05:25 PM EDT, 08/19/2024 (MT Newswires) -- Liberty Gold ( LGDTF ) , up 8.1% at close of trading Monday, received approval from Turkiye to sell the TV Tower copper gold project in Biga Province, with the transaction expected to close in September.

Since signing the share purchase agreement back in April, Liberty Gold ( LGDTF ) has increased its interest in the project to 73.7% through sole funding of certain project expenditures. Liberty Gold's ( LGDTF ) share of the US$11.5 million in gross proceeds has now increased to US$8.5 million which will be paid in three stages as follows: US$3.7 million on the closing date; US$2.2 million on the first anniversary of the closing date; and US$2.6 million on the second anniversary of the closing date.

"The government approval of the sale of TV Tower represents the final approval required for the transaction," said chief executive Cal Everett, "which upon closing will complete the monetization process of all of Liberty Gold's ( LGDTF ) Turkish assets and establish the company as a pure Great Basin gold company advancing two Carlin-style gold deposits."

Liberty Gold ( LGDTF ) closed up $0.03 to $0.40 on the Toronto Stock Exchange.