3 m in LBP078C, and
- 1.84 g/t Au over 23.2 m including 2.79 g/t Au over 13.7 m in LBP073C.

Demonstrated high cyanide solubility. Including 92% in LBP088, 97% in LBP043, and 94% in LBP045.
Increased the potential size of the project. In January 2020 we staked 94 additional federal lode claims, primarily to the south and east of the original property. The Black Pine project currently covers a 38.6 square kilometer area.
Received a new Plan of Operations. Received a new Plan of Operations in February 2019 allowing for 141 acres of disturbance and 351 drill sites over a 7.3 km³ project area.
Will continue to add value. The 2020 fully funded, 28,800 m RC drilling exploration program, will commence on March 31, 2020.

At Goldstrike, our 100% controlled project in Utah, we:

Demonstrated that mineralization in the resource model is open to extension.
Continued to add value. In May 2019 we reported results from a phase 2 metallurgical testing providing additional support for a simple heap leach mining scenario. Gold extractions from 29 column tests were rapid, and greater than 80% of the leachable gold was extracted within 10 days, with final column leach gold extractions up to 95%.
Announced drill results from the 2019 drill program, focused on extensions to gold mineralization in three portions of the resource area, the Western, Main and Dip Slope Zones for the purpose of further resource delineation. Highlights include:
- 1.40 g/t Au over 19.8 m including 2.79 g/t Au over 9.1 m in PGS713,
- 1.15 g/t Au over 27.4 m including 3.39g/t Au over 6.1 m in PGS733.

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, 2019 as prepared in accordance with International Accounting Standards. 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:

	Year ended December 31,
	2019	2018	2017
Attributable to shareholders:
Loss for the period	$11,583	$11,169		$12,709
Loss and comprehensive loss for the period	$11,421	$12,340		$12,125
Basic and diluted loss per share	$0.05	$0.06		$0.08

	As at December 31,
	2019	2018	2017
Cash and short-term investments	$14,464	$7,878	$2,266
Working capital	$11,493	$7,477	$1,510
Total assets	$42,109	$35,081	$30,009
Current liabilities	$5,281	$612	$972
Non-current liabilities	$1,998	$1,535	$703
Shareholders’ equity	$26,192	$24,169	$19,006

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any 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, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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.}

Liberty Gold Announces Commencement of 2020 Drill Program - Black Pine Oxide Gold Project, Idaho, USA

Increased 2020 Exploration Program to Advance Resource Definition and District Scale Drill Testing of Nine Priority Regional Targets

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the start of the 2020 exploration season at its Carlin-style Black Pine oxide gold property in southern Idaho, USA.

On March 25, 2020, pursuant to the COVID-19 containment process, Idaho Governor Brad Little issued a statewide stay-at-home directive that excludes certain essential services, with mining having been designated as an “Essential Infrastructure Service”. As such, Liberty Gold commenced drilling on the Black Pine gold project on March 31, 2020.

“The Company’s intent is to safely advance the Black Pine Project with full recognition of the COVID-19 pandemic and, if necessary, we will alter our exploration strategy as warranted or directed,” commented Cal Everett, President and CEO. “As a Company, we recognize the effect on individuals, local communities, states, countries and financial markets as a result of the coronavirus pandemic as announced by the World Health Organization on March 11, 2020, and we have established strict internal and external protocols for our employees, contractors and associates at Black Pine.”

Liberty Gold adopted a work from home and no-fly policy for its office employees in early March. Our USA-based geological team live within driving distance of the Black Pine Project. Canada-based geologists will remain in-country and will focus on data interpretation, digital modelling, and drill hole targeting. Social distancing policies have been established for the Black Pine Project, inclusive of a one person per vehicle policy, daily personal temperature checks, and on-site separation mandate between and amongst employees and contractors. The Black Pine Project is located 100 kilometers from the closest community with medical facilities.

In 2019, drilling at Black Pine was focused in a one square kilometer (“km²”) area of a shallow oxide gold system estimated to cover over 12 km². Drilling resulted in two discoveries of high-grade oxide gold mineralization beneath the limit of shallow historical drilling. The Discovery 1 zone measures approximately 1 kilometer (“km”) by 150 metres (“m”), trending in northwest (“NW”) direction. The Discovery 2 zone measures approximately 600 m by 400 m, trending in a northeast (“NE”) direction. Both zones remain open for extension in several directions.

For a complete table of drill results from all Liberty Gold drill holes, including 2019 drill results, at Black Pine, please click here: https://libertygold.ca/images/news/2020/april/BP_NR04012020Intercepts.pdf

The 2020 drill program is fully funded, with the ability to further expand the exploration program subject to results.

Liberty Gold’s intent is to significantly increase the amount of drilling to well over the 21,000 metres drilled last year, and greatly expand the target area to be tested.

For a map of gold distribution, 2020 drill targets, Phase 1 drill sites and permit amendment areas, please click here: https://libertygold.ca/images/news/2020/april/BlackPineNR04012020Map.pdf

Key Points

The 2020 Black Pine drill program is split between continued drilling of the high grade oxide gold discoveries from 2019 and a regional test of the surrounding district, selected by compilation of historical drill results, surface and pit wall mapping and soil geochemistry. The initial target area covers approximately 12 km².
Nine regional drill targets have been selected based on 3D modeling of potential NW and NE trending feeder fault corridors.
Two drills are on site. Drill operations are on a single shift basis. If there is a delay of the exploration program, the drills can be double-shifted when drilling resumes in order to complete the 2020 drill program.
Metallurgical column testing on six bulk samples with head assays ranging from 0.23 to 4.06 grams per tonne gold (“g/t Au”) and 29 composites from large diameter core is ongoing, with results expected in Q3.
An amendment to the Plan of Operations has been submitted to the US Forest Service to increase the size of the permitted project area from 7.3 to 11.9 km2, including a large area between the main permit area and the Rangefront target to the southeast, where drilling in late 2019 encountered 55.3 m grading 0.49 g/t Au. Additional Phase 2 drilling in this area will be carried out when the permit is approved.
Discussions are underway with the US Bureau of Land Management regarding access to land located to the east of the project area for infrastructure and historic mine well access.
Additional project de-risking activities are underway, including preliminary engineering and baseline studies.
A strategy for obtaining access to process water is being developed.

About Black Pine

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, the 2020 drill program being fully funded and the Company’s ability to further expand the exploration program, the Company’s ability to increase the amount of drilling and the target area to be tested, and the results of testing and timing thereof. 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, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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.}

VANCOUVER,B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) has signed an amendment (the “Amendment”) to the definitive purchase option agreement (the “Agreement”) for the sale of its 79.99% interest in the Kinsley Mountain Gold project (“Kinsley”), located in northwest Nevada, to Barrian Mining Corp. (BARI-TSX.V) (“Barrian”).

Pursuant to the terms of the Agreement, as amended by the Amendment, Liberty Gold will receive for its interest Kinsley an aggregate of US$6,250,000 in cash and share value plus a 9.9% interest in Barrian post-consolidation1 (the “Transaction”).

Amended Terms of the Agreement:

Closing of the Transaction is subject to completion of a financing by Barrian and other customary conditions including approval by the TSX Venture Exchange (the “TSXV”).

The purchase price will be paid in 3 stages over a 2-year period as follows:

US$1,250,000 on the closing date plus Barrian common shares totalling 9.9% of the issued and outstanding common shares of Barrian on a post-consolidation1 basis (subject to a contractual 12 month hold period).
US$2,500,000 on or before the 1^st anniversary of the final approval of the Transaction by the TSXV.
US$2,500,000 in common shares of Barrian on or before the 2^nd anniversary of the final approval of the Transaction by the TSXV. (subject to a 4 month statutory hold period).
A 1% Net Smelter Return Royalty (“NSR”) on the acquired interest in Kinsley: where Barrian, at its sole discretion has the right to re-purchase up to one-half percent (0.5%) of the NSR royalty upon payment of US$500,000.
Cal Everett, President, CEO and Director of Liberty Gold is to act as senior financial advisor to Barrian which will also include advising on adding to the Barrian management and exploration team.

¹Prior to closing the Transaction, Barrian intends to complete a consolidation on the basis of two pre-consolidation shares for one post-consolidation share.

Kinsley is a Carlin-Style gold project located 80 kilometres (“km”) south of the Nevada Gold Mines LLC Long Canyon gold mine. Historical production at Kinsley was sourced in the Dunderberg Shale, with 138,000 ounces (“oz”) averaging 1.4 grams per tonne of gold (“g/t Au”) produced from a run of mine oxide heap leach operation during a period of historically low gold prices. Near surface oxide gold targets remain in this target horizon. Liberty Gold discovered high-grade mineralization in an underlying unit, the Secret Canyon Shale, which yielded exceptional drill results as detailed below.

Secret Canyon Shale Target

Historical drill results from the Western Flank Zone hosted by in the Secret Canyon/Clarks Spring Shale unit include:

Hole ID (Az, Dip) (degrees)	From (metres "m")	To (m)	Interce pt1 (m)	Au (g/t)	Au Cut- Off (g/t)	Hole Depth (m)	Zone	Host Rock
PK091CA (090, -70)	159.0	161.8	2.9	1.46	0.2	291.7	Western Flank	Dunderberg
and	231.5	233.8	2.3	0.71	0.2			Dunderberg
and	255.1	291.7	36.6	8.53	0.2			Secret Cyn Shale
including	276.5	284.0	7.6	29.4	5.0			Secret Cyn Shale

PK127C2 (090, -66)	137.8	140.4	2.6	0.57	0.2	389.2	Western Flank	Dunderberg
and	233.8	236.8	3.0	0.37	0.2			Secret Cyn Shale
and	268.8	270.4	1.5	0.68	0.2
and	276.5	318.1	41.7	6.85	0.2
incl	282.5	287.1	4.6	8.50	5.0
incl	301.0	309.5	8.5	16.3	5.0
incl	314.6	318.1	3.6	20.5	5.0

PK131C (110, -72)	229.2	232.3	3.0	0.36	0.2	398.4	Western Flank	Secret Cyn Shale
and	247.5	249.0	1.5	0.68	0.2
and	262.7	305.4	42.7	10.5	0.2
incl	276.5	299.3	22.9	18.3	5.0

PK132C (-90)	172.8	174.3	1.5	1.46	0.2	456.9	Western Flank	Secret Cyn Shale
and	249.6	303.0	53.3	7.53	0.2
incl	257.3	259.5	2.3	18.1	5.0
incl	269.4	292.3	22.9	14.9	5.0
and	324.3	331.9	7.6	4.67	0.2
incl	327.1	328.9	1.8	13.7	5.0

PK133C (270, -77)	206.3	210.9	4.6	0.46	0.2	413.6	Western Flank	Dunderberg
and	246.0	247.5	1.5	0.67	0.2			Secret Cyn Shale
and	310.0	340.0	30.0	10.6	0.2
incl	322.2	338.6	16.5	16.1	5.0

PK137C** (120 -80)	253.9	282.9	29.0	21.3	0.2	282.8	Western Flank	Secret Cyn Shale
incl	259.7	264.6	4.9	46.4	5.0
incl	270.5	281.9	11.4	32.7	5.0

PK137CA3 (120,-80)	253.3	292.0	38.7	15.6	0.2	346.9	Western Flank	Secret Cyn Shale
incl	259.4	281.3	21.9	26.2	5.0	346.9	Western Flank	Secret Cyn Shale

PK175CA (255, -78)	189.6	197.2	7.6	0.54	0.2	398.4	Western Flank	Hamburg
and	241.4	244.4	3.0	0.75	0.2			Secret Canyon
and	287.1	332.8	45.7	6.19	0.2
including	299.9	319.1	19.2	13.8	5.0

PK186C (030, -79)	212.4	226.5	14.0	1.53	0.2	422.8	Western Flank	Dunderberg
and	252.4	256.6	4.3	0.36	0.2			Dunderberg
and	273.4	313.0	39.6	10.1	0.2			Secret Cyn Shale
incl	283.8	305.4	21.6	17.4	5.0			Secret Cyn Shale

PK187C (145, -81)	133.8	140.5	6.7	3.09	0.2	364.8	Western Flank	Dunderberg
and	252.1	258.2	6.1	0.43	0.2			Secret Cyn Shale
and	262.7	293.2	30.5	6.05	0.2
incl	274.3	282.5	8.2	8.10	5.0

¹ True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths.
² Reportable intercepts for PK126C and PK127C were revised slightly by increasing the minimum g/t*m in order to eliminate smaller and lower grade intervals. One additional "including" intercept was added to the table in PK127C.
³ PK 137C was lost near the bottom of the mineralized zone due to poor ground conditions higher in the hole. PK137CA was wedged off the same hole from above the mineralized zone using NQ tools and was completed through the mineralized zone immediately adjacent to PK137C.

