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Thursday, May 14, 2015 11:43:42 PM
EC: One other company I've followed for a while is a company called Lion One Metals Ltd. (LIO:TSX.V). Lion One has a high-grade gold vein deposit in Fiji called Tuvatu. Tuvatu has about 800,000 oz but the grade is 9–10 g/t. It's open in just about every direction and there are many veins on the property that haven't been sufficiently tested. I'll be fairly surprised if at the end of the day that isn't a 2–3 Moz resource.
Lion One is run by Chairman and CEO Wally Berukoff, a well-known mining promoter who has had a lot of success. He helped found Miramar Mining, Northern Orion Resources and La Mancha Resources Inc.—all three of which sold for more than $500M. Berukoff is committed to getting Lion One into production. The cheapest financing it has done since it went public was CA$1/share. It's trading at around CA$0.45 with $5M in the bank. I'm expecting a PEA very soon from Lion One. Like some of the examples above, I think it will focus on high-grade ounces and should generate some impressive numbers. Importantly, Tuvatu has all required permits for mining in place.
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