Lion One Metals Limited (TSX-V:LIO) (ASX:LLO)
(OTCQX:LOMLF) (FSX:LY1)
(the
“Company”) is pleased to announce the appointment of Mr.
Tony Young as the Company’s new Chief Financial Officer, replacing
Ms. Samantha Shorter.
Mr. Tony Young has over 17 years’ experience in
financial roles for mining companies operating in both Canada and
Latin America. Mr. Young was most recently the Director of
Finance at Red Eagle Mining Corporation, where he guided the
company’s transition from mine development to production, including
the construction of a 1,200 tonne per day processing plant at the
San Ramon gold mine in Colombia. Mr. Young was also the
Corporate Controller for Luna Gold Corp. (Trek Mining Inc.), an
80,000 ounce per year gold producer with a 6,000 tonne per day
processing plant in Brazil. Mr. Young was previously Senior
Manager at KPMG LLP providing assurance and tax services to mining
and resource-based companies in Canada. Mr. Young is a
Chartered Professional Accountant and Certified Public Accountant
(Illinois) and holds a Bachelor of Commerce from the University of
British Columbia.
“Tony Young’s experience and skillset will be
invaluable to Lion One as we transition through planned
development, construction, into production at Tuvatu,” said Lion
One CEO Walter Berukoff. “We wish to sincerely thank Samantha
Shorter for her efforts and contributions to Lion One since 2013
and wish her success with her future endeavours.”
About Tuvatu | Lion One | Fiji
GoldLion One is aggressively advancing its 100% owned
Tuvatu Gold Project as a world class discovery and near-term
production opportunity in the southwest Pacific Ring of Fire.
Tuvatu is modeled for exploration after regional giants in the low
sulphidation family of high grade epithermal gold deposits such as
Porgera and Lihir in PNG, and Vatukoula in Fiji. These
spectacular discoveries have produced over 35 million ounces of
gold in similar alkaline volcanic settings. Tuvatu has been fully
permitted by the Government of Fiji for operations startup and has
a dual-track strategy of production development and resource
expansion inside its 385 hectare mining lease.
Tuvatu is located 25 km from the international
airport in Nadi, on the west coast 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.
Tuvatu was advanced by previous owners through
underground exploration and development from 1997 through to the
completion of a feasibility study in 2000. Acquired by Lion
One in 2011, the project has over 110,000 meters of drilling
completed to date in addition to 1,600 meters of underground
development.
In January 2016 the Hon. Prime Minister of Fiji,
Mr. V. Bainimarama, formally presented the previously granted
Tuvatu Mining Lease to Lion One. This concluded the
permitting process for the development of an underground gold mine
and processing plant at Tuvatu, demonstrating strong government
support for Fiji’s 85 year-old gold mining industry.
As per its independent June 1, 2015 NI 43-101
PEA Technical Report on the Tuvatu Gold Project, the Company
envisages a low cost underground gold mining operation producing
352,931 ounces of gold at head grades of 11.30 g/t Au over an
initial 7 year mine life. This includes production of 262,000
ounces at 15.30 g/t through to the end of year three.
Estimated cash cost is US$567 per ounce with all-in sustaining cost
of US$779 per ounce. Total capex of US$48.6 million includes a
contingency of US$6.1 million with an 18 month preproduction
schedule and 18 month payback on capital. At a US$1,200 gold
price, the project generates net cash flow of US$112.5 million and
an IRR of 52% (after tax). The Company is not basing its
production decision on a feasibility study of mineral reserves
demonstrating economic and technical viability; as a result, there
is increased uncertainty and economic and technical risks
associated with its production decision.
Ian Chang, M.A.Sc., P.Eng., Chief Development
Officer, is the Qualified Person ("QP") responsible for Tuvatu Mine
development.
For more information on Lion One including
technical reports please visit the Company’s website at
www.liononemetals.com or the SEDAR website at www.sedar.com .
On behalf of Lion One Metals
Limited“Walter H. Berukoff”Chief Executive
Officer
For further information please
contact 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 Email:
info@liononemetals.com
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.
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