Exploration in the Secret Canyon Shale by Liberty Gold focused on the West Flank Zone, which remains open for extension to the east and west. The Secret Canyon Shale underlies the entire 4000+ acre property at depth, with very few tests of the target and excellent potential for new discoveries in the same host rock horizon. For example, drill hole PK153, drilled 2 km to the south of the Western Flank Zone, yielded the following intercepts:

Hole ID (Az, Dip) (degrees)	From (m)	To (m)	Inter cept1 (m)	Au (g/t)	Au Cut-Off (g/t)	Hole Depth (m)	Zone	Host Rock
PK153 (0, -90)	411.5	437.4	25.9	1.34	0.2	518.2	Secret Spot	Secret Cyn Shale
and	443.5	457.2	13.7	1.09	0.2
incl	451.1	452.6	1.5	5.03	5.0
and	469.4	475.5	6.1	0.21	0.2
and	477.0	483.1	6.1	3.02	0.2
incl	480.1	481.6	1.5	6.01	5.0

^{The scientific and technical information contained in this news release have been reviewed and approved by Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geoscience for Liberty Gold and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 60-90% of the reported lengths. Drill samples were assayed by ALS Global (ALS) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. Quality assurance/quality control (QA/QC) for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS is an Independent, ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory.}

ABOUT LIBERTY GOLD

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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 regarding the closing of and receipt of proceeds from the Transaction and 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, the closing of the Transaction, the receipt of the staged payments, the successful financing by Barrian, the approval of the Transaction by the TSX-V, 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, accuracy of any mineral resources, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the three months ended March 31, 2020. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

Recent Highlights

Liberty Gold signed a definitive agreement to sell our interest in the Kinsley Mountain gold deposit[1] to Barrian Mining Corp. (“Barrian”) for aggregate gross proceeds of $6.25 million plus 9.9% of Barrian, to be received in 3 stages over 2 years.
In March 2020, we sold our 15% net profit interest in the Regent property in Nevada, to Ely Gold Royalties Inc. (“Ely”), for a total consideration of $800,000 and 2,000,000 warrants to purchase common shares in Ely (“Ely Warrants”). The Ely Warrants can be exercised for C$0.43 per Ely Warrant and expire on December 18, 2021[2].
Since January 1, 2020, to the date of this MD&A we have received a total of C$2,172,000 and C$325,000 from the early exercise of Liberty Gold common share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018and January 26, 2018, respectively; the Warrants are exercisable for C$0.60 and C$0.65, respectively, for a period of three years from issue.
In February 2020, we announced the appointment of a new director, Barbara Womersley[3].

At Black Pine we:

Announced commencement of our fully funded 2020 reverse circulation drill program, designed to continue expanding on the high grade oxide gold discoveries from 2019, as well as regional testing of targets in the surrounding district, selected by compilation of historical drill results, surface and pit wall mapping, and soil geochemistry. The area for targeted drill testing covers approximately 7.3 square kilometres (“km²”).
Selected nine regional drill targets, based on three-dimensional modeling of potential northwest and northeast trending feeder fault corridors where they intersect favourable stratigraphic host rocks.
Submitted an amendment to the Plan of Operations to the US Forest Service to increase the size of the permitted project area from 7.3 to 11.9 km², including a large area between the main permit area and the Rangefront target to the southeast, where drilling in late 2019 encountered 55.3 metre (“m”) grading 0.49 grams per tonne oxide gold (“g/t Au”). Additional Phase 2 drilling in this area will be carried out when the permit is approved.
Continued our metallurgical column testing program, with 6 columns derived from bulk sample material in the historic pit walls and 29 variability columns from large-diameter drill core.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2020 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 in USD except per share data:

	Three months ended March 31,
	2020	2019
Attributable to shareholders:
Loss for the period	$354		$1,416
Loss and comprehensive loss for the period	$1,464		$1,288
Basic and diluted loss per share	$0.00		$0.01

	As at March 31,	As at December 31,
	2020	2019
Cash and short-term investments	$15,060	$14,464
Working capital	$12,208	$11,493
Total assets	$43,076	$42,109
Current liabilities	$5,166	$5,403
Non-current liabilities	$2,121	$1,998
Shareholders’ equity	$27,393	$26,192

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

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any financing on time, Barrian obtaining approval from the TSX-V for a financing, the closing of the sale of Kinsley to Barrian, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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.}

[1] See press release dated December 2, 2019 and press release dated May 4, 2020.

[2] See press release dated March 12, 2020.

[3] See press release dated February 25, 2020.

VANCOUVER,B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the receipt of the initial option payments (the “Initial Option Payments”) under the definitive purchase option agreement (the “Agreement”) (see press release of May 4, 2020) for the sale of its 79.9% interest in the Kinsley Mountain gold deposit, a Carlin-style gold deposit in eastern in Nevada (“Kinsley”) to Barrian Mining Corp. (TSX-V: BARI)) (“Barrian”).

Barrian has announced a change to its name and corresponding ticker symbol to New Placer Dome Gold Corp. (“New Placer Dome”) and TSX-V:NGLD, respectively, concurrently with making the Initial Option Payments to Liberty Gold.

Pursuant to the terms of the Agreement, Liberty Gold has or will receive in total consideration for its interest in Kinsley, an aggregate US$6,250,000 in cash and shares plus a 9.9% interest in New Placer Dome (the “Transaction”). The consideration will be paid in three stages over a two-year period as follows:

Received by Liberty Gold as part of the Initial Option Payments:

US$1,250,000
US$124,570 in repayment of the surety bond deposit.
8,844,124 common shares in New Placer Dome, representing 9.9% of New Placer Dome’s issued and outstanding common shares, subject to a contractual 12 month hold period.

Pending payments:

US$2,500,000 on or before the 1^stanniversary of the final approval of the Transaction by the TSX-V.
US$2,500,000 in common shares of New Placer Dome on or before the 2^nd anniversary of the final approval of the Transaction by the TSX-V (subject to a 4-month statutory hold period).
A 1% Net Smelter Return Royalty (“NSR”) on the acquired interest in Kinsley, where New Placer Dome, at its sole discretion, has the right to re-purchase up to one-half percent (0.5%) of the NSR royalty upon payment of US$500,000.

Cal Everett, President and CEO of Liberty Gold will join New Placer Dome as senior financial advisor.

Proceeds received by Liberty Gold will be added to the Company treasury to accelerate exploration activities on the 100% owned Black Pine gold project in Southern Idaho.

Since April 1, 2020, two drills have been operating at Black Pine building off of the two high grade oxide gold discoveries from 2019. A third drill has been mobilized to site. A regional drill test has also been initiated to probe a permitted 7.3 square kilometre area where historical drilling has intercepted oxide gold in numerous locations. Historical drill holes average approximately 92 metres long. Current drilling is testing the full favourable sedimentary host rock assemblage to depth with drill holes up to 350 metres in length.

Metallurgical column testing is ongoing with results pending. Bulk sample test results are anticipated in July and drill core test results in early Q4.

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 approved the scientific and technical information contained in this release.

ABOUT LIBERTY GOLD

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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 regarding the receipt and use of proceeds from the Transaction and drilling plans and results. 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, the receipt of the staged payments, the final approval of the Transaction by the TSX-V, 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, accuracy of any mineral resources, 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.}

VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) (“Liberty Gold” or the “Company”) is pleased to announce voting results from the Company’s Annual General and Special Meeting of Shareholders held on June 8, 2020 (the “Meeting”). A total of 157,808,137 common shares were voted, representing the votes attached to 64.77% of all outstanding common shares. Shareholders voted in favour of the election of all director nominees. The percentage of votes cast for each is as follows:

	Total number of ‘for’ votes cast:	Votes ‘for’:
Dr. Mark O’Dea	132,877,611	99.82%
Mr. Cal Everett	132,997,774	99.91%
Mr. Donald McInnes	129,312,853	97.15%
Mr. Robert Pease	129,357,157	97.18%
Mr. Sean Tetzlaff	129,347,652	97.17%
Ms. Barbara Womersley	132,923,571	99.86%

The reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as auditor of the Company, was also approved by the shareholders.

Shareholders also voted in favour of approved amendments to, and respective unallocated entitlements under:

the Stock Option Plan
the Restricted Share Unit Plan; and
the Deferred Share Unit Plan

Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the Meeting are available on SEDAR at www.sedar.com.

ABOUT LIBERTY GOLD

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER,B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce as part of its regional exploration and compilation program, the staking of two additional land parcels, adding to the core Black Pine Project claim block, as well as an area 7 kilometres (“km”) to the west of the main oxide gold discovery area. The parcels aggregate 122 new claims.

Liberty Gold staked:

2.9 square km (“km²”) on the northwest corner of the core claim block to cover an extension of the Back Range portion of the Black Pine oxide gold system, where rock samples report up to 2 grams per tonne gold (“g/t Au”).
3.4 km² of ground to the north of the core claim block to cover iron oxide-stained and brecciated sandstone cover rocks, which typically lie above the favourable oxide host rocks.
3.6 km² of ground 7 km to the west of the main Black Pine claim block, where the Company’s proprietary data base indicates the presence of gold mineralization in an extensive area of jasperoid hosted in the same geological rock formation that hosts the main Black Pine oxide gold system. Elevated gold in soil and rock samples are associated with the jasperoid outcrops.

Liberty Gold’s new land holdings in the Black Pine district now aggregate 48.5 km² in 616 federal lode claims. For a map of the Black Pine Property and the new claim blocks click here: https://libertygold.ca/images/news/2020/June/NewClaims.pdf

Cal Everett, President and CEO, states, “It was imperative, given the scale of the main Black Pine oxide gold discovery, to secure all relevant ground in the district. Drilling in 2020 is ongoing and will remain focussed in the main Black Pine claim block. Liberty Gold is gradually increasing the scale of the 2020 drill program, and recently added a third drill, while following protocols to safely navigate the covid-19 issue.”

^{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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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 regarding the receipt of proceeds from the Transaction and 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, accuracy of any mineral resources, 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.}

Liberty Gold Reports Weighted Average 79% Extraction in Bulk Sample Column Testing at Black Pine Project, Great Basin, USA

High and Rapid Recoveries Relatively Insensitive to Crush Size Support Simple Heap Leach Processing

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to report results from Bulk Sample metallurgical testing on oxide material from its Black Pine Project in southeastern Idaho, providing support for a simple heap leach mining scenario. Gold extractions from six, 300 kilogram (“kg”), large-diameter column tests were rapid, and >80% of the leachable gold was extracted within 10 days, with final column leach gold extractions ranging up to 92.8%.

Metallurgical test work included fine and coarse bottle rolls and column tests using material ranging up to 3 inch particle size. In total, 12 bottle rolls (six coarse mesh and six fine mesh) and six column tests were carried out on six bulk samples obtained from backhoe trenching of bedrock exposed on ramps in five historic pits and one drill target at Black Pine.

Results from the metallurgical test work demonstrate that oxide material from Black Pine responds well to column testing and will contribute to low capital and operating costs in the future. The test work undertaken on the project has significantly mitigated the metallurgical risk related to the known mineralization.

The work was supervised by independent consulting metallurgist Gary Simmons, formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed or supervised a significant number of metallurgical testing programs on similar deposits throughout the Great Basin. According to Mr. Simmons, “Data from metallurgical testing to date at Black Pine point to rapid leaching and relatively high gold extractions and suggest that a combination Run of Mine and coarse crush/agglomeration heap leaching may be the preferred process option at Black Pine.”

Highlights include:

Six column leach tests produced a weighted average* 78.9% gold extraction. With a range up to 92.8% gold extraction. See below for a table of results or click here: https://libertygold.ca/images/news/2020/June/Gold_Extraction_Data.pdf
Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching. See below for a graph of extraction curves or click here: https://libertygold.ca/images/news/2020/June/Cumulative_Leach_Curves.pdf
Six coarse bottle roll tests (target of 80% passing 10 mesh or 1.7mm particle size) produced a weighted average 79.1% gold extraction.
Six fine bottle roll tests (target of 80% passing 200 mesh or 75 micron particle size) produced a weighted average 81.8% gold extraction.
Gold extraction is relatively insensitive to particle size, with the exception of one sample from the southernmost “I” pit. All other composites can be projected to coarse particle sizes approximating run of mine conditions without significant loss of gold extraction.
Results generated by this program are comparable to historical column test results generated by Noranda in 1988 from oxide material obtained prior to mining.

^{*Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic average of the six column tests is 78.0%.}

“We are extremely pleased with the metallurgical results from our bulk sample column testing program at Black Pine. This is a key 2020 deliverable for our Company,” said Cal Everett, Liberty Gold President & CEO. “We believe that by integrating our detailed understanding of grade distribution and rock type into a heap leach plan, we will be able to achieve these types of recoveries in a new operation. Results from our drill core variability composite column testing program are anticipated in the near future.”

Table 1: Column Test and Bottle Roll Results, Liberty Gold Bulk Samples and Historical Data

			Coarse Bottle Roll			Fine Bottle Roll				Column Test
			Feed Target P₈₀ 1,700µm*			Feed Target P₈₀ 75µm*				Column Test
KCA Sample No.	Type	Deposit Area	Actual P₈₀ (µm)	Calculated Head Grade (ppm Au)	Direct Leach Gold Extracted (%)	Actual P₈₀ (µm)	Calculated Head Grade (ppm Au)	Direct Leach Gold Extracted (%)	Carbon in Leach Gold Extracted (%)	Actual Feed P₈₀ (mm)	Calculated Head Grade (ppm Au)	Gold Extracted (%)
Liberty Gold 2019 Bulk Samples
87201B	Bulk Sample	A Pit	1,960	1.17	74.6	97	1.08	76.0	79.6	58.6	1.16	79.8
87202B	Bulk Sample	Tallman Pit	1,640	2.25	79.5	88	2.15	78.9	86.0	74.4	2.00	79.7
87203B	Bulk Sample	B Extension Pit	1,520	3.74	90.1	104	3.73	91.3	93.3	55.9	3.38	92.8
87204B	Bulk Sample	F Zone Target	1,480	0.78	79.3	102	0.79	80.7	82.5	51.3	0.80	78.2
87205B	Bulk Sample	CD Pit	1,580	0.25	64.5	114	0.22	64.6	76.6	71.9	0.23	76.8
87206B	Bulk Sample	I Pit	1,740	2.66	66.7	107	2.67	74.8	79.3	56.1	2.68	60.9
Noranda 1988 Bulk Samples & Core Samples						Target P₈₀ (µm)
8593	Bulk Sample	Tallman Pit	N/A	N/A	N/A	75	4.594	83.6	N/A	53.4	4.18	80.3
8593	Bulk Sample	Tallman Pit	N/A	N/A	N/A	75	4.594	83.6	N/A	20.9	4.56	82.0
8594	Bulk Sample	B Pit	N/A	N/A	N/A	75	10.886	86.6	N/A	58.8	10.08	86.4
8594	Bulk Sample	B Pit	N/A	N/A	N/A	75	10.886	86.6	N/A	22.7	10.35	87.7
8648	Bulk Sample	B Pit	N/A	N/A	N/A	75	1.183	78.3	N/A	67.7	1.17	67.6
8648	Bulk Sample	B Pit	N/A	N/A	N/A	75	1.183	78.3	N/A	22.9	1.10	75.0
8814	Core BP-87-58C	B Pit	N/A	N/A	N/A	75	1.68	85.7	N/A	32.3	1.75	82.4
8814	Core BP-87-58C	B Pit	N/A	N/A	N/A	75	1.68	85.7	N/A	10.8	1.68	87.8
8840	Core BP-87-73C	B Pit	N/A	N/A	N/A	75	4.663	87.5	N/A	31.6	4.73	71.0
8840	Core BP-87-73C	B Pit	N/A	N/A	N/A	75	4.663	87.5	N/A	9.8	4.70	75.9
9208	Core BP-87-6/7	Tallman Pit	N/A	N/A	N/A	75	2.006	88.9	N/A	26.6	2.02	84.7
9208	Core BP-87-6/7	Tallman Pit	N/A	N/A	N/A	75	2.006	88.9	N/A	8.6	2.02	91.5
9210	Core BP-87-93C	A Pit	N/A	N/A	N/A	75	1.577	78.3	N/A	31.6	1.54	75.6
9210	Core BP-87-93C	A Pit								10.1	1.41	73.2
9210	Core BP-87-93C	A Pit								10.1	1.54	77.8
9211	Core BP-87-102C	A Pit	N/A	N/A	N/A	75	1.097	50.0**	N/A	32.7	1.03	50.0**
9211	Core BP-87-102C	A Pit	N/A	N/A	N/A	75	1.097	50.0**	N/A	9.4	1.03	53.3**
Target P₈₀ is achieved when 80% of the feed passes through a mesh with the given opening size. Actual laboratory conditions may vary, and the actual feed size is shown in the table. *The low gold extraction in this Noranda sample is believed to be due to the presence of organic carbon.

