Monday, September 15, 2014 4:43:38 PM
Lion One Metals announced today that the Company has engaged two independent specialist engineering firms to conduct independent processing plant studies and deliver quotations for the design, construction, and commissioning of processing plant facilities for its 100% owned Tuvatu Gold Project in Fiji. The Company expects to receive quotations and commence negotiating terms of a formal commercial agreement for a fixed price turnkey operation upon the conclusion of the studies, which are expected to be completed within approximately sixty days. The Company expects that these studies will enhance the Company's understanding of the economic potential of the Tuvatu project prior to embarking on further advanced studies which could result in an economic analysis of the project.
About Tuvatu
Tuvatu is a high grade, low sulphidation, narrow vein gold deposit located on the island of Viti Levu in Fiji. Tuvatu is situated on the Viti Levu lineament, 35 km along trend from Vatukoula, Fiji's largest gold deposit and oldest gold operating mine, with over 7 million ounces of production over 75 years (per VGM website 2014). Both deposits are low-sulphidation epithermal gold deposits related to alkalic volcanic intrusive complexes. In late 2013 the Company received Department of Environment approval for the Tuvatu Environmental Impact Assessment, and in 2014 signed a 21-year Surface Lease (see news release dated May 22, 2014), and upgraded Tuvatu's indicated resource to 1,101,000 tonnes at a grade of 8.46 grams per tonne gold (g/t Au) and inferred resource to 1,506,000 tonnes at a grade of 9.70 g/t Au, at a cut-off grade 3.0 g/t Au (see news release dated June 4, 2014).
Full news release available on the company's website:
http://www.liononemetals.com/i/pdf/news/2014-09-15_NR_2qmgJu.pdf
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