Liberty Gold Corp. Doubles Size Of Alaskan McCord Creek Gold Property & Announces Commencement Of 2012 Exploration Program
PHOENIX, Aug. 7, 2012 /PRNewswire/ — Liberty Gold Corp. (OTCBB: LBGO; “Liberty Gold” and/or “the Company”) is pleased to announce that the Company has staked 19 additional Alaska State mineral claims to increase the size of its McCord Creek Property to 33 claims (4,620 acres). The Company has also approved proceeding with an approximate US$190,000 exploration program in 2012 for its McCord Creek Property gold project in central Alaska’s Tolovana Mining District. The 2012 agreed program includes additional power auger assisted soil sampling, rock sampling, possible trenching and geophysics, with the objective of defining drill targets for the 2013 field season. Crews have now been mobilized and have commenced the sampling program. Endurance Gold Corporation (EGC) is managing the 2012 exploration program and Liberty Gold is funding the 2012 activities on the McCord property. The Company has an option to earn 60% joint venture interest in the McCord Creek Property.
In 2011, a program of grid-based, power auger assisted soil sampling and rock sampling was completed on the McCord Creek Property, which is located in the eastern extension of the Livengood gold district. The 2011 work program resulted in the discovery of 5 gold-in-soil anomalous zones with the maximum soil value exceeding 100 parts per billion (‘ppb’) gold. The two largest soil anomalies, exceeding 10 ppb gold, are 850 by 250 metres and 650 by 200 metres in size respectively. All of the soil anomalies lie within the same sedimentary and volcanic package of rocks that host International Tower Hill’s (ITH) Money Knob deposit located on ITH’s Livengood Property, which immediately adjoins the western side of Liberty Gold’s McCord Creek Property. The Money Knob deposit on ITH’s Livengood Property represents a resource estimate of 16.5 Moz Measured & Indicated at 0.22 grams per tonne cut-off (see ITH website for complete disclosure), making it one of the largest gold deposits discovered in 20 years.
The recently added claims and the existing anomalous zones on Liberty Gold’s McCord Creek Property warrant additional exploration to pursue a deposit of similar nature to the Money Knob deposit. Reporting and assessment filings will be completed in the fall of 2012.
Lynn Harrison, Liberty Gold’s President and CEO, commented: “Our 2012 exploration program for the McCord Creek Property will expand on the knowledge already gained through the 2011 soil sampling program and expand on those targets. Once program results are compiled in the fall, we anticipate identifying optimal targets that can be drilled in 2013. As well, the significantly expanded property further expands our presence and potential in the target area.”
In order to earn a 60% joint venture interest, Liberty Gold must complete US$600,000 in exploration expenditures and make US$85,000 in cash payments over three years. Endurance Gold Corporation (“Endurance”) is the current property owner and will operate the 2012 program on behalf of the Company. As part of the agreement, Liberty Gold has agreed to incur a minimum of US$150,000 in exploration expenditures in 2012 and has advanced sufficient funds to Endurance to undertake the 2012 field program.
FOR MORE INFORMATION
To learn more about the McCord Creek Gold Property, and to read more about the Company and its latest news, visit Liberty Gold’s website at http://www.libertygoldcorp.com.
ABOUT LIBERTY GOLD CORP.
Liberty Gold Corp. is a publicly traded (OTCBB: LBGO) gold and precious metals exploration company focused on emerging as an industry leader while effectively growing America’s reserves of gold. Headquartered in Phoenix, Arizona, Liberty Gold is committed to the responsible exploration and production of the nation’s rich precious metals resources. The Company’s stable of major gold projects is well established, and thanks to an active approach to property acquisitions, Liberty Gold’s portfolio of significant assets continues to grow. For more information on the Company and its activities, visit Liberty Gold’s website at http://www.libertygoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Gold Corp.
Lynn Harrison, President and CEO
2415 East Camelback Road
Toll Free: 1-800-961-5388
This press release includes certain statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Liberty Gold Corp.’s current expectations and projections about future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Liberty Gold Corp.’s anticipated financial performance, new developments, business prospects, strategies and similar matters. Liberty Gold Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
SOURCE Liberty Gold Corp.