Figure 1: Cumulative Leach Curves, Liberty Gold Bulk Samples and Historical Data

In addition to the recently-complete bulk sample testing by Liberty Gold, the project benefits from metallurgical data generated in 1988 by Noranda Mining. Similar laboratory and processing methods were used, allowing for a direct comparison with the Liberty Gold program. Noranda used eight samples derived from three bulk samples and five composites from drill core were used for the study. The weighted average for Noranda fine bottle rolls was 84.1%, although this result was skewed by one 10.9 gram per tonne gold (“g/t Au”) sample. The arithmetic mean was 79.9%. The weighted average of 17 column tests at various feed sizes was 80.8%, similar to the results generated by the Liberty Gold program.

Metallurgical Program
Samples for this study were obtained through backhoe trenching of bedrock exposed on ramps in the five historic pit complexes at Black Pine, with one sample obtained from a drill road near the historic CD pit.

For a map showing locations of drill holes used for metallurgical testing, please click here:
https://libertygold.ca/images/news/2020/June/BlackPineMetPRmap.pdf.

figure 2.png

1000 kilogram bulk samples were sent to Kappes, Cassiday and Associates in Reno, Nevada for metallurgical testing, comprising bottle rolls, column testing and metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-rob analysis, ICP geochemical assays and whole rock analysis.

The Liberty Gold bulk samples were leached for 100 days in 300 mm (12 inch) diameter columns at low strength, 0.50 grams per litre of sodium cyanide (“NaCN”) solution. The A pit, BX Pit and Lower F Zone pit samples were agglomerated with up to 2.0 kg per tonne of cement due to elevated clay content. (Leaching time for the Noranda samples was up to 65 days, and two of the samples were agglomerated.)

Samples for bottle roll testing were milled/crushed respectively to 80% passing 200 mesh (75 microns) and 80% passing 10 mesh (1.7 mm) particle size. The samples were rolled/agitated in bottles in a 1.0 grams per litre dilute cyanide solution for 72 hours (for 200 mesh) or 144 hours (for 10 mesh).

Liberty Gold bulk samples exhibited a range of extraction values, up to 92.8%, with rapid extraction in the first ten days of leaching. The range in values and variability is consistent with that obtained by Noranda in a larger program in 1988. The samples are now undergoing detailed mineralogical and gold deportment study to determine how the gold and gangue minerals are distributed in the rock, with particular attention to the I pit sample with reduced gold extraction at higher particle sizes.

About Black Pine

With its excellent jurisdiction, simple metallurgy and clear growth potential, Black Pine is one of the premium Carlin-style discoveries of the past decade.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.pdf

^{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 regarding the receipt of proceeds from the Transaction and 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, accuracy of any mineral resources, 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.}

Liberty Gold Announces Discovery of a Third High Grade Oxide Gold Zone (D-3) at the Black Pine Project, Idaho, USA

1.98 g/t Au Over 33.5 Metres, Including 3.93 g/t Au Over 15.2 Metres, and 1.11 g/t Au Over 30.5 Metres in LBP127

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the first drill results from the 2020 drill program at its Carlin-style Black Pine property in southern Idaho, USA.

A third high grade oxide gold discovery (D-3 Zone) has been discovered in close proximity to the D-1 and D-2 zone discoveries made in 2019. The D-3 zone lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie at least the southern two thirds of the Black Pine gold system. This stratigraphic horizon, the lowest in the 400 metre (“m”)-thick carbonate sequence that hosts gold mineralization at Black Pine, is the primary host for gold mined in the historic CD pit, but has only been tested by shallow drill holes in two other locations on the property.

Reverse Circulation (“RC”) drilling to the west of the now-amalgamated Discovery 1 and 2 zones (“D-1” and D-2”) encountered a thick zone of high-grade oxide gold in hole LBP127 below and laterally adjacent to the historic B pit, where outcropping gold mineralization was mined at a 1.38 grams per tonne gold (“g/t Au”). LBP127 bottomed in grade, with the last five, 5-foot sample intervals grading greater than 2 g/t Au. LBP129, drilled 215 m to the north, returned 1.60 g/t Au over 29.0 m, including 2.09 g/t Au over 19.8 m at the same vertical elevation.

In addition, new drilling in the D-1 / D-2 zones:

Confirms the extension of oxide gold mineralization at shallow depth in the 400 m-long gap between the southeast end of the D-1 zone and the Tallman Pit.
Confirms the presence of oxide gold in a sparsely-drilled area at the transition between D-1 and D-2.
Extends the D-1 zone an additional 40 m further to the west.

A third drill has been mobilized to the Black Pine Project, and the current exploration program has been increased from 28,000 m to 46,000 m, exclusive of a core drilling program planned for later in the season. Liberty Gold is well funded to continue to accelerate its exploration efforts.

“The new D-3 discovery will be drill-defined in the same manner as the D-1 and D-2 discoveries in 2019,” comments Cal Everett, President and CEO of Liberty Gold. “The intercept in LBP127 is the 9th best drill hole that Liberty Gold has drilled to date on a top-to-bottom, grade-times-thickness basis. The combination of several high-grade oxide gold discoveries in close proximity to each other, and in association with recently released excellent metallurgy elevates the value of the Black Pine project. Liberty Gold has increased its land holdings in the project area and have protected our interests on a district scale. Intercepts like we encountered in LBP127 never tend to occur in isolation and we are looking forward to drill-testing this new stratigraphic horizon in the D-3 discovery. Two drills are currently focused on and will not wander away from D-3, with a third drill exploring new targets.”

D-3 DRILL HIGHLIGHTS INCLUDE¹:

table1

¹_{A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

For a cross section of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/june/BlackPine_NR06232020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/june/BlackPine_NR06232020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/june/BP_Intercepts06232020.pdf

As presently defined, the D-3 zone is defined by three holes. LBP125 and LBP129 lie along a 450 m-long, northeast-southwest trending section. The intercept in LBP127 is located 215 m south of LBP129. This area is currently the focus of drilling offsets to the mineralization in LBP127 and LBP129 to determine the size of the zone, which is open for extension in all directions.

D-3 Key Points

LBP127 represents a new discovery (D-3) to the west of the D-1 and D-2 zones, two new discoveries of high-grade mineralization made in 2019 below the limit of historic drilling.
Being located in close proximity to D-1 and D-2, the D-3 zone is accretive to the overall gold endowment in the northern portion of the Black Pine gold system.
The new discovery is located in a stratigraphic unit that lies below the unit hosting high-grade gold mineralization in the D-2 zone. This unit is modeled to underlie the southern two thirds of the gold system and is the primary host for mineralization mined in the historic CD pit but has only been tested by historic drill holes in a few locations.
The existence of high-grade gold mineralization in this new stratigraphic unit brings the number of stacked, prospective gold host horizons at Black Pine to three.
Cyanide-soluble assays for the highlight intervals have a weighted average 94% and 87% (upper and lower highlight intervals in LBP127) and 97% (highlight interval in LBP129), respectively, attesting to the oxidized nature of gold mineralization.
In terms of mineral endowment, LBP127 ranks as the 9^th best hole Liberty Gold has drilled to date in terms of top-to-bottom grade-times-thickness, despite bottoming in over 2 g/t Au, and the best hole historically drilled into this new stratigraphic horizon across the property.

D-1 Southeast Extension

Three holes in this release targeted, and confirmed, the presence of shallow oxide gold mineralization in a 400 m-long, untested gap between the south end of the historic B Pit and the historic Tallman Pit. This extends the 1 kilometre (“km”)-long D-1 zone an additional 0.5 km to the southeast. Additional drilling is planned for this area to further drill off the gold mineralization.

D-1 SOUTHEAST EXTENSION HIGHLIGHTS INCLUDE¹:

table2

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-2 to D-1 Transition and D-2 Infill

Four holes were drilled into gaps in the drilling pattern at the southwest end of the D-2 zone and transitional into the D-1 zone. All holes returned significant intervals of oxide gold, including multiple intervals grading greater than 1 g/t Au in LBP111. LBP115 tested the D-1 zone along the projected trend of D-2, extending mineralization an additional 40 m to the southwest.

D-2 to D-1 TRANSITION HIGHLIGHTS¹:

table3

¹_{A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

RC drilling is ongoing at Black Pine, with three drill rigs currently operating, testing new targets and expanding on the focused drilling carried out in 2019 over much of the 7.3 km² permit area. In addition to drilling, Liberty Gold is expanding the permit area to include an additional 4.6 km². Metallurgical column testing is ongoing, with a second metallurgical release from core sampling expected in Q3.

ABOUT BLACK PINE
Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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 regarding the receipt of proceeds from the Transaction and 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, accuracy of any mineral resources, 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.}

Liberty Gold Expands New High Grade Oxide Gold Zone; 1.20 g/t Au over 67.1 m Including 2.57 g/t Au over 16.8 m

D-3 Zone Remains Open for Extension in All Directions

As announced on June 23 (see press release dated June 23, 2020), a third high grade oxide gold discovery (D-3 Zone) was identified in close proximity to the D-1 and D-2 zone discoveries made in 2019. The D-3 Zone lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie at least the southern two thirds of the Black Pine gold system. Eight additional holes have extended mineralization over 400 metres (“m”) in a north-south direction by 250 m in an east-west direction. D-3 remains open for extension in all directions. Drill hole LBP138 lies at the south end of the zone as currently defined, and returned 1.20 grams per tonne gold (“g/t Au”) over 67.1 m, including 2.57 g/t Au over 16.8 m. The hole bottomed in mineralization, with the last 1.54 m-long interval returning 0.84 g/t Au.

“The new drill results confirm that the D-3 Zone is a significant new discovery,” comments Cal Everett, President and CEO of Liberty Gold. “Given the grade, thickness and dimensions that are beginning to take shape, we believe that D-3 will have a positive material impact on the resource endowment at Black Pine. Each D-3 drill hole to date contains multiple reportable oxide gold intervals above 0.5 g/t Au.”

D-3 DRILL HIGHLIGHTS INCLUDE¹:

PR table Jul13 01

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

For cross sections of drill collars and traces for the current release, please click here:  https://libertygold.ca/images/news/2020/july/BlackPine_NR07142020CS.pdf

For a map of drill collars and traces for the current release, please click here:  https://libertygold.ca/images/news/2020/july/BlackPine_NR07142020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/july/BP_Intercepts07142020.pdf

D-3 Key Points  

New drilling confirms that the D-3 Zone is a significant new discovery that is at least 400 m long in a north-south direction and 250 m wide in an east-west direction.
Being located in close proximity to D-1 and D-2, D-3 should be accretive to the overall gold endowment in Black Pine gold system.
The new discovery is located in a rock unit that lies stratigraphically below the unit hosting high-grade gold mineralization in the D-2 Zone. This unit is modeled to underlie the southern two thirds of the gold system and has only been tested by historic drill holes in a few locations.
Multiple gold oxide horizons have been identified in all drill holes.
Cyanide-soluble assays for the 16.8 m-long highlight interval in LBP138 return a weighted average of 92%, with the 67.1 m-long interval, averaging 81%. The highlight intercepts in LBP140 representing the D-3 Zone, from 190.5 to 259.1 m, return a weighted average 90% cyanide solubility.
Drilling is ongoing to infill and step-out on the D-3 Zone, which will bring more clarity to the overall size and orientation of this discovery. Currently 10 drill holes define D-3.

At present, the D-3 Zone is believed to represent a tabular zone that dips gently to moderately to the east and may extend partially under the location of the historic B Pit ore body. It appears to shallow to the west, as represented by shallow intercepts in LBP130, LBP132 and LBP133, the latter of which returned 0.68 g/t Au over 30.5 m and 0.80 g/t Au over 9.1 m, beginning at 15.2 m depth down-hole. It is open to the north and south. Additional drilling is underway to determine the overall size and extent of the D-3.

D-2 SOUTH

Two holes, LBP137 and LBP139, offset LBP110, targeting the eastern, down-dip extension of the historic B Pit ore body where it merges with the D-2 Zone. Additional oxide mineralization was encountered in both holes. Additional step-out holes are planned in this area.

