LIO Lion One Metals Limited

Lion One Metals Limited (TSX VENTURE:LIO)(OTCQX:LOMLF)(FRANKFURT:FY1) ("Lion
One" or the "Company") announces that the Company has agreed to amend and
restate its Merger Implementation Agreement ("MIA") with Avocet Resources
Limited (ASX:AYE) ("Avocet") of Perth, Australia.


The MIA, announced on Dec. 21, 2012, proposed that Lion One will acquire all of
the issued shares in Avocet by way of Scheme of Arrangement, such that eligible
Avocet shareholders will receive one (1) new share in the Company for every 9.5
shares in Avocet.


Avocet and Lion One have agreed to amend the MIA to enable eligible Avocet
shareholders to receive new Lion One shares in the form of CHESS Depository
Interests ("CDI"). New Lion One CDI's will be listed and freely tradable on the
Australian Securities Exchange ("ASX"), with each CDI representing a beneficial
ownership interest in one (1) common share of the Company, and have materially
the same rights as common shares of the Company.


CDI's are commonly used by non-Australian corporations listing on the ASX, as
regulatory constraints do not allow for the listing for trading of common shares
of foreign corporations. The CDI's are securities that represent a beneficial
ownership interest in underlying common shares, and are freely convertible into
underlying common shares. As part of the acquisition of Avocet, Lion One plans
to seek a listing on ASX in addition to its listing on the TSX Venture Exchange.


About Avocet Resources Limited

Avocet Resources Limited (formerly U3O8 Limited) of Perth, Australia, is an ASX
listed exploration company with projects in Western Australia, Queensland, South
Australia, and the Chubut Province of Argentina. The Company controls 26 granted
exploration licenses in Australia and a further 21 tenements in Argentina
covering a total of 4,560 km2. Further information relating to Avocet and its
various exploration projects can be found on the Company's website at
www.avocetresources.com.au.


About Lion One Metals Limited

Lion One is a TSX-V listed exploration and development company based in North
Vancouver, BC. Its flagship property, the Tuvatu Gold Project, is situated in
Fiji along the Viti Levu lineament, a mineral belt hosting Fiji's known gold
deposits, including the 11 million ounce Vatukoula gold deposit. The Company is
focused on the acquisition, exploration, and development of mineral resources
properties, with the vision of becoming a low-cost gold producer with a
portfolio of quality projects in Fiji and abroad.


On Behalf of the Board of Directors

Hamish Greig, Vice President, Director

This press release may contain "forward-looking information" within the meaning
of applicable Canadian securities legislation. All statements, other than
statements of historical fact, included herein are forward looking information.
Generally, forward-looking information may be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"proposed", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases, or by the use of words or phrases which state that
certain actions, events or results may, could, would, or might occur or be
achieved. This forward-looking information reflects Lion One Metals Limited's
current beliefs and is based on information currently available to Lion One
Metals Limited and on assumptions Lion One Metals Limited believes are
reasonable. These assumptions include, but are not limited to, the actual
results of exploration projects being equivalent to or better than estimated
results in technical reports, assessment reports, and other geological reports
or prior exploration results. Forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of Lion One Metals
Limited or its subsidiaries to be materially different from those expressed or
implied by such forward-looking information. Such risks and other factors may
include, but are not limited to: the early stage development of Lion One Metals
Limited, general business, economic, competitive, political and social
uncertainties; the actual results of current research and development or
operational activities; competition; uncertainty as to patent applications and
intellectual property rights; product liability and lack of insurance; delay or
failure to receive board or regulatory approvals; changes in legislation,
including environmental legislation, affecting mining, timing and availability
of external financing on acceptable terms; not realizing on the potential
benefits of technology; conclusions of economic evaluations; and lack of
qualified, skilled labor or loss of key individuals. Although Lion One Metals
Limited has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as
anticipated, estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking information. Lion One Metals Limited does not
undertake to update any forward-looking information, except in accordance with
applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Lion One Metals Limited
Investor Relations
604-998-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com

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