Liberty Silver Shares to Resume Trading on TSX

Liberty Silver Shares to Resume Trading on TSX 
TORONTO, ONTARIO -- (Marketwire) -- 10/22/12 -- Liberty Silver Corp.
(TSX:LSL) ("Liberty Silver" or the "Company") announced today that
the cease trade orders imposed by the Securities and Exchange
Commission and the Ontario Securities Commission have expired.
Trading in its shares on the TSX in Canada will resume today, Monday,
October 22, 2012. For the present, the Company's stock will not
immediately be listed, traded or quoted on any of the OTC Markets.
The Company is taking steps to meet requirements necessary to permit
its stock to resume trading on the OTCBB. The Company's stock may be
traded in the US on the "grey market" or through US broker dealers
who have access to the TSX.  
The Company advises the investment community that it has never
provided any form of compensation to a newsletter writer or anyone
else for investment research or to recommend investment in the
Company's shares. The Company also advises that it has no contractual
or other relationship with Mr. Robert Genovese, BG Capital Group or
any other company owned or controlled by Mr. Genovese (the "Genovese
Companies") other than a subscription to a private placement in
November 2011 by a company controlled by Mr. Genovese. The Company
has engaged Spinnaker Capital Markets Inc. and Navigator Ltd. to
provide investor relations services for the Company. The Company also
confirms that Spinnaker Capital Markets Inc. and Navigator Ltd. do
not have, and have never had, a contractual or other relationship
with any of Mr. Genovese and the Genovese Companies. In addition, the
Company confirms that Mr. Genovese has never had the right to
nominate, and has not nominated, an appointee to the Board of
Directors of the Company, and the officers and directors of the
Company have not had, and have never had, a business relationship
with Mr. Genovese concerning the Company. 
The Company wishes to advise the investment community that all
official information regarding the Company must be derived solely
from disclosure documents filed on, and the
Company's website ( 
"Liberty is pleased to have the trading suspension concluded
promptly. Without exception, the Board and management of Liberty take
their regulatory responsibilities very seriously and will continue
their commitment to full cooperation and transparency with regulators
and the market", said Geoff Browne, Chairman and CEO of Liberty
Trinity Silver Project Disclosure 
As a result of a review by staff of the Ontario Securities
Commission, we are providing the following information regarding the
Trinity Silver Project to clarify our disclosure. 
Overview of the Trinity Silver Project 
Liberty is focused on exploring and advancing mineral properties
located in North America. The Trinity Silver Project, located in
Pershing County, Nevada is the Company's flagship project. The
Trinity Silver Project is approximately 10,500 acres in size and
includes a former producing mine that represents approximately one
percent of the geographic extent of the project. Liberty Silver has
the right to earn a 70 percent interest in the Trinity Silver Project
from Renaissance Gold Inc. ("Renaissance") subject to certain
The Trinity Silver Project does not contain a mineral reserve and is
not currently in production. Any decision to place the Trinity Silver
Project into production requires the support of a feasibility study
prepared in accordance with National Instrument 43-101. At this time
the Company has engaged consultants to prepare a scoping study, also
known as a preliminary economic assessment, but a scoping-level study
does not have sufficient detail or costing estimates to support a
prudent production decision. Accordingly, any decision to commence
production on the Liberty Silver Project is neither imminent nor
assured, and investors cannot assume that the Liberty Silver Project
hosts an economic mine at this time. 
Trinity Silver Project NI 43-101 Report 
A National Instrument 43-101 Report on the Trinity Silver Project was
prepared by Paul D. Hartley, Geologist, and Michael M. Gustin,
P.Geo., of Mine Development Associates of Reno, Nevada, and Daniel W.
Kappes, P.Eng., of Kappes, Cassiday & Associates of Reno under the
title, "Technical Report on the Trinity Project - Pershing County,
Nevada". The National Instrument 43-101 Report is dated December 1,
2011 with an effective date of August 9, 2011, and is filed on The report was prepared for the Company and
Renaissance, the optionor of the Trinity Silver Project. Messrs. Paul
D. Hartley, Michael M. Gustin, and Daniel W. Kappes are independent
consultants to both the Company and Renaissance. Messrs. Gustin and
Kappes are "qualified persons" under National Instrument 43-101. The
following is a summary of the resource estimate for the Trinity
Silver Project provided in the technical report. Please note, based
on the reasonable cut-off grade, discussed below, the current
inferred resource contains 11.64 Moz Ag. Any other mineral resource
estimates, reconstructed estimates, Company estimates, exploration
targets, historical stockpile or leach pad estimates, should not be
relied upon. 
Trinity Inferred Mineral Oxide Resources 