D-2 South Highlights¹

PR table Jul13 02

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

RC drilling is ongoing at Black Pine, with three drill rigs currently operating, testing new targets and expanding on the focused drilling carried out in 2019 over much of the 7.3 square kilometre (“km²“) permit area. In addition to drilling, Liberty Gold is expanding the permit area to include an additional 4.6 km². Metallurgical column testing is ongoing, with a second metallurgical release from core sampling expected in Q3.

APPOINTMENT OF VICE PRESIDENT OF OPERATIONS

Liberty Gold is also pleased to announce the appointment of Peter Shabestari as Vice President of Operations - Great Basin Manager Pilot Gold USA Inc. Mr. Shabestari was a member of the Fronteer Long Canyon Team and managed the Goldstrike and Black Pine Projects for Liberty Gold. He will be focused on the advancement of our projects through development and de-risking, including oversight of engineering, metallurgical, hydrological and geotechnical studies, as well as community and stakeholder liaison. Mr. Shabestari is a Utah native, and has worked in mineral exploration in the Great Basin and around the world for over 25 years.

“I would like to introduce Peter Shabestari as our new Vice President, Operations, to oversee the continued advancement of Black Pine through the development and de-risking process,” states Moira Smith, Liberty Gold’s Vice President, Exploration and Geoscience. “Pete has been a valuable member of the team since 2009, and with his years of experience on advanced projects in the Great Basin, he is a great fit for the role.”

ABOUT BLACK PINE
Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy.  QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it. 

_{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 regarding the receipt of proceeds from the Transaction and 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, accuracy of any mineral resources, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

Liberty Gold Expands the New High Grade Oxide Gold D-3 Zone at Black Pine; 1.44 g/t Au over 96.0 m Including 1.95 g/t Au over 32.0 m and 1.86 g/t Au over 29.0 m

Additional New High Grade Oxide Gold Discovery; 2.21 g/t Au over 22.9 m in F Target Located 1 km Southwest of D-3

D-3 AND D-1 EXTENSION DISCOVERIES YIELD HIGH-GRADE RESULTS:

D-3 Zone: 1.44 grams per tonne gold (“g/t Au”) over 96.0 metres (“m”), including 1.95 g/t Au over 32.0 m and 1.86 g/t Au over 29.0 m in LBP152.
D-1 Southeast Extension Zone: 3.04 g/t Au over 19.8 including 8.54 g/t Au over 4.6 m in LBP150.

F ZONE TESTED AS PART OF THE PROJECT-SCALE REGIONAL EXPLORATION PROGRAM:

F Zone: 2.21 g/t Au over 22.9 m including 7.42 g/t Au over 4.6 m in LBP149.

“We continue to deliver on our commitment to test new targets throughout the 7.3 km², permitted portion of the Black Pine gold system, and this approach continues to yield new discoveries and outstanding results,” comments Cal Everett, President and CEO of Liberty Gold.

D-3

Liberty Gold’s third high-grade oxide gold discovery (D-3 Zone) continues to deliver thick intervals of oxide gold mineralization. D-3 lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie most of the Black Pine gold system at depth. Drilling is presently focused on an area measuring approximately 400 m in a north-south direction by 250 m in an east-west direction. A total of 15 holes now define D-3, which remains open in all directions.

D-3 DRILL HIGHLIGHTS INCLUDE¹:

July 27 image1

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-3 KEY POINTS

The new D-3 Zone continues to take shape as additional holes are added to it, with LBP152 further confirming the potential of the zone to host thick intervals of >1 g/t Au.
At 138.2 gram-metres, the highlight intercept in LBP152 represents the 4^th best single intercept drilled to date at Black Pine by Liberty Gold.
As with the D-1 and D-2 zones, the D-3 zone is overlain by additional near-surface oxide gold mineralization.
Cyanide-soluble assays for the highlight interval in LBP152 return a weighted average of 94%, attesting to the thoroughly oxidized nature of gold mineralization.
At present, the D-3 zone is thought to be hosted in a calcareous siltstone horizon, stratigraphically beneath and structurally adjacent to the unit that hosts the D-1 and D-2 zones. It is at least 250 m wide and 400 m long, and open in all directions.
Three drills are currently on the D-3 zone to advance infill and step-out drilling.

F ZONE

Drill hole LBP149 tested the south end of the new F Zone Target. The F Zone is presumed to be a linear, north-northwest-trending zone based on sporadic, shallow historic drill data and surface geochemical sampling near the northwest end of the historic CD Pit ore body. Other holes drilled by Liberty Gold in this zone are now believed to have been drilled too far to the west. Systematic drilling is required to define the orientation of the F Target and determine if it connects with D-3 Zone to the northeast, a distance of approximately 1 kilometre (”km”).

F ZONE DRILL HIGHLIGHTS INCLUDE¹:

July 27 image2

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

F ZONE

LBP149 tested an area located approximately 1 km south of the D-3 Zone, with drilling planned in the intervening gap to determine if the two are linked along a north-south trending structural corridor.
Cyanide-soluble assays for the highlight interval in LBP149 return a weighted average of 98%, attesting to the thoroughly oxidized nature of gold mineralization.
F Zone drilling demonstrates that Liberty Gold is executing on its plan to carry out a comprehensive test of the permitted portions of the Black Pine gold system in 2020.

D-1 SOUTHEAST EXTENSION

High-grade oxide gold was also encountered in the D-1 Southeast Extension area, testing a 400 m-long gap in historical drilling between the historic B and Tallman pits. To date, Liberty Gold has drilled a total of seven holes in this target, with additional step-out drilling planned on the basis of these new results. Drilling in this gap area extends the D1 zone an additional 0.6 km to the southeast.

D-1 SOUTHEAST EXTENSION DRILL HIGHLIGHTS INCLUDE¹:

July 27 image3

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-1 SOUTHEAST EXTENSION KEY POINTS:

LBP150 demonstrates the potential for this area of the D-1 Zone to host high-grade ounces, important in order to meet our goal of rapidly building new ounces.
New drilling extends the D-1 Zone to approximately 1,750 m long and 150 to 200 m wide.
A minimum of three step-out holes are planned to test around LBP150, with additional holes planned to follow up on other drilling in the zone.
Cyanide-soluble assays for the highlight interval in LBP150 return a weighted average of 94%, further attesting to the thoroughly oxidized nature of gold mineralization.

For cross sections of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/july/BlackPine_NR07282020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/july/BlackPine_NR07282020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/july/BP_Intercepts07282020.pdf

REGIONAL IMPLICATIONS

RC drilling is ongoing at Black Pine, with three RC drill rigs currently operating, testing new targets, infilling newly-identified targets, and expanding on the focused drilling carried out in 2019 over much of the 7.3 km² permit area. The program supports Liberty Gold’s commitment to a comprehensive test of the Black Pine gold system in 2020.

KEY POINTS:

Regional targets tested to date in 2020 include the D-3, F Zone and D-1 Southeast Extension; all yielded shallow, high-grade oxide gold intercepts, with D-3 yielding an additional deeper body of mineralization similar to that encountered in 2019 in the D-1 and D-2 zones.
In the short term, the new F Zone drill intercept will be followed up with additional drilling while infill and step out drilling continue on D-3 and D-1.
Other targets to be tested in the next two months include: D-1 Northwest Extension; CD Pit to E Pit Northwest Corridor; Southwest Target near the CD Pit; and M Target located southeast of the A Pit.
An additional regional target, Rangefront, located 2.0 km southeast of the Tallman Pit and 2.5 km southeast of the F Zone target, was announced in January, with a single near-surface intercept of oxide gold grading 0.49 g/t Au over 55.9 m.
Drilling is also planned in the 1.5 km-wide gap between the Rangefront target and the main zone of gold mineralization later in the season, pending approval of an amendment to the Plan of Operations to permit drilling in this area. Liberty Gold has modeled extensions to gold mineralization in this area where it projects under shallow sandstone cover.

For a panorama image showing drill locations with associated drill results, please click here: https://libertygold.ca/images/news/2020/july/BP_PanoramaNR07282020.pdf

In addition to drilling, Liberty Gold is expanding the permit area to include an additional 4.6 km2. Metallurgical column testing is ongoing, with a second metallurgical release from core sampling expected in Q3.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 regarding the receipt of proceeds from the Transaction and 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, accuracy of any mineral resources, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

Liberty Gold Announces Closing of the Sale of the Halilağa Porphyry Copper Gold Deposit in Türkiye, and Receipt of US$6,000,000 Cash Payment

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the closing of sale of its 40% interest in the Halilağa copper gold porphyry deposit (“Halilağa” or “the Project”), located in Biga Province, northwest Türkiye to Cengiz Holdings A.Ș. (the “Transaction”).

Terms of the Agreement:

US$4,000,000 – received on November 18, 2019 (see press release)
US$6,000,000 – received (August 12, 2020)
US$6,000,000 – pending on August 15, 2021(bank guaranteed)
US$6,000,000 – pending on August 15, 2022 (bank guaranteed)

Closing of the Transaction has been approved by the Turkish Ministry of Energy and Natural Resources.

Liberty Gold continues to hold a 60% operating interest in the TV Tower Project, a high-sulphidation epithermal gold-silver and porphyry copper-gold project located in close proximity to the Halilağa Project. The TV Tower Project hosts numerous gold discoveries and abundant untested targets. To date, there are three porphyry copper-gold and two oxide gold discoveries and one gold – silver discovery, the latter the subject of a Technical Report prepared pursuant to NI 43-101 and containing 996,000 Indicated gold-equivalent ounces and 351,000 Inferred gold-equivalent ounces.¹

The Company is exploring options as to how to monetize this asset.

Proceeds from the Halilağa Transaction will be used to accelerate the exploration program at Liberty Gold’s Black Pine Carlin-style oxide gold project in southern Idaho.

_{¹The Classified Mineral Resource estimate is quoted at a cut-off grade of 0.50 grams per tonne (“g/t”) gold equivalent (“AuEq”). At a 0.50 g/t AuEq cut-off, the strip ratio is 1.47:1. Gold equivalence was calculated using a ratio of Au:Ag of $1200:$20, at 75% recovery and copper (“Cu”) at $3/lb at 70% recovery. The Classified Mineral Resource comprises an Indicated 23.06 million tonnes grading 0.63 g/t Au, 27.6 g/t Ag and 0.16% Cu (1.34 g/t AuEq) and an Inferred 10.77 million tonnes grading 0.15 g/t Au, 45.7 g/t Ag and 0.06% Cu (1.01 g/t AuEq). Additional details are in the 43-101 Technical Report entitled "Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Türkiye" dated effective January 21, 2014, available on the Company’s website or at www.sedar.com.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Cautionary language regarding forward-looking statements

_{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, the receipt of the staged payments, 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, accuracy of any mineral resources, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

LIBERTY GOLD REPORTS Q2 2020 FINANCIAL AND OPERATING RESULTS

VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the six months ended June 30, 2020. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

Recent Highlights

On August 12, 2020 Liberty Gold announced the closing of the sale of the Halilağa porphyry copper gold deposit in Turkey, and receipt of the first of staged payments of $6.0 million. A further two $6.0 million installments are bank guaranteed and will be received on August 15, 2021 and August 15, 2022 respectively.
On June 2, 2020 Liberty Gold received $1.25 million and 8.8 million common shares in New Placer Dome Corp. (“New Placer Dome”), the first staged payment pursuant to a purchase-option agreement agreement to sell our interest in the Kinsley Mountain gold deposit to New Placer Dome for aggregate gross proceeds of $6.25 million plus 9.9% of New Placer Dome, to be received in three stages over two years[1].
Since January 1, 2020, to the date of this MD&A we have received a total of C$2.55 million and C$0.74 million from the early exercise of Liberty Gold common share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018and January 26, 2018, respectively; the Warrants are exercisable for C$0.60 and C$0.65, respectively, for a period of three years from issue.

At Black Pine we:

Discovered a third high-grade oxide gold zone (D-3), in close proximity to the D-1 and D-2 zones and accretive to the overall gold endowment in the Black Pine gold system. Highlights include[2]:
- 1.98 grams per tonne gold (“g/t Au”) over 33.5 metres (“m”), including 3.93 g/t Au over 15.2 m, and 1.11 g/t Au over 30.5 m in LBP127.
- 1.44 g/t Au over 96.0 m, including 1.95 g/t Au over 32.0 m and including 5.31 g/t Au over 1.5 m and 1.86 g/t Au over 29.0 m in LBP152
- 1.43 g/t Au over 9.1 m and 1.20 g/t Au over 67.1 m including 2.57 g/t Au over 16.8 m and including 8.51 g/t Au over 3.0 m in LBP138.
- 0.82 g/t Au over 76.2 m including 1.65 g/t Au over 22.9 m in LBP131.
Released results from drilling at the D-1, D-2 and F zones. Highlights include³:
- 3.04 g/t Au over 19.8 m including 8.54 g/t Au over 4.6 m in LBP150 (D-1 zone)
- 2.21 g/t Au over 22.9 m including 7.42 g/t Au over 4.6 m in LBP149 (F zone)
- 0.88 g/t Au over 6.1 m and 0.75 g/t Au over 21.3 m including 2.05 g/t Au over 3.0 m in LBP137 (D-2 zone)
Reported weighted average 79% extraction in column testing of six bulk samples with a range up to 92.8% gold extraction. Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching[3].
Announced an increase to the strategic land holding at Black Pine by staking 243 new claims covering a total of 19 square kilometres (“km²”), increasing the size of the core Black Pine claim block as well as adding a new area to the west of the original claims.[4]
Will, through the remainder of 2020, aim to de-risk and add value through: completion of our 46,000 m Reverse Circulation (“RC”) drilling program for resource estimation and a comprehensive test of the 7.3 km², permitted portion of the gold mineralized system; completion of our 2,000 m diamond core drilling program to obtain additional material for Phase 3 metallurgical column testing; obtaining an amendment to our Plan of Operations to permit drilling over an additional 4.6 km² of the gold system; and investigation of basin hydrology, preliminary engineering and other activities pursuant to initiating a Preliminary Economic Assessment.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and six months ended June 30, 2020 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 in USD except per share data:

	Three months ended June 30,		Six months ended June 30,
	2020	2019	2020	2019
Attributable to shareholders:
Loss for the period	$1,807	$2,835	$2,161	$4,251
Loss and comprehensive loss for the period	$1,396	$2,727	$2,859	$4,015
Basic and diluted loss per share	$0.01	$0.01	$0.01	$0.02

	As at June 30,	As at December 31,
	2020	2019
Cash and short-term investments	$14,293	$14,464
Working capital	$7,079	$11,493
Total assets	$47,168	$42,109
Current liabilities	$9,680	$5,403
Non-current liabilities	$2,219	$1,998
Shareholders’ equity	$26,986	$26,192

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

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any financing on time, the receipt of future staged payments from New Placer Dome relating to the option on Kinsley , obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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.}

[1] See press release dated June 2, 2020.

