Lion One Announces the Start of Construction at the Tuvatu Gold Project
14 November 2017 - 3:05PM
Lion One Metals Limited (TSX-V:LIO) (ASX:LLO)
(OTCQX:LOMLF) (FSE:LY1)
(the
“Company”) is pleased to announce the start of the
construction phase of the Tuvatu Gold Project with the release of
the site Bulk Earthworks Contract. The Company has awarded
the Contract to A.R. Quarry and Concrete Limited (ARQC), a large,
reputable civil contractor based in Nadi, Fiji. ARQC won the
contract in a competitive tender process with multiple
bidders.
The contract scope of work includes
approximately 112,000 m3 of excavation and 85,000 m3 of fill.
Specific construction activities include the following:
- mill site bulk excavation and fill for 5 platforms for the run
of mine ore stockpile, the crushing plant, the processing plant,
the maintenance building, and the diesel power generation
plant;
- mill site road construction;
- erection of three retaining walls ranging in height from 3 m to
10 m high;
- construction of a lined storm water detention pond;
- excavation of a large diversion ditch to redirect storm water
runoff around the mill site;
- installation of site drainage ditches and culverts for
management of mill site storm water runoff;
- straightening of Tuvatu creek to open up additional required
site area;
- rerouting of 400m of the Navilawa Road outside the mill site
proper to ensure public safety and security;
- preparation of a pad for the installation of the engineered
fill crushing plant;
- preparation of a pad for the installation of the mine
maintenance shop and mine dry.
ARQC will begin mobilizing equipment and
personnel immediately. The earthworks are planned to be
substantially complete in Q2 2018.
A ground breaking ceremony is planned inviting
government officials, members of the press, and the local
communities. The general public is also welcome to
attend. The date and time will be posted on our website.
About Tuvatu | Lion One | Fiji Gold Lion 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 leading an experienced
team of mine builders, 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.
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 “Ian I
Chang” Chief Development 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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