New Penny Stocks To Watch: Liberty Gold Corp. (LBGO)

Ever watch the reality show on the Discover Channel: Gold Rush Alaska? Well, it’s about to get real for OTC traders Monday when Liberty Gold Corp. (OTC: LBGO) goes live for its first real trading session. LBGO stock price is set to open at $1.05 after the Company announced Friday that it acquired a 60% interest in the 2,218-acre McCord Creek Property gold project in central Alaska’s Tolovana Mining District. LBGO stock should be on the list of penny stocks to watch for those who are willing to go long for a possible IDNG type run.

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The Alaska Project

The McCord Creek project is comprised of 14 State mining claims located 70 miles northwest of Fairbanks in the Tintina Gold Belt, which has produced nearly 30 million ounces of gold to date. The eastern extension of the project borders the International Tower Hill Ltd. (NYSE MKT: THM) Livengood Project. The souteast extension of the project borders the Kinross Gold Corp. (NYSE: KGC) Fort Knox mine which currently produces over a million dollars of gold equivalent per day.

The Arizona Project

Liberty Gold also holds a 100% interest in a claim block covering approximately 794-acre located in Arizona. The Arizona project represents estimated resources of 8.09 million gold equivalent ounces. When including the discovery of indium, gallium and rare earth metals, total resources for blocked out, assayed and geologically inferred ore potentially amounts to $16.70 billion.

LBGO Stock Players

Liberty Gold Corp. used to be IBOS Inc. On April 5, 2011, IBOS’s three officers and directors, Deepak Danavar, Ravi Sharma, and James Villalobos, sold Lynn Harrison, formerly of Bonanza Gold Corp. (OTC: BNZA), 8.28 million shares, 87% of the Company’s outstanding shares, for $370,000. Harrison is the sole director, President and CEO of the Company and Frank J. Hariton is the Secretary.

On April 26, 2011, the Company did a 50:1 forward split, cancelled a large number of shares, sold some warrants ranging from 45 cents to 99 cents, ending up with a current 87,155,176 issued and outstanding. Some of the various seed holders of LBGO stock own some 16 million shares at prices of around 2 cents each.

To view the SEC filings for LBGO, click here.

Bottom Line: The penny stock of Liberty Gold (LBGO) will be one of those “wait and see” types. No question the news to come out will boost up the Company image and make LBGO stock an attractive buy. However, with the performance BNZA stock had when Harrison was there, investors should mind their “p’s and q’s” before stepping in too heavy. Of course its a pump, but if they don’t dump their shares to make a quick buck and allow the price to support itself, LBGO could be a $2 stock in a month’s time.

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