Lion One Receives Approval of Environmental Impact Assessment;
Department of Environment Recommends that Mining Can Proceed At
Tuvatu Gold Project in Fiji
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 11, 2014)
- Lion One Metals Limited
(TSX-VENTURE:LIO)(FRANKFURT:LY1)(OTCQX:LOMLF)(ASX:LLO) ("Lion One"
or the "Company") is pleased to announce the completion and
approval of its Environmental Impact Assessment ("EIA") for its
Tuvatu Gold Project ("Tuvatu") located near Nadi on the island of
Viti Levu in Fiji.
Highlights: |
- Environmental Impact Assessment Approved |
- Dept. of Environment Recommends Mining Can Proceed |
- Mining Lease Application Filed with MRD |
- Advanced Discussions for Surface Lease |
Fiji's Department of Environment has approved the Company's EIA
for Tuvatu and has recommended that mining activities can proceed.
Additionally, in December 2013, the Director of Mines published the
Company's Notice for a Mining Lease Application in the Fiji
Government Gazette and two national newspapers, and has since
notified the Company that no public objections were lodged during
the proscribed thirty day window. The granting of the Mining Lease
is now contingent upon the grant of the Surface Lease. Advanced
discussions are underway with the iTaukei Land Trust Board
concerning the terms of compensation for land use at Tuvatu, which
is a necessary prerequisite for the grant of the Surface Lease. The
Company anticipates finalizing the terms of compensation for the
Surface Lease in a timely manner and will provide further guidance
as warranted.
Since the acquisition of Tuvatu in 2011, Lion One has focused on
the compilation and validation of data gathered by previous
operators, extensive surface work, and over 13,800 meters of infill
and step-out drilling aimed at expanding and upgrading the
resource. The Company's new Managing Director Stephen Mann has
completed an internal resource review and an evaluation of the
near-surface resource potential, and development options. The
Company's board of directors has authorized the appointment of an
engineering firm to carry out an independent evaluation of his
review. Mr. Mann has over 30 years' experience in mineral
exploration and mining, and was credited with the discovery,
development, and initiation of mining at the La Mancha
Resources-owned Frogs Leg and White Foil gold mines near
Kalgoorlie, Western Australia.
"This is an exciting period in the evolution of the Tuvatu Gold
Project and a critical phase in the transition towards mining and
production at Tuvatu." said Lion One Chairman and CEO Walter H.
Berukoff. "We are grateful for the support of the Fiji Government
through the permitting process while we strengthen the development
potential for Tuvatu."
Tuvatu has been subject to significant historic exploration and
underground development. During the 1997 to 2000 period, over 1,600
meters of underground workings, 87,000 meters of drilling, trial
mining, bulk sampling, and engineering and socio-economic studies
were completed.
Tuvatu is a high-grade alkalic epithermal gold deposit situated
in one of Fiji's largest volcanic-intrusive complexes, located
along trend from a geologically analogous and similar scale
volcanic-intrusive complex at Vatukoula, where over 7 million
ounces of gold have been produced since the 1930's. (per
Vatukoula Gold Mines PLC website, 2014).
About Lion One Metals Limited
Lion One was founded by the successful Canadian entrepreneur
Walter H. Berukoff, Chairman of Red Lion Management. Mr. Berukoff
is recognized as the founder and former CEO of three notable
Canadian mining companies later acquired for an aggregate of over
$3 billion; Miramar Mining, Northern Orion Resources, and La Mancha
Resources.
Lion One Metals completed the acquisition of Tuvatu and obtained
a TSX-V listing in January 2011. The Tuvatu Gold Project currently
contains an indicated mineral resource of 172,000 oz. Au (760,000
tonnes at 7.05 g/t Au) and an inferred mineral resource of 480,000
oz. Au (2,618,000 tonnes at 5.71 g/t Au). (See Technical Report and
Resource Estimate on the Tuvatu Gold Property, Viti Levu, Fiji
dated December 15, 2010). In addition to Tuvatu, the Company holds
exploration-stage properties in Australia, Argentina, and
additional exploration properties in Fiji. Robert McLeod, P.Geo,
Consultant and Qualified Person as defined by NI 43-101 has
reviewed and approved the technical content of this release. The
Company currently has 60,175,608 common shares issued and
outstanding.
The information in this report that relates to Exploration
Results and Mineral Resources is based on information compiled by
Mr. Stephen Mann, who is a Member of the Australian Institute of
Mining and Metallurgy (AUSIMM). Mr. Mann has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which the Company
is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Mann is a
director of Lion One Metals Limited and consents to the inclusion
of the information in this announcement in the form and context in
which it appears. The Company confirms that it is not aware of any
new information or data that materially affects the information
included in this release, and that in relation to mineral resources
all material assumptions and technical parameters underpinning the
estimates in this release continue to apply and have not materially
changed.
The Company cautions that
mineral resources that are not mineral reserves do not have
demonstrated economic viability. Lion One Metals Limited has not
established mineral reserves supported by a NI 43-101 compliant
technical report and feasibility study. The Company cautions
readers that production may not be economically feasible and that
the feasibility study by Bateman Kinhill for Emperor Gold Mines on
the Tuvatu Gold Project was completed in 2000, prior to 2001 and NI
43-101, is historic in nature and should not be relied upon.
On Behalf of the Board of Directors
Hamish Greig, VP, Director
Lion One Metals Limited
Neither the TSX Venture Exchange nor its Regulation Service
Provider accepts responsibility for the adequacy or accuracy of
this release.
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.
Lion One Metals LimitedInvestor
Relations604-998-1250604-998-1253info@liononemetals.comwww.liononemetals.com
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