Ms. Susie Bell reports

LIBERTY GOLD REPORTS Q2 2019 FINANCIAL AND OPERATING RESULTS

Liberty Gold Corp. has released its financial and operating results for the six months ended June 30, 2019. All amounts are presented in U.S. dollars unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-style gold deposits in the Great basin, the United States, a mining-friendly region 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 record in discovery and building value in this region.

Recent highlights:

• The company announced the signing of a definitive agreement to sell the Halilaga porphyry copper gold deposit in Turkey (1). The $55-million consideration will be apportioned 60 per cent to Teck Resources Ltd. and 40 per cent to Liberty Gold, pro rata to their ownership interests, and will be paid in three stages as follows (2):
  • $35-million on the closing date ($14-million to Liberty Gold);
  • $10-million on the first anniversary of the closing date ($4-million to Liberty Gold);
  • $10-million on the second anniversary of the closing date ($4-million to Liberty Gold).

At Black Pine:

• The company announced two new discoveries: the first in the 500-metre-wide gap between an area of known gold mineralization and a historical pit with flanking gold mineralization, and the second located 240 m to the east in an area with no nearby drill holes at the discovery depth.
• Drill result highlights from the company's continuing 16,000-metre reverse circulation (RC) drill program include (3):
  • Discovery 1:
    • 2.56 grams per tonne gold over 41.1 metres, including 4.47 g/t Au over 19.8 m, and including 8.76 g/t Au over 4.6 m in LBP029;
    • 2.18 g/t Au over 10.7 m, including 2.90 g/t Au over 7.6 m and 2.89 g/t Au over 25.9 m, including 4.52 g/t Au over 15.2 m and including 6.63 g/t Au over 6.1 m in LBP027;
    • 1.36 g/t Au over 32.0 m, including 1.95 g/t Au over 16.8 m in LBP025;
    • 1.51 g/t Au over 48.8 m, including 5.42 g/t Au over 6.1 m, and including 8.17 g/t Au over three m and including 10.4 g/t Au over 1.5 m in LBP015;
    • 1.78 g/t Au over 47.2 m, including 3.24 g/t Au over 22.9 m in LBP021;
    • 1.45 g/t Au over 45.7 m, including 1.99 g/t Au over 29.0 m in LBP016;
    • 1.19 g/t Au over 38.1 m, including 1.63 g/t Au over 25.9 m in LBP014;
  • Discovery 2:
    • 1.78 g/t Au over 48.8 m, including 4.72 g/t Au over 15.2 m in LBP023;
    • Two RC drills are currently focused on defining the strike orientation of the second discovery.

At Goldstrike:

• The company announced the results of its phase 2 metallurgical testing, providing additional support for a simple heap leach mining scenario (4):
  • Twenty-nine coarse bottle roll tests (target 80 per cent passing 10 mesh or 1.7-millimetre particle size) produced a weighted-average 84.4-per-cent gold extraction.
  • Twenty-nine fine bottle roll tests (target 80 per cent passing 200 mesh or 75-micron particle size) produced a weighted-average 89.7-per-cent gold extraction.
  • Gold extractions from 29 column tests were rapid, and greater than 80 per cent of the leachable gold was extracted within 10 days, with final column leach gold extractions ranging up to 95 per cent.

(1) See press release dated July 12, 2019.

(2) Closing of the transaction under the Halilaga agreement is subject to customary conditions, including the approval of the Turkish Ministry of Energy and Natural Resources.

(3) See press releases dated May 29, 2019, June 19, 2019, July 15, 2019, and July 31, 2019.

(4) See press release dated May 28, 2019.

Selected financial data

The selected financial data are derived from the company's unaudited condensed interim financial statements and related notes thereto for the three and six months ended June 30, 2019, as prepared in accordance with international accounting standard 4 (Interim Financial Statements).

A copy of the interim financial statements is available on the company's website or on SEDAR.

The information in the attached table is presented in thousands of U.S. dollars except per-share data.

                                   FINANCIAL HIGHLIGHTS
                   (in thousands of U.S. dollars except per-share data)

                                                   Three months ended           Six months ended
                                                         June 30,                   June 30, 
                                                    2019         2018           2019        2018
Attributable to shareholders                                                                 
Loss for the period                               $2,835       $3,246         $4,251      $5,657
Loss and comprehensive loss for the period        $2,727       $3,355         $4,015      $6,147
Basic and diluted loss per share                   $0.01        $0.02          $0.02       $0.03
                                                  ------       ------         ------      ------  

                                As at June 30,    As at Dec. 31,
                                         2019              2018

Cash and short-term investments        $4,335            $7,878
Working capital                        $3,549            $7,477
Total assets                          $32,223           $35,081
Current liabilities                    $1,051              $612
Non-current liabilities                $2,161            $1,535
Shareholders' equity                  $20,377           $24,169
                                       ------            ------

About Liberty Gold Corp.

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. The company knows the Great basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Its flagship projects are Goldstrike, Black Pine and Kinsley Mountain, all of which are past-producing open-pit mines, where previous operators only scratched the surface.

We seek Safe Harbor.