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Liberty Gold Receives Final US$6 Million Payment for the Sale of Halilağa Copper-Gold Deposit, Turkey
VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announc
About this update from Liberty Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (\"Liberty Gold\" or the “Company”) is pleased to announce the receipt of the final US$6.0 million cash payment as final consideration for the sale of its 40% interest in the Halilağa copper-gold porphyry deposit (“Halilağa”), located in Biga Province, northwest Turkey to Cengiz Holdings A.Ș. (the “Halilağa Sale Agreement”). Liberty Gold has received US$22.0 million to-date from the sale of Halilağa. This cash payment in non-dilutional to the Company’s capital structure. The Halilağa divestiture is consistent with Liberty Gold’s strategy of re-deploying capital from non-core assets into the high-quality Black Pine and Goldstrike oxide-gold projects in the Great Basin, USA. At the TV Tower gold-silver-copper property, Liberty Gold’s remaining asset in Turkey, Natural Resources Global Capital Group (“NRG”) has been retained to conduct a strategic sale process, to generate further funds to invest in oxide gold exploration and development in the Great Basin. The Company’s ownership percentage of TV Tower is 64.4%. In 2021, the Company announced an updated resource estimate on five gold, silver, and copper deposits, more than tripling the prior resource estimate. TV Tower hosts a multimillion-ounce gold equivalent resource, with most deposits open in multiple directions and a large number of undrilled targets. Cal Everett, CEO of Liberty Gold stated, “We are pleased to the report receipt of the final payment in this important transaction. Work continues at our Black Pine and Goldstrike properties and we are well-funded, a stand-out point for the Company in the current market conditions.” ABOUT TV TOWER The four South TV Tower deposits (Kayali, Yumrudag, Valley and Hilltop) contain multiple ore types and corresponding resource subsets by ore type and cut-off grade, with the breakdown illustrated in Table 2. These resource subsets comprise the South TVT Oxide Gold; South TVT Supergene Copper; and South TVT Au-Cu Porphyry subsets. The four deposits all lie within a 4 km-long trend, such that separate milling and heap leaching operations, managed as a single operation, would reasonably be expected to accommodate mineralized material from all of the deposits. The two North TV Tower deposits contain three ore types and correspondi...