Liberty Star Executes A Financing Agreement For Drilling Red Rock Canyon Gold Project, In Cochise County, Arizona

Liberty Star Minerals ("Liberty Star" or the "Company") (OTCQB:LBSR) an Arizona-based mineral exploration company, is the sole holder of Arizona State Land Department Mineral Exploration Permits (MEPs) over its Red Rock Canyon Gold Prospect. The Prospect lies within the Company's larger Hay Mountain Project in southeast Arizona that may possess commercially important metals associated with porphyry copper-gold-molybdenum geologic structures. The Company is pleased to announce the execution of a $1,000,000 common stock purchase agreement (the "Purchase Agreement") and a $1,000,000 warrant agreement (the "Warrant Agreement," together "the Agreements") with Triton Funds LP ("Triton") of San Diego, California.

Under the Common Stock Purchase Agreement, the Company has a "put" right pursuant to which it may require Triton to purchase a total of up to $1,000,000 of its common stock. The Company may exercise its put at any time after the Registration Statement to be filed with the U.S. Securities and Exchange Commission is declared effective and prior to December 31, 2022. It may require Triton to purchase not less than $25,000 or more than $250,000 per month of its common stock at a purchase price equal to 75% of the lowest daily volume-weighted average price of the Company's common stock during the 5 business days immediately prior to the date of closing of each separate purchase installment. Under the Common Stock Purchase Warrant, Triton has the right for a period of 5 years to elect to purchase up to an additional $1,000,000 of shares of the Company's common stock at a purchase price per share based upon an assumed $20,000,000 market capitalization of the Company's outstanding shares from time to time. The provisions of the Agreements will be on the SEC website, SEC.gov.

Liberty Star independent director Bernard J. Guarnera, a Qualified Professional/Person, authored the latest Red Rock Canyon technical report finding that, "significantly, each geochemical and drilling program revealed gold was present at grades that would now be considered as economic." [Technical Report, Red Rock Canyon Gold Property p.1]

With funding, the Company will follow the recommendations of Mr. Guarnera's technical report calling for a phased program of continued geophysical work, geochemical sampling and limited drilling. The drilling program will be conducted to confirm the results previously reported by other gold exploration companies noted in the technical report. "Should Phase 1 be successful, follow up work would primarily consist of further drilling with the intent to develop a Mineral Resource." [Technical Report p.40]

Drilling mobilization will begin immediately upon completing prerequisite State of Arizona archeological and vegetation surveys, which Liberty Expects to be complete in October. A diamond core and reverse circulation drill rig will be active as soon as possible. The first round of drilling will begin as early as the next three months.

Board Director Boyd Gordon commented, "Execution of the Agreements with Triton is our first step toward development of Red Rock Canyon in which we will first seek to confirm the results previously reported by other gold exploration companies, and if we are able to confirm those results, to then take steps toward development of a Mineral Resource. If our work on development of Red Rock Canyon is successful, it would be expected to result in an increase in the value of the Company's assets and help to put the Company in position to seek the financing necessary to begin additional exploration and development work on potential copper deposits at our Hay Mountain Project."

Brett Gross, Liberty Star's CEO added, "We've taken the necessary steps to advance the Hay Mountain Project to the exploratory drilling stage. As director Barney Guarnera notes, the science and historical data take us to Red Rock Canyon where there is gold. The presence of visible jasperoid structures and other data point to gold perhaps near the surface, and at depth. We've done the research, put in the work, and now we have an advantageous funding vehicle. I look forward to working with Triton, whose representatives are bullish on the mining industry involved in future technological advances. Over the next few months, I look forward to sharing what we believe will be positive reports about expanded drilling programs, and, of course, metals discoveries."

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