Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”), is pleased to announce its financial and operating
results for the nine months ended September 30, 2022. All amounts
are presented in United States dollars unless otherwise stated.
Q3 2022 and RECENT
HIGHLIGHTS:
-
Jason Attew was appointed as the new President and CEO of Liberty
Gold on October 11, 2022. Mr. Attew was most recently President and
CEO of Gold Standard Ventures Corp. that held the South Railroad
Project, an open pit, oxide gold heap leach project located on the
prolific Carlin trend in Nevada, and successfully negotiated the
sale of Gold Standard Ventures to Orla Mining Ltd. for C$242
million. Prior to this role he was CFO of Goldcorp Inc. where he
also led the Investor Relations, Corporate Development and Strategy
functions until Goldcorp’s $32 billion merger with Newmont Mining
Corporation in April 2019. Mr. Attew was previously a senior
investment banker with BMO Global Metals and Mining Group, and has
extensive capital markets experience.
-
On September 1, 2022, the Company published its inaugural
Environmental, Sustainability and Governance report1.
-
On August 11, 2022, the Company received the final $6.0 million
staged payment on the sale of the Halilağa copper gold deposit in
Turkey2.
At the Black Pine Project (“Black Pine”)
we:
- Discovered
near-surface oxide gold confirming a 750 metre (“m”) long corridor,
linking the CD and Discovery Zones. Oxide gold mineralization
starts from surface or at shallow depth in all holes. This drilling
links several resource pits and demonstrates that as drill
information increases, gold mineralization at Black Pine tends to
coalesce into larger, continuous mineralized zones, with
potentially greater amenability to bulk mining.
-
Published highlights from the current holes including:
- 0.95 grams per tonne gold (“g/t
Au”) over 18.3 m including 1.03 g/t Au over 16.8 m from surface in
LBP657
- 0.74 g/t Au over 38.1 m including
0.87 g/t Au over 30.5 m from surface in LBP660
- 0.84 g/t Au over 36.6 m including
0.97 g/t Au over 30.5 m from surface in LBP662
- 1.01 g/t Au over 19.8 m including
2.07 g/t Au over 7.6 m from near surface in LBP666
- 0.48 g/t Au over 45.7 m including
1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near
surface in LBP672
- Commenced column leach test work at
Kappes Cassiday and Associates on 26 large diameter drill core
composites from the Rangefront Zone; interim results suggest leach
kinetics and gold extractions are in line with previous favourable
test results from the main Discovery Zone.
- Announced that through recently
approved regulatory actions and a completed mineral rights
acquisition, the Company has significantly expanded the permitted
area of operations for exploration, discovery and development.
Drilling in these areas to continue through the fourth quarter of
2022.
- On September 7, 2022, the Company
received a positive Record of Decision from the Bureau of Land
Management (”BLM”) on a new Plan of Operations (“PoO”) for 117 pads
and 18.8 kilometres of related accesses roads, which opens up the
entire eastern margin of the Black Pine oxide gold system
(Rangefront and M Zones) to mineral exploration.
- On August 23, 2022, the Company
completed the acquisition of a controlling interest in certain
private mineral rights under BLM-controlled surface lands
contiguous with the eastern margin of the existing project
boundary, opening a significant area for exploration and
importantly, potentially facilitating utilization of the ground for
future mine and processing infrastructure.
SELECTED FINANCIAL DATA
The following selected financial data is derived
from our unaudited condensed interim consolidated financial
statements and related notes thereto (the “Interim Financial
Statements”) for the nine months ended September 30, 2022, 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.
The information in the tables below is presented
in $000s except per share data:
|
Three months endedSeptember 30, |
|
Nine months ended September
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Attributable to shareholders: |
|
|
|
|
Loss for the period |
$ |
(6,347 |
) |
$ |
(7,251 |
) |
$ |
(14,531 |
) |
$ |
(19,006 |
) |
Loss and comprehensive loss for the period |
$ |
(8,327 |
) |
$ |
(8,036 |
) |
$ |
(17,234 |
) |
$ |
(18,989 |
) |
Basic and diluted loss per share |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
$ |
(0.05 |
) |
$ |
(0.07 |
) |
|
As at September 30, |
As at December 31, |
|
|
2022 |
|
|
2021 |
Cash and short-term investments |
|
$ |
26,203 |
|
$ |
17,255 |
Working capital |
|
$ |
23,262 |
|
$ |
13,691 |
Total assets |
|
$ |
54,033 |
|
$ |
53,329 |
Current liabilities |
|
$ |
3,231 |
|
$ |
9,885 |
Non-current liabilities |
|
$ |
2,855 |
|
$ |
3,116 |
Shareholders’ equity |
|
$ |
43,801 |
|
$ |
32,800 |
ABOUT LIBERTY GOLD
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. 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 libertygold.ca or contact:
Susie Bell, Manager, Investor Relations Phone:
604-632-4677 or Toll Free 1-877-632-4677 info@libertygold.ca
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. 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, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licenses and permits and obtaining required licenses and permits,
labour stability, stability in market conditions,, availability of
equipment, timing or results of the publication of any mineral
resources, PEA or pre-feasibility study, the availability of drill
rigs, successful resolution of disputes and anticipated 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 refined; 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 success of
exploration activities generally; the timing or results of the
publication of any mineral resources ,PEAs or pre-feasibility
studies; delays in permitting; possible claims against the Company;
labour disputes and other risks of the mining industry; the receipt
of staged payments pursuant to the Halilağa Agreement or the
Kinsley Option Agreement, 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 25, 2022, 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 from 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.
Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The information in this news release, including
any information incorporated by reference, and disclosure documents
of Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. Shareholders
in the United States are advised that, while such terms are defined
in and required by Canadian securities laws, the United States
Securities and Exchange Commission (the “SEC”) does not recognize
them. Under United States standards, mineralization may not be
classified as a reserve unless the determination has been made that
the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in
rare cases. Therefore, United States investors are also cautioned
not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of
contained ounces is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report resources as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in these documents may not
be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the
SEC.
__________________________________1 See press
release dated September 1, 2022.2 See press release dated August
12, 2020.
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