Lion One Announces Extension of Tuvatu Mine Lease to 2035
Lion One Announces Extension of Tuvatu Mine
Lease to 2035
North Vancouver, British Columbia--(Newsfile Corp. - August 8, 2022) -
Lion One Metals Limited
(TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO)
("Lion One" or the "Company")
announces that the
Government of Fiji has granted an extension of the Tuvatu Mining Lease (SML 62) for an additional 10
year term renewable on Feb. 28, 2035.
SML 62 is the Company's cornerstone permit enabling Lion One to build mining and milling operations
at Tuvatu, forming part of its 100% owned, high-grade Tuvatu Alkaline Gold Project, located 24km from
Fiji's International Airport in Nadi.
In an official ceremony attended by over 300 dignitaries at Tuvatu yesterday, Lion One CEO Walter
Berukoff thanked Fiji's Attorney General Aiyaz Sayed-Khaiyum, the Mineral Resource Department, and
Lion One's Chief Operating Patrick Hickey, commenting, "I am proud to say that it is with great elation
that the Government of Fiji has renewed our special mining lease for the Tuvatu Alkaline Gold Project for
another ten years. This lease extension sends a clear message to the world that Fiji continues to be
open to public markets which can access critical capital to enable responsible mining projects to be
built. Responsible mining will enhance the local socio-economic conditions for all Fijians. To date, we
have invested over $140 million into the local economy."
The development of Tuvatu is guided by Lion One Chief Operating Officer Patrick Hickey, an
accomplished engineer with extensive executive-level experience in mine building roles for companies
such as Newmont Mining Corporation and Kinross Gold Corp. across Africa, Asia, and North America.
Mr. Hickey leads a management team of nine and staff that includes some of the most skilled and
experienced exploration and underground mining experts in the South Pacific. Under Mr. Hickey's
leadership, the Company has ramped up its mining development activities at Tuvatu. There are six
active drill rigs, an Exploration decline measuring over one kilometre in length, and a fully operational on-
site analytical sampling laboratory at production levels threefold from earlier this year.
Mr. Hickey commented, "We very pleased to have been granted this extension after the rigorous
assessment process that factored not only the geological and economic potential of Tuvatu, but our
environmental risk management strategy, and local landowners and community relationships. This
milestone demonstrates the tremendous support the Fiji Government has for both Lion One and its
mining industry as we continue our commitment to the communities that we operate in to provide direct
employment opportunities and peripheral economic stimulus."
About Lion One Metals Limited
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project,
located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold
mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the
entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system.
Lion One's CEO Walter Berukoff leads an experienced team of explorers and mine builders and 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.
Photo 1: Patrick Hickey and Walter Berukoff at Tuvatu ceremony
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Figure 1: Tuvatu Project area
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Qualified Person
In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-
101"), Patrick Hickey, P. Eng., Lion One's Chief Operating Officer, is the Qualified Person for the
Company and has reviewed and is responsible for the content of this news release.
On behalf of the Board of Directors of
Lion One Metals Limited
"
Walter Berukoff
"
Chairman and CEO
For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email:
Website:
www.liononemetals.com
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accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be "forward-looking statements"
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 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 labour 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.
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