[2] See press release dated June 23, July 14 and July 28, 2020

[3] See press release dated June 16, 2020

[4] See press release dated June 10, 2020

Liberty Gold Reports Weighted Average 82.9% Extraction in Phase 2 Metallurgical Column Testing at Black Pine Project, Great Basin, USA

High and Rapid Recoveries Relatively Insensitive to Crush Size Continue to Support Simple Heap Leach Processing

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to report results from Phase 2 metallurgical column testing on oxide material from drill core at its Black Pine Project in southeastern Idaho.

Gold extractions from 29 variability composites designed to test the full range of rock types and grades encountered in the drill holes were rapid, with >80% of the leachable gold extracted within 10 days, and final column leach gold extractions ranging up to 94.5%. These results are in-line with and slightly better than Phase 1 bulk sample column test results (78.9% weighted average extraction) and historical column tests from bulk samples and drill core (80.8%) (see press release June 16, 2020).

The Phase 2 metallurgical test work continues to provide support for a simple heap leach mining scenario. Large diameter core drilling in support of a Phase 3 metallurgical test program will commence on August 19, targeting the recent D-3 discovery, D-1 Southeast Extension, F zone and new M Zone target.

Metallurgical test work included fine and coarse bottle rolls and column tests using 0.5 inch (12.7 millimetre (“mm”)) and 1 inch (25.4 mm) crushed material. In total, 87 bottle rolls (29 coarse mesh and 58 fine mesh) and 29 column tests were carried out on material composited from six large diameter (PQ) drill holes in the D-1, D-2 and Rangefront target areas.

Results from the metallurgical test work demonstrate that oxide material from Black Pine responds well to column testing and should contribute to low capital and operating costs in the future. The test work undertaken on the project to date has significantly mitigated the metallurgical risk related to the known mineralization. Virtually no transitional or sulphide mineralization has been encountered to date at Black Pine in over 2000 drill holes.

The work was supervised by independent consulting metallurgist Gary Simmons, formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed or supervised a significant number of metallurgical testing programs on similar deposits throughout the Great Basin. According to Mr. Simmons, “Data from metallurgical testing to date at Black Pine continue to indicate rapid leaching and relatively high gold extractions, with a remarkable insensitivity to particle size, and suggest that a combination Run of Mine and coarse crush/agglomeration heap leaching may be the preferred process options at Black Pine.”

Key Points:

Twenty-nine column leach tests produced a weighted average* 82.9% gold extraction. With a range up to 94.5% gold extraction. See Table 1, below, or click here: https://libertygold.ca/images/news/2020/August/Gold_Extraction_Data.pdf
Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching. See Figure 1, below or click here: https://libertygold.ca/images/news/2020/August/Cumulative_Leach_Curves.pdf
Percent gold extraction is well-correlated with head grade, with the highest-grade composites returning the highest extraction numbers.
Twenty-nine coarse bottle roll tests (target of 80% passing 10 mesh or 1.7mm particle size) produced a weighted average 78.8% gold extraction.
Twenty-nine fine bottle roll tests (target of 80% passing 200 mesh or 75 micron particle size) produced a weighted average 81.5% gold extraction for direct leach, and 29 fine bottle roll tests produced a weighted average 84.1% for carbon in leach (“CIL”).
Gold extraction is relatively insensitive to particle size. Most composites can be projected to coarse particle sizes approximating run of mine conditions without significant loss of gold extraction.
Results generated by this program are consistent with historical column test results generated by Noranda in 1988 prior to mining, as well as Phase 1 metallurgical testing by Liberty Gold using large diameter columns and 300 kilogram bulk samples.
A first-ever metallurgical test of material from the Rangefront Zone, located approximately 2.5 km southeast of the D-2 zone and other holes used for this study, returned extractions ranging up to 81.5% from four composites.

_{*Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic average of the 29 column tests is 75%.}

“We are extremely pleased with the results from our bulk sample and variability column testing programs at Black Pine, which compare well with other oxide heap leach operations and development projects in the Great Basin,” said Moira Smith, Vice President of Exploration and Geoscience for Liberty Gold. “By testing the entire range of grades and rock types, we can better understand the metallurgical characteristics of the gold system across the board and design a process flow sheet that accommodates the variability that we see. Large diameter core drilling for Phase 3 metallurgical testing in other parts of the gold system will commence in a few days.”

Table 1: Column Test and Bottle Roll Results, Liberty Gold Variability Composites

17 August figure 1

Metallurgical Program
Samples for this study were obtained through drilling of large diameter (PQ hole diameter). Composites were selected through consideration of rock type, alteration and gold grade to achieve a wide range of possible outcomes.

For a map showing locations of drill holes used for metallurgical testing, see Figure 2, below, or click here: https://libertygold.ca/images/news/2020/August/BlackPineMet2PRmap.pdf.

Composites were assembled in Elko, Nevada by Liberty Gold staff, utilizing one-half or three-quarter sawed core, then shipped to Kappes, Cassiday and Associates in Reno, Nevada for metallurgical testing, comprising bottle rolls, column testing and geo-metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-rob analysis, ICP geochemical assays, whole rock analysis, QXRD, modified SMC comminution testing and Bond Abrasion (Ai) testing.

The Liberty Gold variability composites were leached continuously for 45 days, then with alternating on/off cycles for 35 days, for a total of up to 80 days, in 10.2 mm and 15.2 mm columns irrigated by low strength (0.50 grams per litre (“g/l”)) sodium cyanide (“NaCN”) solution.

Figure 1: Cumulative Leach Curves, Liberty Gold Variability Composite Samples

17 August figure 1 cummulative leach curves

Samples for bottle roll testing were milled/crushed respectively targeting 80% passing 200 mesh (75 microns) and 80% passing 10 mesh (1.7 mm) particle size. The direct leach samples were rolled/agitated in bottles in a 1.0 g/l dilute NaCN solution for 72 hours (for 200 mesh) or 144 hours (for 10 mesh). The 200 mesh (75 microns) CIL samples were rolled/agitated in bottles for 72 hours in a 1.0 g/l dilute NaCN solution, containing 20 g/l of activated carbon.

Liberty Gold Phase 2 variability composites exhibit a range of extraction values, up to 94.5%, with rapid extraction in the first ten days of leaching. The range in values is consistent with that obtained by Noranda Exploration in a similar program in 1988, and with Liberty Gold Phase 1 bulk sample column tests. Percent extraction is positively correlated with head grade. Select head samples are now undergoing detailed mineralogical and gold deportment study, at AMTEL in Ontario, Canada, to determine how the gold and gangue minerals are distributed in the rock, with particular attention to samples with reduced gold extraction.

Figure 2: Locations of Drill Holes Used for Phase 2 Metallurgical Study

17 August figure 2

About Black Pine
With its excellent jurisdiction, simple metallurgy and clear growth potential, Black Pine is one of the premium Carlin-style discoveries of the past decade.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website at www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

_{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 regarding the receipt of proceeds from the Transaction and 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 amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date,, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

Liberty Gold Announces Signing of Definitive Option Agreement on the Baxter Spring Gold Project, Nevada

VANCOUVER,B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce it has signed a definitive agreement (the “Agreement”) for the option of its 100% interest in the Baxter Spring Gold project, located in central Nevada (“Baxter Spring”) to BlueBird Battery Metals Inc., (BATT-TSX.V) (“BlueBird”).

Pursuant to the terms of the Agreement, Liberty Gold will receive in return for its interest in Baxter Spring an aggregate of US$500,000 in cash plus common shares in BlueBird (“BlueBird Shares”) equal to 19.5% of the issued and outstanding BlueBird Shares on a non-diluted basis (the “Transaction”).

Terms of the Agreement:

Closing of the Transaction is subject to completion of a financing by BlueBird and other customary conditions including approval by the TSX Venture Exchange (the “TSXV”).

BlueBird shall have the exclusive right to acquire a 100% in Baxter Spring by satisfying the following terms (except for the Final Payment):

(a) making cash payments totalling US$500,000 in accordance with the following schedule:

(i) US$250,000 on the closing date; and

(ii) US$250,000 on or before the first anniversary of the date of TSXV approval of the Transaction (the “Final Payment”);

(b) issuing that number of BlueBird Shares that are equal to 19.5% of the issued and outstanding BlueBird Shares, on a post-financing and post-consolidation basis (subject to a one year hold period);

(d) completing a minimum C$2 million financing and consolidation of its common shares.¹

Liberty Gold shall retain a 36 month right to reacquire a 35% interest in Baxter Spring for US$1,000,000 (“Back-in Right”). Should Liberty Gold exercise the Back-in Right, BlueBird has been granted an option to repurchase 5% of Liberty Gold’s interest by completion of a pre-feasibility study.

_{¹Prior to closing the Transaction, BlueBird intends to complete a consolidation on the basis of two pre-consolidation shares for one post-consolidation share and a financing.}
_{BlueBird has also announced that it will change its name to Huntsman Exploration Inc. and will trade under the symbol HMAN-TSX.V or such other name and trading symbol acceptable to the TSXV.}

ABOUT LIBERTY GOLD

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 regarding the closing of and receipt of proceeds from the Transaction. 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, the closing of the Transaction, the receipt of the staged payments, the successful financing and consolidation by BlueBird, the approval of the Transaction by the TSX-V, 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, accuracy of any mineral resources, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

Liberty Gold Continues to Intersect High-Grade Oxide Gold in the D-3 Zone at Black Pine; 0.98 g/t Au over 80.8 m including 2.32 g/t Au over 18.3 m and an Additional 2.19 g/t Au over 7.6 m

Four Drills Now Operating, Focused on Targets Throughout the 7.3 km2 Permitted Portion of the Gold System

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce additional reverse circulation (“RC”) drill results from the 2020 drill program at its Carlin-style Black Pine oxide gold property in southern Idaho, USA (“Black Pine”). Liberty Gold identified nine regional oxide gold targets over a 7.3 square kilometre (“km²”) permit area to be tested in 2020. To date, five targets have been tested, resulting in the D-3, F, and D-1 Southeast Extension discoveries, with assays pending from the Southwest Extension and D-1 Northwest Extension areas.

“With three RC drills and one core drill currently operating, we are on track to meet our goal of giving the identified gold system a comprehensive test in 2020, while building resource ounces at the same time,” comments Cal Everett, President and CEO of Liberty Gold. “The first half of the core drilling program is focused on obtaining large diameter core for Phase 3 metallurgical drilling, followed by a test of new targets. It is nice to see our goals being met, and even better that we are finding gold nearly everywhere that we look.”

D-3
Liberty Gold’s third high-grade oxide gold discovery (the “D-3 Zone”) continues to deliver multiple thick intervals of oxide gold mineralization. D-3 lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie most of the Black Pine gold system at depth. Drilling is presently focused on infill drilling as well as step-out drilling under the historic B pit.

D-3 DRILL HIGHLIGHTS INCLUDE¹:

D 3 DRILL HIGHLIGHTS
_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-3 KEY POINTS

The new D-3 Zone continues to take shape as additional holes are added to it, with LBP169 further confirming the potential of the zone to host thick intervals of 1 gram per tonne gold (“g/t Au”) or better.
As the highlight table indicates, most of the holes contain multiple intervals of gold mineralization from surface to over 300 metres (“m”). With reference to the complete table of results (link provided below), individual holes commonly contain 5 to 10 intervals above a 0.2 g/t Au cut-off grade.
Cyanide-soluble assays for the highlight interval in LBP169 return a weighted average of 88%, attesting to the thoroughly oxidized nature of gold mineralization.
At present, D-3 is thought to be hosted in an east-dipping, sheared, calcareous siltstone horizon, stratigraphically beneath and structurally adjacent to the unit that hosts the D-1 and D-2 zones. It rises to near the surface in the west and extends an unknown distance under the historic B pit to the east.
Two drills are currently on D-3 to advance infill and step-out drilling.

D-1 SOUTHEAST EXTENSION
High-grade oxide gold was also encountered in the D-1 Southeast Extension area, testing a 400 m-long gap in historical drilling between the historic B and Tallman pits. To date, Liberty Gold has drilled a total of 12 RC holes and one diamond core hole in this target, with additional step-out drilling planned on the basis of these results. Follow-up drilling around LBP150 (see press release July 28, 2020) yielded an intercept in similar strata approximately 35 m to the north as detailed below. Additional drill sites have been constructed in order to continue infill and step-out drilling on these encouraging results.

D-1 SOUTHEAST EXTENSION DRILL HIGHLIGHTS INCLUDE¹:

D 1 SOUTHEAST EXTENSION DRILL HIGHLIGHTS
_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-1 SOUTHEAST EXTENSION KEY POINTS:

LBP168 continues to demonstrate the potential for the Southeast Extension of the D-1 Zone to host high-grade ounces.
Additional drill holes from new drill sites are planned to follow up on recent drill results.
Cyanide-soluble assays for the highlight interval in LBP168 return a weighted average of 74%, further attesting to the thoroughly oxidized nature of gold mineralization.

