Business
Liberty Gold Receives US$6 million Payment for the Sale of Halilağa - Turkey
VANCOUVER, British Columbia, Aug. 12, 2021 (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. 12, 2021 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (\"Liberty Gold\" or the “Company”) is pleased to announce the receipt of the second US$6.0 million payment as part of the 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$16.0 million to-date from the sale of Halilağa with a further US$6.0 million due to be received on August 11, 2022, and subject to a bank guarantee1. Additionally, from January 1, 2021, to the date of this news release, the Company received a total of C$2.16 million from the exercise of 3,594,300 Liberty Gold common shares purchase warrants (“Warrants”), issued pursuant to the bought deal financing that closed on October 2, 2018; the Warrants are each exercisable for C$0.60 and expire on October 2, 2021. If all remaining October 2018 warrants are exercised, Liberty Gold will receive a total of C$10.5 million in cash proceeds to further strengthen its treasury. The Halilağa divestiture is consistent with Liberty Gold’s strategy of re-deploying capital from non-core assets into the high-quality oxide-gold projects in the Great Basin, USA. The Company has US$15.3 million in cash as of June 30, 2021, has received US$6.0 million on August 11, 2021, and expects a further US$8.4 million in proceeds by the end of 2021. We remain well funded to complete our 2021 exploration programs and end the year with a strong treasury to continue advancing the Black Pine and Goldstrike projects in 2022. HIGHLIGHTS FOR Q2 2021 Financial and Operating Results: At Black Pine we announced the first modern mineral resource estimate (the “Mineral Resource”)2: The Mineral Resource has an effective date of May 1, 2021, is reported in a pit shell at a cut-off grade of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of: An indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and contained in 105,075,000 tonnes; and An inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and contained in 31,211,000 tonnes. A high-grade subset of the Mineral Resource using a cut-off grade of 0.5 g/t Au consists of: An indicated mineral resource of ...