Lion One Provides Development Update for Its Tuvatu Gold Project in Fiji
TSX VENTURE: LIO
North Vancouver, British Columbia--(Newsfile Corp. - March 5, 2018) - Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) (FSX: LY1) (the "Company") is pleased to provide the following development update on engineering and construction activities at its 100% owned and fully permitted high grade Tuvatu Gold Project, located on the island of Viti Levu in the Republic of Fiji.
Bulk earthworks are progressing in all plant site areas. Clearing and grubbing are substantially complete. Two rock crushing plants are now in operation for the production of gabion wall rock and engineered fill for construction of the plant facility platforms. Construction of the Company's assay laboratory commences this month in Nadi. All long lead laboratory equipment have been purchased. The local assay lab will expedite turnaround times for both exploration and grade control assays.
Detail engineering continues on the process plant, infrastructure and tailings storage facility. Design of two new bridge crossings over major creeks near Tuvatu is now complete with bridge construction to begin immediately after abatement of wet season high water flows. The Company continues metallurgical test work on high pH leach pretreatment methods to improve gold recovery.
The Company is nearing contract awards for its prime mining contractor, equipment suppliers, and EPC contractor. The Company plans to use both new and refurbished equipment for underground mining. The mining equipment fleet will include single and twin-boom jumbos, load/haul/dump vehicles, haul trucks, a grader, and personnel carriers. A new senior mining engineer will be appointed shortly for ongoing mine planning, design and mining contractor management. He will be responsible for mining and stockpiling ahead of process plant construction.
Lion One's Chief Development Officer Ian Chang stated, "We're aggressively advancing to production and have progressed significantly in recent months on preparation of the mill site and infrastructure. We remain focused on delivering Fiji's next high grade underground gold mining operation while continuing to qualify the upside of Tuvatu's district scale exploration opportunity"
Ian Chang, M.A.Sc., P. Eng., Lion One's Chief Development Officer, is the Qualified Person ("QP") responsible for Tuvatu Mine development and has prepared, reviewed, and approved the content of this news release.
Tuvatu is a fully permitted high grade underground gold project located in the South Pacific island Republic of Fiji, 17 km NE of the Nadi International Airport on Fiji's main island of Viti Levu. Tuvatu is a low sulphidation epithermal gold deposit hosted in the eroded remnants of the Navilawa mineral system, one of Fiji's largest mineralized volcanic intrusive complexes. The independent Tuvatu NI 43-101 PEA technical report dated June 1, 2015 envisages a low cost underground gold mining operation producing 352,931 ounces of gold over 7 years at head grades of 11.30 g/t Au, and cash costs of US$567 per ounce with all-in sustaining cost of US$779 per ounce. The Company has not based a production decision on a feasibility study of mineral reserves demonstrating economic and technical viability and as a result there is increased uncertainty and economic and technical risks associated. Tuvatu has been fully permitted by the Government of Fiji for operations start-up and has a dual-track strategy of exploration and development inside its mining lease and surrounding exploration license areas.
About Lion One
Lion One Metals Limited is a mineral exploration and development company based in North Vancouver, BC, focused on advancing to production at its 100% owned and fully permitted high grade underground Tuvatu Gold Project located on the island of Viti Levu in the Republic of Fiji. Lion One's CEO Walter Berukoff is leading an experienced team of mine builders, and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
Lion One is aggressively advancing Tuvatu as a near-term production opportunity with exploration upside in the southwest Pacific Ring of Fire. Lion One has modelled Tuvatu for exploration after regional giants in the low sulphidation family of high grade epithermal gold deposits such as Porgera and Lihir in Papua New Guinea, and Vatukoula in Fiji, which boast production of over 35 million ounces of gold in similar alkaline volcanic settings.
On behalf of Lion One Metals Limited
"Walter H. Berukoff"
Chief Executive Officer
For further information please contact:
Stephen Mann, Managing Director (Perth, Australia) Tel: 604-973-3007
Hamish Greig, Vice President (North Vancouver, BC) Tel: 604-973-3008
Joe Gray, Investor Relations (North Vancouver, BC) Tel: 604-973-3004
Toll Free IR Line (North America) Tel: 1-855-805-1250
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 labour 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.