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Liberty Silver Provides Update on Technical Report and Clarifies Disclosure

TORONTO, ONTARIO--(Marketwire - Feb 28, 2013) - Liberty Silver Corp. (LSL.TO) ("Liberty Silver" or the "Company") announces that it has submitted to staff of the Ontario Securities Commission ("OSC") its technical report to support the updated resource estimate announced on January 7, 2013 with respect to its Trinity Silver Project. As a result of a review by staff of the OSC, the Company is providing the following update and clarification, regarding its disclosure on the Trinity Silver Project.

The report prepared by SRK Consulting (US) Inc. ("SRK") and submitted by the Company to staff of the OSC, built upon a previous resource estimate contained in the National Instrument 43-101 ("NI 43-101") technical report dated December 1, 2011 and filed on SEDAR (www.sedar.com). The December 2011 inferred resource estimate utilized historic results from over 400 drill holes on the property, the data from which have been included in a GIS database. During 2012, the Company drilled 18 RC holes near the main Trinity Silver deposit area which assisted in validating the December 2011 inferred resource estimate. The new technical report prepared by SRK, and submitted to staff of the OSC, includes the results of Liberty Silver''s 2012 RC drilling program and the unverified historical drilling on the Hi Ho Property, which is located immediately adjacent to the historical open pit area. The Hi Ho Property and the Company''s 2012 drilling results were not included in the December 2011 technical report.

The staff of the OSC expressed concerns with the uncertainty related to the mid-1980''s historical drilling from the Hi Ho Property acquired in 2012. It has been determined that additional confirmatory drilling, which was identified and recommended in the new technical report, be completed to verify the historical drilling prior to preparing an updated resource estimate. As a result, the new technical report will not be filed by the Company on SEDAR.

The Company is evaluating an appropriate confirmatory drilling program to support the use of historical results in an updated resource estimate to be prepared in accordance with NI 43-101. The Company has engaged SRK, the Company''s independent engineering firm and one of the largest global firms of its kind, to prepare an updated resource estimate when the confirmatory drilling program is completed. There can be no assurance that any confirmatory drilling will be successful or that any results of confirmatory drilling will support an updated NI 43-101 resource estimate for the Trinity Silver Project.

Accordingly, the Company retracts the announcement of an updated resource estimate made on January 7, 2013 and cautions investors that no reliance should be made on this resource estimate disclosure. Please refer to the December 1, 2011 technical report for the inferred resource estimate on the Trinity Silver Project.

This release has been reviewed by Tim Percival, CPG, Reno, Nevada, consultant to the Company and a Qualified Person as defined in NI 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 10,940 acres Trinity property pursuant to the terms of an earn-in agreement with Renaissance Gold Inc.

Information about the Company is available on its website, www.libertysilvercorp.com, or in the SEDAR and EDGAR databases.

Cautionary Statements

Cautionary Note to U.S. Investors concerning estimates of Resources: This news release uses any one or more of the terms "Measured, Indicated, and Inferred Resources." The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations, the SEC does not recognize the terms. U.S. investors are cautioned not to assume that any part or all of Measured or Indicated Mineral Resources will ever be converted into Reserves. Inferred Resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that any part or all of a measured, indicated, or inferred resource exists, or is economically or legally minable.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. The assessment in the 43-101 report is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies.

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management''s expectations. Forward-looking statements include estimates and statements that describe the Company''s future plans, objectives or goals, including words to the effect that the Company 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 the Company''s mineral properties, and the Company''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 the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company''s forward-looking statements. These and other factors made in public disclosures and filings by the Company should be considered carefully and readers should not place undue reliance on the Company''s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.