RC drilling is ongoing at Black Pine, with three RC drill rigs testing new targets, infilling newly-identified targets, and expanding on the focused drilling carried out in 2019.

For cross sections of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/september/BlackPine_NR09102020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/september/BlackPine_NR09102020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/september/BP_Intercepts09102020.pdf

REGIONAL DRILLING

As new targets are drilled, infill and step out drilling are carried out where new discoveries are made, as is the case at the D-3 and D-1 Southeast Extension zones. However, one or more RC drills at any given time is carrying out regional drilling, as part of Liberty Gold’s commitment to a comprehensive test of the 7.3 km² permitted area of the Black Pine gold system in 2020.

Two additional targets have been the subject of recent drilling, including a large area southwest of the historic CD Pit (Southwest Extension), and an area north of the current limit of the D-1 zone (D-1 Northwest Extension). The Southwest Extension contains a large gold-in-soil anomaly, measuring over 1 km² in size, which has never had a drill test. Portions of the holes drilled to date contain decalcified siltstone, breccias and iron oxides, which are indicators of gold mineralization elsewhere at Black Pine. The area north of the D-1 zone, and on either side of the north end of it, contains areas of anomalous gold in surface soil samples, voluminous calcite-cemented breccias and widely-spaced, shallow, historic drill holes, most of which contain oxide gold. Drilling is focused on testing below the limit of the historic drilling along projections of structural features, including the northwest extension of the D-1 zone.

Additional targets that will be tested in the near future include the M Zone in the northeastern portion of the gold system, and the Rangefront Target in the southeastern portion of the gold system. Both areas have been tested in the past with shallow drill holes, often ending in mineralization. Historic intercepts in the M zone include 1.70 g/t Au over 15.2 m in 93BX-82, and 1.33 g/t Au over 10.7 m and 0.98 g/t Au over 10.7 m in 93BX-36.

KEY POINTS:

Regional targets tested to date in 2020 include the D-3, F Zone and D-1 Southeast Extension; all yielded shallow, high-grade oxide gold intercepts, with D-3 yielding an additional deeper body of mineralization similar to that encountered in 2019 in the D-1 and D-2 zones.
In the short term, the new F Zone drill intercept (2.21 g/t Au over 22.9 m including 7.42 g/t oxide gold over 4.6 m in LBP149) will be followed up with additional drilling.
Other new targets with assays pending include the D-1 Northwest Extension and Southwest Extension near the CD Pit.
Drilling will commence soon on the M Zone target located southeast of the A Pit, as well as a return to the Rangefront target, located 2.0 km southeast of the Tallman Pit, with a near-surface intercept of oxide gold grading 0.49 g/t Au over 55.9 m in LBP093C.

In addition to RC drilling, Liberty Gold is expanding the permit area to include an additional 4.6 km². Large diameter (PQ) core drilling for Phase 3 metallurgical testing is ongoing.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website at www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

_{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 regarding the receipt of proceeds from the Transaction and 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 amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date,, 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; 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); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2020 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 unless required by law.}

Liberty Gold Extends the D-1 Zone to the Northwest, including 1.02 g/t Au over 24.4 m in LBP179 and 1.18 g/t Au over 16.8 m in LBP173

Drilling Resumes at TV Tower in Turkey, Targeting Columbaz Au-Cu Porphyry

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce additional reverse circulation (“RC”) drill results from the 2020 drill program at its Carlin-style Black Pine oxide gold property in southern Idaho, USA (“Black Pine”). Liberty Gold identified nine regional oxide gold targets over a 7.3 square kilometre (“km²”) permit area. To date, six targets have been tested, with assay results back from four, resulting in the D-1 Southeast Extension, D-1 Northwest Extension, D-3, and F Zone discoveries.

“We continue to identify additional areas of oxide gold in our regional drilling program at Black Pine, with every target to date returning encouraging results and discoveries,” comments Cal Everett, President and CEO of Liberty Gold. “Following the successful sale of our 40% interest in the Halilağa porphyry gold – copper (“Au-Cu”) deposit in Turkey, Liberty Gold is assessing options with respect to how to crystallize value in our 60% ownership interest in the TV Tower project, located 13 km to the northwest of Halilağa. We are pleased to announce the resumption of drilling at TV Tower after a five-year exploration hiatus. We are testing a large Au-Cu porphyry target last drilled in 2014 which returned 499.1 metres grading 0.36 grams per tonne gold and 0.13% copper*. Core photographs from the first hole are shown in this release, a second hole is in progress. This is a limited budget drill test of a single target.”

*Liberty Gold news release dated February 6, 2015

D-1 NORTHWEST EXTENSION

The 2 kilometre (“km”)-long D-1 zone is presently open to the northwest. Historic holes in this area were shallow and some ended in oxide gold mineralization. The open-ended D-1 Northwest Extension (“D-1NW”) is surrounded by a >1 square km area of strongly brecciated limestone with anomalous gold in soil and rock samples and shallow historic drill holes with gold mineralization. LBP179 is the first hole drilled by Liberty Gold in this area, returning 1.02 grams per tonne gold (“g/t Au”) over 24.4 metres (“m”). LBP173 tested an area to the west of the north end of the D1 Zone, opposite LBP002, returning 1.18 g/t Au over 16.8 m, and potentially opening up another largely untested area for exploration. Additional drill sites are under construction to expand the drilling effort in this new area.

D-1 NORTHWEST EXTENSION DRILL HIGHLIGHTS INCLUDE¹:

NR Sept 28 Table 01

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-1 NORTHWEST EXTENSION KEY POINTS:

The northwestern portion of the D-1 Zone remains open to the northwest and is situated in an area with widespread gold in surface soil and rock samples and widely-spaced shallow historic drill holes, most with gold mineralization.
Based on initial drill results, additional drill holes are planned along strike for at least 300 m, and throughout the general area.
Cyanide-soluble assays for LBP173 returned a weighted average 97% of fire assay, and LBP179 returned a weighted average 89% of fire assay, attesting to the thoroughly oxidized nature of mineralization in this area.

D-1 SOUTHEAST EXTENSION
To date in 2020 Liberty Gold has reported 15 RC and one diamond core hole from the D-1 Southeast Extension (“D-1SE”), a 400-m-long gap in the D-1 zone between the main portion of the zone and the historic Tallman Pit. High-grade oxide gold was encountered in this area in drill holes LBP150 (3.04 g/t Au over 19.8 m) and LBP168 (1.06 g/t Au over 32 m). Additional results from three drill holes continue to build on the success of previous drilling. Additional drill sites have been constructed in order to continue infill and step-out drilling.

D-1 SOUTHEAST EXTENSION DRILL HIGHLIGHTS INCLUDE¹:

NR Sept 28 Table 02

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-1 SOUTHEAST EXTENSION KEY POINTS:

Ongoing drilling continues to demonstrate the potential for the D-1SE Zone to host high-grade oxide gold.
Additional holes from newly-constructed drill sites are planned to expand upon recent drill results.
Cyanide-soluble assays for the highlight interval in LBP171 return a weighted average of 75% of fire assay, attesting to the oxidized nature of gold mineralization.

D-3 ZONE
Liberty Gold’s third high-grade oxide gold discovery (the “D-3 Zone”) continues to deliver multiple thick intervals of oxide gold mineralization. D-3 lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie most of the Black Pine gold system at depth. It is located immediately west of and approximately parallel to the D-1 Zone. Drilling is presently focused on step out drilling under the historic B pit, and infill drilling throughout the newly-defined zone.

D-3 DRILL HIGHLIGHTS INCLUDE¹:

NR Sept 28 Table 03

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

D-3 KEY POINTS

The new D-3 Zone continues to take shape as additional holes are added to it.
Most of the holes drilled to date contain multiple intervals of gold mineralization from surface to over 300 metres. With reference to the complete table of results (link provided below), individual holes commonly contain 5 to 10 intervals above a 0.2 g/t Au cut-off grade.
Cyanide-soluble assays for the highlight interval in LBP182 returned a weighted average of 83% of fire assay, attesting to the thoroughly oxidized nature of gold mineralization.
Two drills are currently on the D-3 zone to advance infill and step-out drilling. It is still open to the south.

RC drilling is ongoing at Black Pine, with three RC drill rigs testing new targets, infilling newly-identified targets, and expanding on the focused drilling carried out in 2019.

For cross sections of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/september/BlackPine_NR09292020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/september/BlackPine_NR09292020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/september/BP_Intercepts09292020.pdf

REGIONAL DRILLING

As new targets are drilled, infill and step out drilling are carried out where new discoveries are made, as is the case at the D-3 and D-1SE zones. However, one or more RC drills at any given time is carrying out regional drilling, as part of Liberty Gold’s commitment to a comprehensive test of the 7.3 km2 permitted area of the Black Pine gold system in 2020.

Liberty Gold currently has a backlog of 33 drill holes awaiting assay results. The delays are due to a significant increase in exploration activities in the Great Basin, while at the same time, the laboratory must employ proper Covid-19 safety protocols. As a result, a number of targets are simultaneously being evaluated in order to assess targets in the most efficient way possible and not over-drill them prior to receipt of results.

Six holes tested a large area southwest of the historic CD Pit (Southwest Extension), with results pending. The Southwest Extension contains a large gold-in-soil anomaly, measuring over 1 km² in size, which has never had a drill test. Portions of the holes drilled to date contain decalcified siltstone, breccias and iron oxide, which are indicators of gold mineralization elsewhere at Black Pine.

A drill is presently located in and around the M Zone in the northeastern portion of the gold system. Historic intercepts in shallow holes in the M zone include 1.70 g/t Au over 15.2 m in 93BX-82, and 1.33 g/t Au over 10.7 m and 0.98 g/t Au over 10.7 m in 93BX-36 (unpublished historical drill hole results), with a number of holes bottoming in gold mineralization.

Drill sites are also being readied in the J anomaly north of the historic A Pit, to the west of the D-3 Zone, in the north end of the D-1 Zone and in the Rangefront target.

Large diameter (PQ) core drilling for Phase 3 metallurgical testing is ongoing. The drill will be employed for exploration drilling when metallurgical drilling is completed.

In addition to RC drilling, Liberty Gold is expanding the permit area to include an additional 4.6 km².

TV TOWER, TURKEY: COLUMBAZ Au-Cu PORPHYRY DRILL TEST
Liberty Gold is pleased to announce that it has commenced drilling at the TV Tower Property in western Turkey. Liberty Gold is the 60% owner and operator of the Property. One diamond core drill is testing the Columbaz porphyry Au-Cu target. It recently completed hole CD013, a 150 m step-out north of previous drill holes, to a depth of 642 m. A second hole, another 150 m step out, is in progress.

To date, Liberty Gold has discovered one high sulphidation Gold-Silver-Copper system (KCD deposit), two oxide gold systems (Kayali and Yumrudag) and three Au-Cu+/-Molybdenum porphyry systems (Valley, Hilltop and Columbaz), with a number of untested Au and Au-Cu porphyry targets present throughout the property. The KCD deposit has a current Indicated resource of 23.1 million tonnes grading 0.63 g/t Au (470,000 ounces), 27.6 g/t Silver (“Ag”) (20.5 million ounces), and 0.16% Cu (78.9 million pounds), and an Inferred 10.8 million tonnes grading 0.15 g/t Au (53,000 ounce), 45.7 g/t Ag (15.8 million ounces), and 0.06% Cu (14.8 million pounds) making it Turkey’s third largest silver deposit. (See 2012 through 2015 press releases on the Company’s website and 2014 KCD Technical Report for more details.)

The Columbaz porphyry Au-Cu target was previously tested with six drill holes in 2014 (for more information, see Liberty Gold press releases dated October 22, 2014 and February 6, 2015). Highlights included CD012, which returned 499.1 m grading 0.36 g/t Au and 0.11% Cu, and CD008, which returned 357.7 m grading 0.60 g/t Au and 0.10% Cu.

NR Sept 28 Table 04

The system remains open in all directions. Post-discovery, a deep Induced Polarity geophysical survey was carried out at Columbaz, showing a chargeability high over a broad area to a depth of at least 300 m. CD013 is a step out approximately 150 m to the north of CD012. Visual inspection of the core suggests that the porphyry system is present in this drill hole, which progresses through phyllic altered intermediate volcanic rocks into intrusive rocks with phyllic and potassic (potassium feldspar) alteration and a stockwork of quartz veins with medial and axial chalcopyrite and pyrite (B veins) and quartz-magnetite veins (M veins). Deeper in the hole, potassic alteration with M veins and quartz-molybdenite-pyrite veins are dominant. Assays are pending for CD013.

For a map of the TV Tower property, a cross section of the Columbaz porphyry Au - Cu target area and drill core photographs, please click here: https://libertygold.ca/images/news/2020/september/TVTower_NR09292020MapCSCorePhotos.pdf

ABOUT BLACK PINE

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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, accuracy of any mineral resources, 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.}

_{The mineral resource estimates referenced in this press release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources." While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Liberty Gold is not an SEC registered company. TV Tower is an early stage exploration project and, except for the mineral resources at the KCD deposit, as summarized herein, does not contain any mineral resource estimates as defined by NI 43-101. The potential to define a mineral resource at the copper-gold K2 zone of TV Tower is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration at K2 will yield a mineral resource.}

_{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 unless required by law.}

Liberty Gold Extends the D-3 Zone to the Southeast: 1.01 g/t Au over 62.5 m, including 1.94 g/t Au over 25.9 m in LBP189 and 1.50 g/t Au over 27.4 m in LBP203

D-3 Zone Extended Eastward Below the D-1 Zone

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce additional reverse circulation (“RC”) drill results from the 2020 drill program at its Carlin-style Black Pine oxide gold property in southern Idaho, USA (“Black Pine”). Liberty Gold identified nine regional oxide gold targets over a 7.3 square kilometre (“km²”) permit area. To date, six targets have been tested, with assay results received from four, resulting in the D-1 Southeast Extension, D-1 Northwest Extension, D-3, and F Zone discoveries. Results from the M, Southwest Extension, J and CD targets are pending. Liberty Gold continues to define the D-1 and D-3 zones on 35 to 50 metre (“m”) centres and test regional targets in a systematic manner.