Cutoff (oz Ag/ton)                           Inferred Oxide Resources       
                                            Tons  oz Ag/ton  oz Ag contained
0.30                                  12,019,000       0.54        6,490,000
0.40                                   5,506,000       0.78        4,295,000
0.50                                   2,863,000        1.1        3,149,000
0.65                                   1,901,000       1.37        2,605,000
1.00                                   1,019,000       1.87        1,906,000
2.00                                     203,000       4.08          828,000

Trinity Inferred Mineral Sulphide Resources 

Cutoff (oz/ton Ag equiv)                  Inferred Sulfide Resources        
                                      Tons  Ag/ton   % Pb   % Zn       oz Ag
1.00                             8,408,000    1.27  0.23%  0.43%  10,691,000
1.20                             6,113,000    1.56  0.25%  0.43%   9,539,000
1.30                             5,336,000    1.69  0.25%  0.43%   9,036,000
1.50                             4,119,000    1.97  0.26%  0.42%   8,100,000
2.00                             2,288,000    2.70  0.30%  0.37%   6,170,000
3.00                               902,000    4.14  0.32%  0.33%   3,731,000

The oxide resources are listed using a cutoff grade of 0.65 oz Ag/t.
This cutoff grade was chosen to capture mineralization potentially
available to open pit extraction and heap leach processing, and it
was derived using a $17 per ounce silver price (three-year average)
and a 75% hea
p leach recovery factor. For the sulphide
mineralization, a 1.3 oz/ton Ag-equivalent cutoff grade, chosen to
reflect potential open-pit mining, milling, and production of
concentrates by flotation. The cutoff assumes 90% recovery by
flotation of the silver, lead, and zinc, and metal prices of $17 per
ounce for silver and $0.80 per pound for both lead and zinc. 
The inferred resource is based upon assay results from a historic
database of 306 drill holes as well as processing and recovery data
from the historic operation and metallurgical testing. A total of 40
cross sections spaced at 100ft intervals across the deposit were used
for the modeling of the Trinity mineral domains. The technical report
noted that some of the assay results from different assay
laboratories were inconsistent, but such data was viewed as
sufficiently reliable for the purposes of inferred resource
estimates. Subsequent to the technical report, drilling conducted by
the Company in 2012, see below, provided assay results that support
the inferred resource estimate. 
Silver mineralization at Trinity occurs as oxidized and unoxidized
sulfides in veinlets, as fracture controlled mineralization, and as
disseminated zones of tabular mineralization primarily within
Tertiary rhyolite porphyry, aphanitic rhyolite, and volcaniclastic
In addition to the inferred resource defined in the National
Instrument 43-101 compliant technical report, the Trinity project has
potential mineralized extensions to the north, southwest and at depth
below the current pit, that have been drilled previously. These
extensions are outside the defined National Instrument 43-101 Report
resource area but have the potential to significantly expand the size
and scope of the project. The next phase of the project will include
a drilling program to attempt to bring these extensions into National
Instrument 43-101 compliance. 
2012 Geophysical Program 
In May 2012, Liberty completed a geophysical program at the Trinity
Silver Project, located in Pershing County, Nevada. The Gravity and
Induced Polarization (IP) surveys were successful in locating
significant new drilling targets concealed by alluvial cover and in
delineating the structural fabric of the district. The geophysics
program was designed and interpreted by Jim Wright of J.L. Wright
Geophysics. All the new data and the substantial amount of historic
data relating to past operations at the Trinity Project have been
input into a GIS database which will be used to further define future
drilling and development of the current inferred resource and
multiple exploration targets. 
A possible northern extension of the Trinity silver deposit is
hypothesized based upon the gravity survey. Historic IP data,
acquired in 1983 (the "Historic IP"), indicates a possible northern
continuation over this area as well. Historic airborne magnetic
results coupled with the gravity and new IP also suggest a
continuation of the known mineralization to the southwest along the
Trinity fault. The gravity and Historic IP data, coupled with several
other data sets, indicate that several target areas exist, including
two possible target areas along the strike extensions to the known
silver mineralization, and several other untested chargeability
anomalies similar to that of the Trinity silver deposit. 
2012 Resource Area Drilling Program 
In May 2012, Liberty completed a drilling program in the resource
area of the Trinity Silver Project consisting of 18 reverse
circulation drill holes.  Drilling was directed to the exploration of
selected areas adjacent to the inferred resource zone identified in
the Company's 2011 National Instrument 43-101 technical report (the
"Resource Area"), as well as confirmation of that resource. 

