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Wed March 7, 2007
NR 46

Tucson, Arizona—March 7, 2007—Liberty Star Gold Corp (the “Company”), (OTCBB symbol: LBTS) is pleased to announce that as of now the Company has acquired, by staking, over 1,500 federal lode mining claims and two State Mineral Exploration Permits in Arizona. These lands cover at least 293 breccia pipe targets (Pipes) which have the potential to bear uranium. This completes our Phase 1 objective of gaining a critical mass of Pipe targets. Phase 2, which begins immediately, will be testing these Pipes by appropriate means which will include more detailed geology, geochemistry, and geophysics and where warranted, drilling.

For about two years Liberty Star has been quietly and methodically performing exploration to locate uranium breccia pipe targets on the Arizona Strip. A variety of methods have been used including geologic reconnaissance on the ground and by helicopter, remote sensing imagery interpretation, geochemistry and geophysics of several varieties. This has resulted in the acquisition of at least 293 Pipes. The Pipes have been primarily acquired by staking Federal lode mining claims covering approximately 20.7 acres each. These claims give the Company the rights to all minerals on the claim and carry no royalty. At least 1,500 claims have been acquired, covering approximately 48.5 square miles. Additionally, the Company has acquired two Arizona State Mineral Exploration Permits, covering about three quarters of a square mile. These Permits may be converted to a State Mineral Lease on discovery and definition of a minable resource. Such leases carry a small net profits royalty.

The first phase of our work is accomplished and the Company now has a critical mass of Pipes on which to perform further exploration and drilling to define a mineral resource on productive pipes. Reserve engineering, ore body definition, mine planning, and permitting on each discovered resource, if any, will be done sequentially so that mine development can be undertaken at the earliest time possible. The Company then intends to bring these mines into production sequentially, each a few months apart. Additional Pipe acquisitions will continue as such opportunities arise, but the land acquisition phase has largely been accomplished. The critical mass of Pipe targets now under Company control will allow the resource and ore development phase to proceed efficiently and effectively.