“The D-3 Zone has grown from a single discovery hole to a well-established oxide gold zone in under 6 months,” said Cal Everett, President and CEO of Liberty Gold. “It now measures 400 m long in a north-south direction and extends at least 250 m in an east-west direction, extending under the historic B Pit and the D-1 Zone. Results continue to support the concept that the Black Pine mineralized system consists of a series of stacked high grade oxide gold zones separated by a halo of mineralized material above a projected 0.2 gram cutoff grade, in the 0.2 to 0.5 grams per tonne of gold (“g/t Au”) range. Definition drilling on tight drill centers will support a maiden, pit-constrained resource estimate to be completed in late Q1, 2021”.

Liberty Gold’s third high-grade oxide gold discovery (the “D-3 Zone”) continues to deliver multiple thick intervals of oxide gold mineralization. D-3 is approximately parallel to and lies to the west of and beneath the D-1 Zone in a stratigraphic unit that is modeled to underlie the southern two-thirds of the Black Pine gold system. This stratigraphic unit has only been tested in a few locations to date and is modeled to extend over an approximate 4.5 km² area that is permitted to drill.

D-3 drill holes in this release are located in the southeastern portion of the Zone, extending mineralization from original drilling along a 150 m-wide, moderately east-dipping fault, eastward an additional 100 m along a stratigraphic horizon that extends under the historic B pit.

D-3 DRILL HIGHLIGHTS INCLUDE¹:

NR Sept 28 Table 01

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

KEY POINTS:

The D-3 Zone continues to expand eastward with additional drilling.
Most of the holes drilled to date contain multiple intervals of oxide gold mineralization from surface to over 300 m depth.
Cyanide-soluble assays for the highlight interval in LBP189 returned a weighted average of 86% of fire assay. The highlight interval in LBP203 returned a weighted average of 92% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.
The D-3 Zone remains open to the south and east.

RC drilling is ongoing at Black Pine, with three RC drill rigs testing new targets, extending newly identified targets, and expanding on the focused drilling carried out in 2019. The core drilling program, focused primarily on obtaining large-diameter core for metallurgical testing, was completed on November 7, 2020.

For cross sections of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/november/BlackPine_NR11102020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/november/BlackPine_NR11102020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/november/BP_Intercepts11102020.pdf

REGIONAL DRILLING

At present, two RC drills are carrying out regional drilling, as part of Liberty Gold’s commitment to a comprehensive test of the 7.3 km² permitted area of the Black Pine gold system in 2020.

A number of targets are simultaneously being evaluated in order to complete a regional oxide gold assessment in the most efficient way possible and not over-drill them prior to receipt of assay results.

Two holes tested the M Zone in the northeastern portion of the gold system, with results pending. Historic intercepts in shallow holes in the M zone include 1.70 g/t Au over 15.2 m in 93BX-82, and 1.33 g/t Au over 10.7 m and 0.98 g/t Au over 10.7 m in 93BX-36 (unpublished historical drill hole results), with a number of holes bottoming in gold mineralization. On the basis of visual inspection of the drill chips, additional holes will be added before year end.

Holes were drilled around the J anomaly north of the historic A Pit, to the west of the D-3 Zone and in the north end of the D-1 Zone. Assays are pending for all of these areas.

One RC rig is testing the Rangefront Zone, where gold was encountered in historic shallow drill holes. One diamond core hole was drilled in this zone in late 2019, returning 0.49 g/t Au over 55.3 m (January 16, 2020 Press Release).

In addition to RC drilling, Liberty Gold is expanding the drill permit area to access an additional 4.6 km².

ABOUT BLACK PINE

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website, www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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, accuracy of any mineral resources, 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.}

LIBERTY GOLD REPORTS Q3 2020 FINANCIAL AND OPERATING RESULTS

VANCOUVER, B.C. – Liberty Gold Corp. (LGD - TSX) ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the nine months ended September 30, 2020. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

HIGHLIGHTS:

Liberty Gold announced the closing of the sale of the Halilağa porphyry copper gold deposit in Turkey, and receipt of the first of the three staged payments of $6.0 million. A further two $6.0 million installments are bank guaranteed and will be received on August 15, 2021 and August 15, 2022 respectively ¹.
Contributing towards Liberty Gold’s cash balance of $16.7 million held as at today’s date, since January 1, 2020, to the date of this release, we have received a total of C$3.4 million and C$1.4 million from the early exercise of Liberty Gold common share purchase warrants (“Warrants”) issued pursuant to the bought deal financings that closed on October 2, 2018 and January 26, 2018, respectively; the Warrants are exercisable for C$0.60 and C$0.65, respectively, for a period of three years from issue.
In August 2020 we announced the start of a five-hole core drill program at the TV Tower property in Turkey.
Continuing the monetisation of non-core assets, on November 12, 2020, pursuant to an option agreement on the Baxter Spring gold project (“Baxter Option Agreement”), between Liberty Gold and Huntsman Exploration Inc. (TSXV:HMAN, formerly BlueBird Battery Metals Inc.) (“Huntsman”), Liberty Gold received $250,000 in cash and 14,986,890 common shares in Huntsman (“Huntsman Shares”) equal to 19.5% of the issued and outstanding Huntsman Shares², subject to a 12 month hold period. Pursuant to the Baxter Option Agreement, a final payment of $250,000 is due on November 12, 2021. In addition, Liberty Gold will retain a 2% Net Smelter Royalty and back-in rights to acquire up to a 35% interest in Baxter Spring within three years, upon payment of the sum of $1.0 million to Huntsman. Liberty Gold also retains the right to appoint a member to Huntsman’s board of directors provided minimum share positions are maintained per the terms outlined in the Baxter Option Agreement.

At Black Pine we:

Reported weighted average 82.9% gold extraction in phase 2 of metallurgical column testing, with a range up to 94.5% gold extraction.³
Released further results from drilling at the D-1 zone. Highlights include:
- 1.26 grams per tonne gold (“g/t Au”) over 10.7 metres (“m”), including 1.59 g/t Au over 7.6 m in LBP176.
- 1.18 g/t Au over 16.8 m including 1.82 g/t Au over 7.6 m in LBP173.
- 1.06 g/t Au over 32.0 m including 2.34 g/t Au over 10.7 m in LBP168.
Continue to intersect high-grade oxide gold in the D-3 zone, discovered in close proximity to the D-1 and D-2 zones and accretive to the overall gold endowment in the Black Pine gold system. Highlights include ⁴:
- 0.98 g/t Au over 80.8 m including 2.32 g/t Au over 18.3 m and including 5.60 g/t Au over 3.0 m, and 2.19 g/t Au over 7.6 m including 3.17 g/t Au over 4.6 m in LBP169.
- 0.86 g/t Au over 9.1 m and 0.82 g/t Au over 33.5 m, including 1.28 g/t Au over 16.8 m in LBP162.
- 1.50 g/t Au over 27.4 m and 0.62 g/t Au over 7.6 m in LBP203.
- 1.10 g/t Au over 15.2 m, including 1.63 g/t Au over 7.6 m and 0.70 g/t Au over 44.2 m including 1.77 g/t Au over 3.0 m and 1.68 g/t Au over 4.6 m in LBP165.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and nine months ended September 30, 2020 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 in USD except per share data:

	Three months ended September 30		Nine months ended September 30
	2020	2019	2020	2019
Attributable to shareholders:
Income (loss) for the period	$12,866	$(2,931)	$10,705	$(7,182)
Income (loss) and comprehensive income (loss) for the period	$13,386	$(3,128)	$10,527	$(7,143)
Basic and diluted income (loss) per share	$ 0.05	$ (0.01)	$ 0.04	$ (0.03)

	As at September 30, 2020	As at December 31, 2019
Cash and short-term investments	$ 17,496	$ 14,464
Working capital	$ 18,235	$ 11,493
Total assets	$ 57,644	$ 42,109
Current liabilities	$ 5,879	$ 5,403
Non-current liabilities	$ 2,405	$ 1,998
Shareholders’ equity	$ 41,501	$ 26,192

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

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

^{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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any financing on time, the receipt of future staged payments relating to the option on Baxter Spring and on the sale of Halilağa, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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.}

_{¹ See press release dated August 12, 2020}

_{² See press release dated September 29, 2020}

_{³ See press release dated August 18, 2020}

_{⁴ See press release dated September 10, 2020 and November 10, 2020}

Liberty Gold Announces Infill Drill Results In The D-1 and D-3 Zones at Black Pine, Idaho: 1.41 g/t Au over 22.9 m and 1.51 g/t Au over 56.4 m including 2.36 g/t over 24.4 m in LBP206

High Cyanide Solubility Results in All Oxide Gold Grade Ranges Confirmed on a Project Scale

A maiden resource estimate for Black Pine is anticipated for late Q-1 or early Q-2, 2021.

“Definition drilling in the D-1 and D-3 zones continues to deliver zones of high-grade oxide gold mineralization and reinforces the concept that the Black Pine mineralized system consists of a series of stacked high grade oxide gold zones separated by a halo of mineralized material above a projected 0.2 gram cut-off grade,” commented Moira Smith, VP Exploration and Geoscience. “The Black Pine oxide gold system covers a 14 square kilometer (“km²”) area, and where exposed at surface is marked by a 7+ km², >50 ppb gold-in-soil anomaly which is likely the largest soil anomaly in the Great Basin that does not have a producing mine on it”.

Liberty Gold’s third high-grade oxide gold discovery (the “D-3 Zone”) continues to deliver multiple thick intervals of oxide gold mineralization. For example, drill hole LBP206 returned six reportable intervals (>0.2 grams per tonne (“g/t”) of gold (“Au”) and >1 gram-metres) from 0 to 327.7 m, aggregating a drilled thickness of 114.4 m of above cut-off gold mineralization and 131.1 gram metres. LBP208 returned six reportable intervals from 4.6 to 368.8 m, aggregating a drilled thickness of 132.7 m of above cut-off gold mineralization and 103.0 gram-metres.

D-3 is approximately parallel to and lies to the west of and partially beneath the D-1 Zone in a stratigraphic unit that is modeled to underlie the southern two-thirds of the Black Pine gold system. This stratigraphic unit has only been tested in a few locations to date and is modeled to extend over an approximate 4.5 km² area that is permitted to drill.

D-3 drill holes in this release are located in the central and southern portion of the Zone, increasing confidence in the geological and spatial model for gold mineralization. Cyanide solubility numbers remain high across all oxide gold grade ranges for the D3 Zone, and will, in conjunction with recent metallurgical core drilling in this area, help define a gold recovery model.

D-3 DRILL HIGHLIGHTS INCLUDE¹:

table 01 120220

KEY POINTS:

The D-3 Zone continues to deliver thick zones of high-grade oxide gold with additional drilling.
Most of the holes drilled to date contain multiple intervals of above cut-off (>0.2 g/t Au) oxide gold mineralization from surface to over 300 m depth.
Cyanide-soluble assays, as shown in the drill result table, for the highlight intervals in LBP206 returned a weighted average of 98% and 92% of fire assay. The highlight interval in LBP208 returned a weighted average of 84% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.
The D-3 Zone remains open to the south and east.

For cross sections of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/december/BlackPine_NR12022020CS.pdf

For a map of drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/december/BlackPine_NR12022020Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/december/BP_Intercepts12022020.pdf

D-1 SOUTHEAST ZONE

Drilling continues in the southeastern extension of the D-1 Zone. Step out drilling along this 400 m-long corridor continues to deliver significant thicknesses of oxide gold mineralization at relatively shallow depth under a ridge between the historic Tallman and B pits. The zone is still open to the northeast, and drilling continues to target this area.

D-1 SOUTHEAST DRILL HIGHLIGHTS INCLUDE¹:

table 02 120220

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}
_{²Reduced cyanide solubility due to the presence of organic carbon.}
_{³Cyanide solubility ratios >100% can result from the small sample sizes and corresponding low precision of this method.}

KEY POINTS:

The D-1 Southeast Extension Zone continues to identify areas of high-grade oxide gold with additional drilling.
Most of the holes drilled to date contain multiple intervals of shallow oxide gold mineralization.
Cyanide-soluble assays for the highlight interval in LBP223 returned a weighted average of 100% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.
The D-1 Southeast Zone remains open to the northeast, with drilling ongoing.

REGIONAL DRILLING

In early 2020, Liberty Gold identified nine regional oxide gold targets over a 7.3 km² permit area. To date, seven targets have been tested with over 40,000 m of drilling. Assay results have been received from four, resulting in the D-1 Southeast Extension, D-1 Northwest Extension, D-3, and F Zone discoveries. Results from the M, Southwest Extension, J, CD and Rangefront targets are pending.

RC drilling is ongoing at Black Pine, with two RC drill rigs, double shifted, testing new targets, extending newly identified targets, and expanding on the focused drilling carried out in 2019. The core drilling program, focused primarily on obtaining large-diameter core for metallurgical testing, was completed on November 7, 2020, with assays pending from seven holes.

In addition to RC drilling, Liberty Gold is expanding the drill permit area to access an additional 4.6 km² of the Black Pine gold system.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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, timing of the publication of any mineral resources, 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.}

Greg Etter Joins the Liberty Gold Board of Directors

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that Greg Etter has been appointed to the Board of Directors effective November 27, 2020.

Mr. Etter has broad, extensive experience in the natural resources sector, including more than two decades of successfully managing diverse portfolios as a senior executive at multiple international mining companies. Mr. Etter has been responsible for government relations, legal, security, land, environment, public relations, and community affairs. During the course of his career, he has had wide-ranging experience on four continents, including significant accomplishments relating to development projects. He joined Kinross Gold Corporation (TSX, NYSE) in 2007 and served in a number of roles including Senior Vice-President, Global Government Relations, Security and Lands prior to his retirement in 2020.

