Trinity Silver Project

Location and Infrastructure

The Trinity Silver Project is located approximately 23 miles northwest of Lovelock, Nevada. Lovelock, the county seat of Pershing County, is located on US Interstate 80 approximately 85 miles easterly from Reno.

Project History

Silver mineralization was discovered at outcrop in the Trinity range by U.S. Borax in 1981 and subsequently explored under a joint venture between U.S. Borax and Santa Fe Pacific Gold from 1982 to 1986 which lead to the development of the Trinity silver mine.

The Trinity silver mine was operated by U.S. Borax from 1987 to 1989 and produced approximately five million ounces of silver from approximately 1.1 million tons of oxidized ore grading six to seven ounces silver per ton. Silver was recovered by heap leaching.

Mining ceased when sulfide mineralization was encountered in the bottom of the pit. Additional drilling and extensive metallurgical testing was done on the sulfide mineralization by U.S. Borax. Although the potential for metallurgical recovery of silver and associated lead and zinc was good, metal prices were too low to support mining the sulfide resource. Previous drilling indicates the potential to develop extensive sulfide resources in and outside the still-open pit as well additional oxide resources.

The property was further explored by Santa Fe Pacific Gold between 1990 and 1992. In 2005 Renaissance Gold ("Renaissance"), leased the property from Newmont Mining Corp., which had acquired the Santa Fe Pacific Gold holdings in Nevada. Renaissance explored the property with a joint venture partner until 2007. There has been only limited drilling by Renaissance since that time. Following completion of the early silver production the property was reclaimed to the satisfaction of the State of Nevada.

Project Overview

Since completing and filing its NI 43-101 compliant technical report (the "43-101") in February 2011, the Company has undertaken a review of historic data and new geophysical data gathered on the 9,120 acre property and identified six significant silver and two gold exploration targets, all of which are independent of the inferred resource defined in the 43-101 report. View an updated version of the 43-101 report.

Liberty has the right to earn a 70 percent interest in the property, with Renaissance Gold controlling the remaining 30 percent. The Company's 43-101 focused on the previously drilled resource comprising approximately 50 acres, less than 1 percent of the total property package. An unprocessed 400,000 ton oxide stockpile averaging 1.1 ounces per ton silver was not included in the 43-101 resource estimate. Additionally, extensions to the southeast and southwest of the known resource have been identified by previous drilling (but are not 43-101 compliant). These extensions, which are separate from the 43-101 resource and the exploration targets could substantially add to the current resource.

The Company has compiled sub geochemical data from over 100 drill holes from outside the known resource area along with historic geophysical surveys and a recently completed magnetotelluric ("MT") survey into a GIS database which aided the identification of the many exploration targets.

Geologic Setting

Silver mineralization was discovered at outcrop in altered rhyolite at the break in slope between the Triassic-age metasediments of the Trinity Range and pediment gravels that extended to the west. Mineralization in the open pit is controlled by a northeast aligned pre-ore zone of normal faults. Ore grade mineralization is found in the hanging wall block of the fault zone. Disseminated silver lead and zinc mineralization occurs as mico-fractures, stockwork, and breccia infill in Tertiary-age rhyolite as well as the underlying Triassic metasediments. Sulfide mineralization consists mainly of various silver minerals, sphalerite and galena. Traces of stannite and chalcopyrite are also found. Minor pyrite and silicification accompanies the mineralization.

Exploration Potential

Silver Exploration Targets

Of the six silver exploration target areas, three have footprints that are significantly larger than the mined Trinity oxide deposit. One target, for example, has three historic drill holes (S21, S70, S132) all of which intersected potential ore grade mineralization - S21 averages 12 parts per million ("ppm") silver for the entire 405 ft of hole with the interval at 230 to 250 feet averaging 26 ppm. Silver in hole S70 ranges from 2 to 16 ppm from the surface to the bottom at 445 feet. Hole S132 ranges from 2.5 to 23 ppm silver ending at 510 feet in 14 ppm silver, 0.23% lead, and 1.04% zinc. The holes are over 500 ft. apart.

Additional geophysical surveys are planned to better focus an extensive drilling program.