Mr. Jason Attew reports

LIBERTY GOLD REPORTS ADDITIONAL DRILL RESULTS FROM THE BLACK PINE OXIDE GOLD PROJECT

Liberty Gold Corp. has released the latest assay results from a further 22 holes drilled in the Back Range zone and the Discovery zone. These results form part of the continuing 2023 reverse circulation (RC) drill exploration program at its Black Pine oxide gold project in southeastern Idaho.

Exploration drilling continued in the third quarter with three RC rigs and one large-diameter (PQ) core rig active in the main target areas across the project. The key focus for the 2023 program is to add high-grade, near-surface ounces to the existing resource base, collect additional variability samples for metallurgical testwork and upgrade inferred resources to the indicated category, ahead of a prefeasibility study. Drilling is on schedule for a fourth-quarter completion of the approximately 30,000 metres planned for 2023.

Back Range highlights:

• 3.40 grams per tonne gold over 32.0 m, including 6.74 g/t Au over 9.1 m, beginning from 74.7 m down hole in hole LBP945;
• 1.41 g/t Au over 22.9 m, including 4.28 g/t Au over 6.1 m, beginning from 79.3 m down hole in hole LBP943.

Drill results are reported from 15 additional RC drill holes completed in the Back Range zone, leaving 20 holes with pending assay results. Results clearly demonstrate the strong lateral continuity of gold mineralization at Back Range, especially within the shallow, higher-grade oxide zones. These mineralized zones form a series of stacked subhorizontal lenses dipping slightly to the north.

In particular, results for drill hole LBP945, located in the western margin of the resource area, represent one of the best holes drilled to date in the Back Range zone, with 3.40 g/t Au intercepted over 32 metres an approximate true width of 27 metres. Notably, this intercept was immediately adjacent to the 2023 resource pit. Mineralization along the western margin of the Back Range zone is currently open, and additional drill holes to offset the mineralization encountered in hole LBP945 have been completed, with assays pending.

Drill results from the northern Back Range zone confirm the presence of a shallow, approximately 130-metre-thick section of lower-grade oxide gold starting approximately 20 metres below surface. This intercept is open to the north and indicates the significant potential to grow the resource laterally.

Jason Attew, president and chief executive officer of Liberty Gold, commented: "These new drill results from Back Range highlight the ongoing growth potential for Black Pine. The Back Range zone continues to deliver shallow, higher-grade results and remains open in at least two directions. With each new drill program, we are growing our understanding of the geologic controls on the massive gold mineralizing system at Black Pine. Liberty Gold has also recently collared hole No. 1,000 at Black Pine. It is a huge accomplishment to have safely and sustainably completed that number of holes since commencing our work in 2017."

Discovery highlights:

• 0.72 g/t Au over 48.8 m, including 2.55 g/t Au over 7.6 m, in hole LBP929;
• 0.62 g/t Au over 30.5 m and 0.92 g/t Au over 6.1 m in hole LBP944.

Drilling has been completed in the main Discovery zone for the 2023 program, and results are reported for the outstanding seven drill holes. The key focus for this drilling was to target gaps in the resource model ahead of the prefeasibility study. Results clearly indicate that resource growth is achievable with targeted drilling in and around large blocks of well-drilled oxide gold mineralization.

Key points:

• All the key resource areas continue to show strong growth through drilling and will contribute to an updated resource study commencing in late 2023.
• The 2023 drill program is primarily focused on resource conversion and adding ounces, with a goal of defining more than three million ounces in an indicated category.
• The core rig is focused on deposit-wide, PQ-sized core drilling to support a prefeasibility-level geotechnical study and a phase 5 metallurgical study.

Qualified person

Peter Shabestari, PGeo, vice-president of exploration, 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, and has reviewed and validated that the information contained in the release is accurate.

About Liberty Gold Corp.

Liberty Gold is focused on exploring for and developing open-pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. Liberty Gold knows the Great Basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.

Quality assurance/quality control

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 per cent and 100 per cent of the reported lengths due to varying drill hole orientations but are typically in the range of 50 per cent to 90 per cent of true width. Drill samples were assayed by ALS Ltd. in Reno, Nev., for gold by fire assay of a 30-gram (one-assay-ton) charge with an atomic absorption finish, or if over 5.0 g/t Au were reassayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 part per million, an additional cyanide leach analysis is done, where the sample is treated with a 0.25 per cent sodium cyanide solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by atomic absorption spectroscopy. Quality assurance/quality control 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-element geochemical suite by ICP-MS. ALS is ISO 17025:2005 accredited, with the Elko and Twin Falls preparation laboratory listed on the scope of accreditation.

We seek Safe Harbor.