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Summary

• Black Pine was hiding in plain sight since the cessation of

mining in 1997, partly due to dogma-driven exploration for

Carlin deposits restricted to the main trends

• The first company to recognize the potential in 2009 was not

able to capitalize on the opportunity

• Liberty Gold were the right company (well capitalized;

significant in-house expertise in off-trend Carlin systems,

Great Basin geology, compilation and 3D modeling) at the

right time.

• The asset met all of Liberty’s hurdles: Data rich, gold in the

ground, size potential, good jurisdiction, simple metallurgy,

right price

• Black Pine is now a multi-million ounce resource with room

to grow
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