Liberty Gold Corp. announced that with working capital of CAD 31.8 million, assay results still pending for release from 93 drill holes from last year's 325 holes from the 67,000 metre drilling program at Black Pine and a future steady stream of drill results expected for this year's program, the Company is well positioned to continue delivering value from the following, board-approved, work programs: Black Pine, Idaho: The drilling program commenced on January 6, with the focus on step-out and resource infill drilling throughout the project area. Project de-risking activities are progressing in parallel with resource delineation, with the objective of front-end loading technical work in advance of the mine permitting phase.

The Company is on track for delivering an updated Mineral Resource Estimate mid-February with the NI 43-101 Technical Report to be filed shortly thereafter. The team has been updating the geological model progressively as drill assays have become available. Moira Smith is the lead Qualified Person for this mineral resource update.

Based on the updated resource and the status of its extensive de-risking activities, the Company will confirm in H1 whether it will forgo a formal Preliminary Economic Assessment and move directly to the commencement of a Pre-Feasibility Study. Key activities include: 32,000 metres of reverse circulation exploration drilling. Delivery of an updated Mineral Resource Estimate in mid-February.

Completion of pre-feasibility level studies on hydrology/hydrogeology of the mine water supply, geotechnical engineering, geo-metallurgical modelling, and metallurgical test work. Commencement of waste rock geochemical characterization studies. Anticipated receipt of a Record of Decision for a Plan of Operations modification from the United States Forest Service to increase the permitted project exploration area from 24 to 35 square kilometres.

Continued wildlife monitoring and tracking studies (including big game, mule deer and greater sage grouse) and sage brush habitat rehabilitation. Goldstrike, Utah: With the completion of the exploration drilling program in 2022, attention will focus largely on key de-risking activities, in particular procurement of a process water supply ahead of further detailed work. Key activities include: Hydrological and geological studies to identify and test potential new water sources in the aquifers near to the mine site.

Metallurgical testwork and updating of metals recovery models. Ongoing efforts supporting the proposed land swap between the State of Utah School and Institutional Trust Lands Administration (“SITLA”) and the Bureau of Land Management in accordance with State Bill HJR016. TV Tower, Turkey: At TV Tower, a recent resource estimate outlines several deposits of gold, copper and silver2, containing multi-million gold-equivalent ounces.

These deposits are open to expansion and the project has several drill-ready targets.