--  Hole A12-17, located southeast of the Trinity open pit and Resource
    Area, intersected significant silver mineralization in the oxide zone
    with individual 5 ft- thick samples ranging between 1.96 and 15.66 ounce
    per ton ("opt") silver 
--  16 of 18 vertical holes intercepted sample intervals greater than 1 opt
    silver with grades ranging between 0.56 and 15.66 opt silver 
--  Confirmation holes drilled inside Resource Area contained intervals up
    to consistent with the inferred resource 
--  Drilling indicates potential for two new extensions from the existing
    Resource Area 

Eighteen vertical drill holes were completed to depths of up to 1,500
feet in rhyolite and underlying metasedimentry host rocks by reverse
circulation for a total of approximately 20,000 feet. Drilling tested
parts of five (5) geographic domains in the vicinity of the southern
end the Trinity open pit mine and the National Instrument 43-101
Resource Area. Sixteen holes intercepted sample intervals greater
than 1 opt silver ("Ag") with grades ranging from 0.56 to 15.66 opt
Ag. Sulfide zone samples contain ranging from 0.01 to 1.7 % lead
("Pb") and 0.01 to 1.6 % zinc ("Zn"). 
In addition to 18 holes drilled during the 2012 drilling program,
approximately 395 holes were drilled during the period from
1982-2007, mainly by US Borax. While approximately 50 of these holes
are widely spaced throughout the approximate 13 square-mile area of
interest, the large majority are located within an approximate one
square mile area centered on the Trinity open pit silver mine. Based
on historical and current assays, all holes contain anomalous silver
throughout.  Any previous disclosure by the Company related to the
approximate grade based on this drilling should not be relied upon.  
Acquisition of Hi Ho Silver Property 
In October 2012, Liberty completed the acquisition of approximately
100 acres located adjacent to the former Trinity Mine on the
Company's Trinity Silver Project (the "Hi Ho Property"). The Hi Ho
Property was the only acreage not controlled by Liberty Silver or its
joint venture partner Renaissance on the Trinity land package. 
The Hi Ho Property completes the land package controlled by Liberty
Silver and Renaissance. The joint venture comprises over 10,500 acres
of contiguous land in an historic Nevada mining district, which
includes the Trinity Mine and several other exploration targets. US
Borax operated the Trinity Mine from 1988 to 1989, where it produced
over 5 million ounces of silver. Operations at the mine were
suspended when silver prices declined to less than $5/oz in the late
1980's. Based upon the drilling results available to the Company from
the US Borax drill programs on the Hi Ho Property, the inclusion of
the Hi Ho Property has the potential to increase the mineral
resources available to the Company.  The Company is also currently
evaluating the internal data in conjunction with its recent drilling
and geophysical data to determine future drilling targets. The data
will be used to update the Company's current National Instrument
43-101 report. 
In closing the Hi Ho Property transaction, Liberty Silver paid cash
consideration of US$250,000 plus transaction expenses, issued
2,583,333 Liberty Silver common shares (the "Liberty Silver Shares")
to the vendors at a deemed value of US$1,860,000 (US$0.72 per share),
and also granted the vendors a 2% net smelter royalty on future
production from the Hi Ho Property. In addition, pursuant to a
registration rights agreement between Liberty Silver and the vendors,
Liberty Silver will pay the vendors additional consideration as

