Lion One Announces the Start of Construction at the Tuvatu Gold Project
North Vancouver, British Columbia‐‐(Newsfile Corp. ‐ November 14, 2017) ‐ Lion One Metals Limited (TSXV: 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: [email protected]
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.