LGM Lions Gate Metals Inc.

Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "LGM") announces
that, despite the best efforts of LGM and AusNiCo, the conditions precedent to
the merger between the two companies have not been satisfied and the parties
have agreed to terminate their agreement. Both companies will pursue alternative
funding sources for their respective projects. 


"There are several factors that have led us to the decision to terminate the
transaction," said LGM CEO, Arni Johannson. "Some key issues were the lengthy
due diligence and regulatory delays, a blockade at our proposed drill program
site and market volatility. That said, we still own 100% of a significant Copper
asset and are working diligently to resolve issues in the Poplar region. Our
future holds significant promise."


Moving forward, management of Lions Gate is arranging financing to fund the
proposed 5200m drill program at the Poplar Project. Extensive geophysical
surveys were completed last year to define drill targets and to expose
additional anomalies for further exploration. Lions Gate will continue to work
with local interest groups in the region to ensure successful exploration and
development programs throughout the summer and into the fall. Lions Gate is
dedicated to socially and environmentally responsible exploration and
development programs that will improve the Poplar Project and provide value to
our shareholders, local communities, and First Nations. 


About Lions Gate Metals 

Lions Gate is a Canadian based, junior resource company focused on the
exploration, development, and acquisition of both advanced and early stage
mineral projects. LGM owns 100% of three substantial copper and molybdenum
projects located in British Columbia. LGM's flagship project is the Poplar
porphyry copper - molybdenum deposit near Houston, BC. The Huckleberry Mine,
located approximately 35 kilometres southwest of the Poplar Deposit, produces
copper and molybdenum from a deposit of similar age and setting. 


Sincerely on behalf of the Board of Directors,

Arni Johannson, CEO and Chairman of the Board

Lions Gate Metals Inc.

For further information on the Company and its projects please visit our web
site at www.LionsGateMetals.com.

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