Mr. Etter specializes in establishing sound relationships with local, state and federal stakeholders that lead to the successful permitting of mining operations under the guidance of all regulations and environmental, social and governance (ESG) requirements.

Mr. Etter obtained his B.S. in Geology from Colorado State University, and graduated Magna Cum Laude from Washburn University School of Law choosing afterwards to specialize in natural resources work. Mr. Etter was Vice President, General Counsel and Secretary at Battle Mountain Gold Company (NYSE, FWB, ASX) playing a key role in the management in addition to having responsibility for legal matters, and domestic government and environmental affairs. Mr. Etter joined Newmont Mining Corporation (TSX, NYSE) in 2000, initially responsible for government affairs, public relations, social development and security, later serving as Vice President and Executive Aide to the Chairman.

Mark O’Dea, Chairman of Liberty Gold, commented, “On behalf of Liberty Gold, it is my pleasure to welcome Greg to the Board. The unique skillset and experience he brings is well suited to our company culture and project portfolio. As our Black Pine and Goldstrike projects approach the development stage, Greg’s government and public relations expertise, as well his legal, land and environment experience, will be valuable and complementary skills to add to Liberty’s growing team."

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.

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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Liberty Gold Announces Drill Results from Five Regional Targets at Black Pine, Idaho

Oxide Gold Confirmed Over Significant Widths at the F, Rangefront, J and M Zones and Southwest Extension Target

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce additional reverse circulation (“RC”) drill results from the 2020 regional drill program at its Carlin-style Black Pine oxide gold property (“Black Pine”) in southern Idaho, USA. Regional target drill results confirm the district scale of the Black Pine mineralized system.

Results have been received from the F, Rangefront, J and M zones and Southwest Extension Target, with additional drill holes pending. A total of eight regional drill targets were tested in 2020, with oxide gold encountered in all locations.

During the same time frame, Liberty Gold continued to infill and step out drill in the now-amalgamated D-1, D-2 and D-3 zones in preparation for a maiden resource estimate anticipated for release in late Q1, 2021. The D-1, D-2 and D-3 zones (collectively, the “Discovery Focus Area”) underlie an area of approximately 1.6 square kilometres (“km²”).

For a map, photo and cross sections of the Black Pine Property, including drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2020/december/BlackPine_NR12222020MapandCS.pdf

The map shows the Discovery Focus Area, and its spatial relationship to the drill-confirmed regional gold zones and targets in this release. The M Zone is located 1,000 metres (“m”) east, J Zone 300 m north, F Zone 500 m southwest, Rangefront Zone 2000 m south and Southwest Extension Target 1,500 m southwest of the Discovery Focus Area.

“In addition to our well-established D-1, D-2 and D-3 zones, our drill program continues to demonstrate the widespread nature of gold mineralization surrounding the Black Pine Discovery Focus Area,” commented Cal Everett, President and CEO of Liberty Gold. “We look forward to the release of our Maiden Resource Estimate at Black Pine near the end of Q1 and expect that these regional zones will contribute to it. With a larger drilling program planned for 2021, we hope to expand these regional zones and identify additional areas of mineralization. After receipt of the Maiden Resource Estimate, we plan to advance the property to a Preliminary Economic Assessment.”

F ZONE

As presently understood, the F Zone forms a linear zone of shallow, oxidized gold mineralization that extends north-northwest from the north end of the historic CD Pit, parallel on a regional scale to the D-1 Zone. Mineralization is hosted in calcareous and sandy siltstone assigned to the same stratigraphic unit that hosts the D-3 Zone. Earlier in 2020, drill hole LBP149 encountered 22.9 m grading 2.21 grams per tonne (“g/t”) oxide gold (“Au”) at shallow depth. An additional three holes were drilled from the site of LBP149, as detailed below. In conjunction with historic drilling in the area, the F Zone presently covers an area of approximately 220 m x 100 m. Widely-spaced, shallow, historical, gold-bearing drill holes extend north-northwestward an additional 600 m along trend. The F Zone and its potential northwest extension is a priority infill and extension drill target in 2021.

F ZONE DRILL HIGHLIGHTS INCLUDE¹:

f-zone

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}

KEY POINTS:

Follow-up drilling in the southern F Zone continues to deliver thick zones of oxide gold at shallow depth.
Cyanide-soluble assays for the highlight interval in LBP227 returned a weighted average of 92% of fire assay. The highlight interval in LBP229 returned a weighted average of 90% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.
The F Zone will be a major target for expansion drilling in 2021.

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2020/december/BP_Intercepts12222020.pdf

RANGEFRONT ZONE

Assay results were received from one drill hole in the Rangefront Zone, with results from an additional two holes pending. Approximately 30 historical shallow RC holes test this target, as well as PQ core hole LBP093C, drilled in 2019, that returned 0.49 g/t Au over 55.3 m starting at a depth of 46.2 m. The Rangefront Zone presently measures approximately 500 x 250 m, elongate in a north-south direction, is shallow and thoroughly oxidized, easily accessible at the base of the Black Pine Range, and is open in all directions.

LBP248 was drilled in a west-southwest orientation from the same site as vertical hole LB093C, infilling a 92 m gap between two historical holes.

The Rangefront Zone, as well as the 2 kilometre (“km”) wide, undrilled gap between it and the historical Tallman and CD pits to the northwest and west, respectively, is expected to be a central focus of exploratory drilling in 2021.

RANGEFRONT ZONE HIGHLIGHTS INCLUDE:

rangefront-zone

KEY POINTS:

The Rangefront Zone is shallow, oxidized and expected to be a major focus of drilling in 2021.
The Rangefront Zone lies along the eastern edge of a large area that is the subject of an application to amend the current Plan of Operations to allow access for drilling.
Cyanide-soluble assays for the highlight intervals in LBP248 returned weighted averages of 77% and 70% of fire assay, respectively, attesting to the oxidized nature of gold mineralization in this area.

J ZONE

The J Zone measures approximately 350 x 200 m, elongate to the northeast. The target has been tested with over 40 shallow drill holes by historic operators, but it is still open in several directions. Liberty Gold tested the J Zone in 2017 with drill holes LBP004 and LBP005. Three additional holes were drilled to test for mineralization in the valley bottom along the southwestern edge of the J Zone, the location of a suspected mineralized structure that may extend southeast toward the eastern edge of the historic A Pit and D-2 Zone. All three holes intercepted significant thicknesses of gold mineralization. Additional drilling is planned in the 250 m-long untested area between LBP224 and the historic A Pit, possibly merging this zone with the D-2 Zone.

J ZONE DRILL HIGHLIGHTS INCLUDE^1,2:

jzone

_{¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.}
_{²Both the M Zone and J Zone drill holes contain relatively deep intervals with reduced cyanide solubility. The cause of the reduced cyanide solubility is under investigation, but likely reflects the presence of organic carbon. While some of this material will be excluded from any future resource estimate of oxide gold relying on a low cut-off grade derived from an assumption of gold recovery by heap leaching, it may be amenable to extraction of gold by other methods.}

KEY POINTS:

Drilling in the J Zone demonstrated the presence of gold mineralization along the southwestern edge of the J Zone.
The J Zone is currently open in all directions
Additional drilling is planned in a 250 m-long gap in drilling between the J Zone and the historic A Pit and the east end of the D-2 Zone. Additional drilling will test for the presence of gold mineralization between the two zones.

M ZONE

The M Zone is an area of shallow gold mineralization located along the range front approximately one km to the northeast of the historic Tallman Pit. The zone, as tested by 10 historic drill holes, including 1.70 g/t Au over 15.2 m in 93BX-82, and 1.33 g/t Au over 10.7 m and 0.98 g/t Au over 10.7 m in 93BX-36. As presently defined, the M Zone measures approximately 250 x 80 m, elongate in a northeast-southwest direction. Two holes were drilled in the northeast end of the zone, with results summarized below. Assays from an additional two holes are pending. The zone is currently open in all directions, with more drilling planned in this area in 2021.

M ZONE DRILL HIGHLIGHTS INCLUDE^1,2:

m zone

KEY POINTS:

The M Zone is one of several shallow targets defined by limited historical drilling.
The M Zone is open in all directions.
Higher elevation mineralization is oxide with high cyanide solubility.

SOUTHWEST EXTENSION

The Southwest Extension lies to the southwest of the historic CD Pit and I Pit complex, in an area with a large gold-in-soil anomaly with no previous drill testing. Nine holes tested the soil anomaly. Shallow intervals of oxide gold were encountered in each hole, with the most substantial interval over a 15.2 m interval from surface in LBP200. Gold mineralization appears to be related in part to a northeast-southwest striking fault that separates the CD and I pits. Additional follow-up drill testing will be conducted in 2021.

SOUTHWEST EXTENSION DRILL HIGHLIGHTS INCLUDE:

southwest extension

KEY POINTS:

The nine holes drilled in 2020 represent the first test of a large soil anomaly.
Gold was encountered in each drill hole, including significant anomalous but below reportable cut-off gold mineralization in several holes.
Cyanide-soluble assays for the highlight interval in LBP200 returned a weighted average of 98% of fire assay, attesting to the thoroughly oxidized nature of gold mineralization in this area.
With the results in hand, additional drilling will be planned for 2021 in this area.

2020 RC drilling at Black Pine concluded on December 17, with assays pending from 38 holes. The core drilling program, focused primarily on obtaining large-diameter core for metallurgical testing, was completed on November 7, 2020, with assays pending from 10 holes. Liberty Gold drilled a total of 46,227 m in 170 holes in 2020, including 43,875 m of RC and 2,342 m of core drilling.

In addition to RC drilling, Liberty Gold is expanding the drill permit area to access an additional 4.6 km² of the Black Pine gold system.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.}

For more information, visit www.libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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, timing of the publication of any mineral resources, 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.}

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Liberty Gold Expands Discovery 2 Zone of High-Grade Oxide Carlin-Style Mineralization at the Black Pine Project, Idaho, USA, With 2.10 g/t Oxide Gold Over 61.0 Metres, Including 6.33 g/t Au Over 10.7 Metres

Liberty Gold Intersects 2.92 g/t Oxide Gold Over 55.9 Metres, Including 5.64 g/t Au Over 22.1 Metres in Metallurgical Core Drilling Program at the Black Pine Project, Idaho, USA

Liberty Gold’s VP Exploration and Geoscience, Dr. Moira Smith, Receives The 2019 AME Colin Spence Award for Her Essential Contribution to the Discovery of the Long Canyon Gold Deposit, Nevada

Barbara Womersley Joins the Liberty Gold Board of Directors

Liberty Gold Corp. Closes Sale of Net Profit Interest on the Regent Gold Project, Nevada, USA to Ely Gold Royalties Inc.

LIBERTY GOLD REPORTS Q4 2019 FINANCIAL AND OPERATING RESULTS

Liberty Gold Announces Commencement of 2020 Drill Program - Black Pine Oxide Gold Project, Idaho, USA

Liberty Gold Announces Amendment to the Definitive Agreement to Sell its Share of the Kinsley Mountain Gold Deposit, Nevada

LIBERTY GOLD REPORTS Q1 2020 FINANCIAL AND OPERATING RESULTS

Liberty Gold Announces Receipt of Initial Option Payments Under Definitive Purchase Option Agreement for the Sale of its Share of the Kinsley Mountain Gold Project, Nevada

Liberty Gold Reports Voting Results from Annual General and Special Meeting

Liberty Gold Increases Strategic Land Holding at the Black Pine Oxide Gold Project in Idaho

Liberty Gold Reports Weighted Average 79% Extraction in Bulk Sample Column Testing at Black Pine Project, Great Basin, USA

Liberty Gold Announces Discovery of a Third High Grade Oxide Gold Zone (D-3) at the Black Pine Project, Idaho, USA

Liberty Gold Expands New High Grade Oxide Gold Zone; 1.20 g/t Au over 67.1 m Including 2.57 g/t Au over 16.8 m

Liberty Gold Expands the New High Grade Oxide Gold D-3 Zone at Black Pine; 1.44 g/t Au over 96.0 m Including 1.95 g/t Au over 32.0 m and 1.86 g/t Au over 29.0 m

Liberty Gold Announces Closing of the Sale of the Halilağa Porphyry Copper Gold Deposit in Türkiye, and Receipt of US$6,000,000 Cash Payment

LIBERTY GOLD REPORTS Q2 2020 FINANCIAL AND OPERATING RESULTS

Liberty Gold Reports Weighted Average 82.9% Extraction in Phase 2 Metallurgical Column Testing at Black Pine Project, Great Basin, USA

Liberty Gold Announces Signing of Definitive Option Agreement on the Baxter Spring Gold Project, Nevada

Liberty Gold Continues to Intersect High-Grade Oxide Gold in the D-3 Zone at Black Pine; 0.98 g/t Au over 80.8 m including 2.32 g/t Au over 18.3 m and an Additional 2.19 g/t Au over 7.6 m

Liberty Gold Extends the D-1 Zone to the Northwest, including 1.02 g/t Au over 24.4 m in LBP179 and 1.18 g/t Au over 16.8 m in LBP173

Liberty Gold Extends the D-3 Zone to the Southeast: 1.01 g/t Au over 62.5 m, including 1.94 g/t Au over 25.9 m in LBP189 and 1.50 g/t Au over 27.4 m in LBP203

Liberty Gold Reports Q3 2020 Financial and Operating Results

Liberty Gold Announces Infill Drill Results In The D-1 and D-3 Zones at Black Pine, Idaho: 1.41 g/t Au over 22.9 m and 1.51 g/t Au over 56.4 m including 2.36 g/t over 24.4 m in LBP206

Greg Etter Joins the Liberty Gold Board of Directors

Liberty Gold Announces Drill Results from Five Regional Targets at Black Pine, Idaho

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