Liberty GOLD Reports Q1 2020 Financial and Operating Results
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NEWS RELEASE 20-09 May 13, 2020
LIBERTY GOLD REPORTS Q1 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 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, 20212.
• 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, 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 February 2020, we announced the appointment of a new director, Barbara Womersley3.
At Black Pine we:
• Announced commencement of our fully funded 2020 r everse 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.
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.
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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
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
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 license s 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 anticipa ted 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 refi ned; 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 suc cess of exploration activities
generally; delays in permitting; including any restrictions due to the recent pandemic of the novel coronavirus (COVID -19), possible claims against the
Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, or in the completion of exploration,
as well as those factors discussed in the Annual Information Form of the Company dated March 2 6, 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 f rom 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.
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