drill programme update

Tucson, Arizona—March 2, 2007—Liberty Star Gold Corp (the “Company”), (OTCBB symbol: LBTS) is pleased to announce that the Elle Joint Venture with XState Resources Limited (ASX symbol: XST) (previously OCR Minerals) has completed Rotary Drill Hole (RDH) Elle 01 to a depth of 2,000 feet as of Friday February 23, 2007, the first hole of its three Pipe drilling program. The drill has now moved to the Hada Pipe geophysical target which lays approximately 4,000 feet North West of RDH Elle 01. The drill started Monday morning February 26. It is now at a depth of 865 feet. It has penetrated the Moenkopi formation and the Kaibab limestone and is in the Toroweap formation which overlies the Coconino sandstone followed by the Hermit shale, the target horizons.

The drilling on Elle 01 drilling went so rapidly—twice the driller’s expected rate—that the geologic team is still catching up with logging and data compilation. The in-hole geophysical team is expected to arrive on Friday March second. They will begin electrical geophysics know as TEM which will look outward from the hole a distance of 200 to 400 feet to determine the presence of anomalies thought to be associated with uranium. We will therefore be able to geophysically search a 2,000 foot column of rock with a diameter of 400 to 800 feet. If targets are identified they will be tested with directional diamond drilling. When this work is complete and all the data, including the drill hole data from RDH Elle 01, has been compiled, the results will be announced. The Hada 01 hole will be probed in a similar fashion, as will subsequent drilling. Surface geophysics will be undertaken by the same team and equipment in between drill hole surveys.

Like RDH Elle 01, RDH Hada 01 drill hole is eight inches in diameter and drilled with air circulation. Directional surveys will be taken every 100 feet as a part of a standard operating procedure in order to keep the hole as near vertical as possible—an important aspect which allows them to hit specified targets.