Liberty Star -- XState Resources Ltd. -- Elle Uranium Drilling Program -- Elle Rotary Hole 01 Complete, Hada Rotary Hole 01 Star

  
    
  
  
    
      Liberty Star Gold Corp (the “Company”) 
      (OTCBB:LBTS) is pleased to announce that the Elle Joint Venture with 
      XState Resources Limited (ASX: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 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 2. They will begin electrical geophysics known 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.
    
    ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
    
      The Elle Joint Venture breccia pipes are part of the large uranium 
      bearing breccia pipe terrain which occurs on the Arizona Strip lying 
      just south of the Utah border. Eight mines were brought into production 
      during the 1970s and early 1980s on deposits discovered within the 
      immediate area. The uranium bearing pipes which were mined are the 
      second highest grade uranium mineral deposits in the world and the 
      highest grade in the United States. Previously mined mineralization in 
      these pipes has graded about 0.6% to 0.7% uranium or about 12 to 14 
      pounds per ton. In addition to uranium, they are known to contain 
      copper, zinc, silver, vanadium, cobalt, nickel, molybdenum, gallium, 
      germanium and other metals. Past producers have recovered copper, silver 
      and vanadium as by-products of uranium mining.
    
    
      SAFE HARBOR STATEMENT
    
    
      Statements in this news release that are not historical are 
      forward-looking statements. Forward-looking statements in this news 
      release include that the in-hole geophysical team is expected to arrive 
      on Friday, March 2; that 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; that we will be able to geophysically search a 2,000 foot 
      column of rock with a diameter of 400 to 800 feet; and that if targets 
      are identified, they will be tested with directional diamond drilling.
    
    
      It is important to note that the Company’s 
      actual outcomes may differ materially from those statements contained in 
      this press release. Factors which may delay or prevent these 
      forward-looking statements from being realized include misinterpretation 
      of data; that we may not be able to get equipment or labor as we need 
      it; that we may not be able to raise sufficient funds to complete our 
      intended exploration; that we may be unable to agree with our joint 
      venture partners as to the work to be performed; that our application to 
      drill may be denied; that weather, logistical problems or hazards may 
      prevent us from exploration; that equipment may not work as well as 
      expected; that analysis of data may not be possible accurately and at 
      depth; that results which we or others have found in any particular 
      location are not necessarily indicative of larger areas of our property; 
      and that despite encouraging data there may be no commercially 
      exploitable mineralization on our properties. Readers should refer to 
      the risk disclosures outlined in the Company’s 
      most recent 10-KSB and the Company’s other 
      periodic reports filed from time to time with the Securities and 
      Exchange Commission.
    
    
      Mr. Briscoe was interviewed on February 7 by CEO Radio Network about 
      Liberty Star Gold and its programs.
    
    
      Access to the Liberty Star Gold Corp interview is available to 
      registered users of www.ceoradionetwork.com. 
      Click on "Company Webcasts" and register. Registration is free.
    
    
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