Lion One Clarifies Technical Disclosure
June 07 2013 - 8:02PM
Marketwired Canada
Lion One Metals Limited (TSX VENTURE:LIO)(OTCQX:LOMLF)(FRANKFURT:LY1) ("Lion
One" or the "Company") announces that as a result of a review by the British
Columbia Securities Commission (the "BCSC"), it is issuing the following news
release to clarify and retract certain deficiencies in its continuous disclosure
record relating to its Tuvatu Gold Project (the "Project") on Viti Levu in Fiji.
The Company has responded to the BCSC and has taken specific actions to amend,
remove, retract, and restate technical disclosure that was determined to be
potentially misleading or non-compliant pursuant to the requirements of NI
43-101.
On its website, corporate presentation, and a news release dated Nov. 2, 2010,
the Company disclosed historical mineral resource and mineral reserve estimates
previously completed by Emperor Gold Mines Ltd. and included in a year 2000
feasibility study, (the "Emperor Feasibility Study"). On November 26, 2010 the
Company filed on SEDAR the technical report "Technical Report and Resource
Estimate on the Tuvatu Gold Property, Viti Levu, Fiji" (the "2010 Technical
Report") dated Oct. 1, 2010, stating that the historical mineral resource and
mineral reserve estimate, on which the feasibility study is based, is superseded
by the updated resource estimate in the Technical Report.
Although the Company disclosed the results of the historical mineral resource
and mineral reserve estimate, the disclosure did not comply with the
requirements of NI 43-101, Part 2.4 (Disclosure of Historical Estimates). The
Company wishes to clarify that historical mineral resource and mineral reserve
estimates that were the subject of the Emperor Feasibility Study were superseded
by and down-graded to indicated and inferred mineral resources by the mineral
resource estimate that was the subject of the 2010 Technical Report. Any
reference to the Emperor Feasibility Study and related mineral reserve and
mineral resource estimates are retracted. The Company retracts and has amended
or removed from its website, presentation, and fact sheet, any potentially
misleading or non-compliant technical disclosures of mineral resources,
historical reserves or economic analyses that are not supported by the 2010
Technical Report. In addition the Company wishes to restate and clarify that
resources have no demonstrated economic viability and no reserves have yet been
established on the Project.
The BCSC review also identified non-compliant disclosure of mineral resources
where the Company discloses resources contrary to the requirements of NI 43-101,
Part 2.2 (All Disclosure of Mineral Resources or Mineral Reserves) and Part 3.4
in its website, presentation, and fact sheet. The Company has amended or removed
disclosure of mineral resources that did not use applicable mineral resource
categories, did not report each category of mineral resources or reserves
separately, adds inferred mineral resources to other categories of mineral
resources or does not state the grade and quantity of each category of the
mineral resource or mineral reserve. The Company has also removed disclosure of
resources disclosed solely in terms of metal content, and has removed reference
to and retracts the non-compliant disclosure of potential "multi-million ounce"
exploration targets that does not include the disclosure required by NI 43-101,
Part 2.3.
Pursuant to NI 43-101, Part 3 the Company was required to disclose the identity
and relationship to the Company of the Qualified Person who prepared, supervised
or approved the written disclosure included on the Company's website, corporate
presentation and fact sheet. No Qualified Person prepared, supervised or
approved the written disclosure contained on the Company's website, or the
corporate presentation or fact sheet. In the future a Qualified Person will
prepare, supervise or approve all written technical disclosure included in these
documents.
Qualified Person
Darcy Krohman, P.Geo, CA, a consultant to the Company, is a Qualified Person
within the meaning of National Instrument 43-101, and has reviewed the contents
of this news release.
About the Tuvatu Gold Project
The Tuvatu Gold Project is located in Fiji, on the margins of the Navilawa
Caldera, along the Viti Levu Lineament; a mineral belt hosting Fiji's known gold
deposits. The Navilawa Caldera is a volcanic intrusive complex with a geological
setting bearing many similarities with the adjacent Tavua Caldera, which hosts
Fiji's largest gold deposit and oldest operating gold mine at Vatukoula. The
Fijian Islands themselves are situated along the Pacific Islands Arc, the host
of a number of major deposits that include the Lihir, Porgera, Ok Tedi, and
Wafi-Golpu gold deposits in PNG. The Tuvatu Gold Project currently has an
indicated mineral resource of 172,000 oz. Au (760,000 tonnes at 7.05 g/t Au) and
an inferred mineral resource of 480,000 oz. Au (2,618,000 tonnes at 5.71 g/t
Au). (See "Technical Report and Resource Estimate on the Tuvatu Gold Property,
Viti Levu, Fiji" dated October 1, 2010).
On Behalf of the Board of Directors
Hamish Greig, Director, Vice President
Lion One Metals Limited
www.liononemetals.com
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lion One Metals Limited
Investor Relations
604-998-1250
604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com
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