--  if a registration statement is declared effective by the United States
    Securities Exchange Commission in respect of the Liberty Silver Shares
    by March 1, 2013, Liberty Silver will issue an additional 277,778
    Liberty Silver common shares to the vendors, thereby increasing the
    total aggregate number of shares issued to 2,861,111 shares at a deemed
    value of US$2,060,000 (US$0.72 per share); or 
--  if a registration statement is not declared effective by the United
    States Securities Exchange Commission in respect of the Liberty Silver
    Shares by March 1, 2013, Liberty Silver will pay the vendors US$200,000.
    As well, if the five-day weighted average trading price of Liberty
    Silver's common shares on the Toronto Stock Exchange as of March 1, 2013
    (the "Market Price") exceeds US$0.72 per share, Liberty Silver will
    issue an additional number of Liberty Silver common shares to the
    vendors equal to (a) 277,778 less (b) US$200,000 divided by the Market

The total consideration for the acquisition of the Hi Ho Property is
being applied to Liberty Silver's expenditure commitment under its
earn-in agreement with Renaissance, pursuant to the applicable area
of interest provisions. With the addition of the Hi Ho Property
payment, Liberty Silver has contributed in excess of 85% of its
required US$5,000,000 expenditure commitment to earn a 70% interest
in the Trinity project. Pursuant to the terms of its earn-in
agreement with Renaissance, Liberty Silver has until March 29, 2016
to incur the balance of its expenditure commitment and, in addition,
produce a bankable feasibility study the following year. 
Quality Assurance/Quality Control 
Liberty Silver uses comprehensive, industry standard QA/QC protocols
for diamond drilling, core recovery, handling, sampling, shipping and
assaying. All drill hole samples were analyzed using ICP-MS by
American Assay Laboratories, Reno, Nevada. Analytical precision and
accuracy were monitored by Minerals Exploration and Environmental
Quality, Reno, Nevada, including the use of certified reference
materials (standards), blank samples, and duplicate samples. A senior
Liberty Silver geologist supervised drill hole sample collection by
the driller, Boart Longyear, Elko, Nevada, at the drill site and
chain of custody throughout the program was unbroken. Drill hole
deviation surveys were done by IDS, Elko, Nevada. 
Tim Percival, MA, CPG, of Reno, Nevada, a consultant to Liberty has
reviewed the technical data in this press release and is a Qualified
Person as defined by National Instrument 43-101. 
About Liberty Silver Corp.  
Liberty Silver Corp. is focused on exploring and advancing mineral
properties located in North America. Liberty Silver is led by a
skilled, experienced management team and board of directors with
significant experience managing exploration, development and mining
projects. Liberty Silver is committed to creating value for its
shareholders by advancing its current projects utilizing its
mitigated risk approach to developing new resources on its current
properties, and acquiring new properties that have the potential to
increase their resource base. The Trinity Silver Project, located in
Pershing County, Nevada, is Liberty Silver's flagship project.
Liberty Silver has the right to earn a joint venture interest in the
10,579 acres Trinity property pursuant to the terms of an earn-in
agreement with Renaissance Gold Inc. 
Information on the Company is available on the Company's website, or in the SEDAR and EDGAR databases. 
Cautionary Statements 
This News Release includes certain "forward-looking statements".
These statements are based on information currently available to
Liberty Silver and Liberty Silver provides no assurance that actual
results will meet management's expectations. Forward-looking
statements include estimates and statements that Liberty Silver's
future plans, objectives or goals, including words to the effect that
Liberty Silver or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of
Liberty Silver's mineral properties, and Liberty Silver's financial
condition and prospects, could differ materially from those currently
anticipated in such statements for many reasons such as: changes in
general economic conditions and conditions in the financial markets;
changes in demand and prices for minerals; litigation, legislative,
environmental and other judicial, regulatory, political and
competitive developments; technological and operational difficulties
encountered in connection with Liberty Silver's activities; and other
matters discussed in this News Release and in filings made with
securities regulators. This list is not exhaustive of the factors
that may affect any of Liberty Silver's forward-looking statements.
These and other factors should be considered carefully and readers
should not place undue reliance on Liberty Silver's forward-looking
statements. Liberty Silver does not undertake to update any
forward-looking statement that may be made from time to time by
Liberty Silver or on its behalf, except in accordance with applicable
securities laws. 
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this News Release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein. 
Kevin O'Connor
Investor Relations
(416) 962-3300 
Liberty Silver Corp.
Manish Z. Kshatriya
Executive VP & CFO
(888) 749-4916
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