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Lionsgold Ltd.
Summary
| Project: | Jonnagiri | |
|---|---|---|
| Deposit: | Jonnagiri | |
| Location: | India | |
| Commodities: | Gold | |
| Date: | 8/15/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-8-2017: Lionsgold Ltd. announces a Feasibility Study report for its Jonnagiri deposit at the Jonnagiri project. Feasibility Study results incl. Post tax NPV (5%) of $21M, IRR of 16.8%, LOM of 7 years. Lionsgold Limited ("Lionsgold", "LION" or the "Comp | |
| Resources: | (Resource, I+I): 7Mt @ 1.59g/t Au for 361koz Au contained at project | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Lionsgold Limited ("Lionsgold", "LION" or the "Company"), the gold-focused exploration company with assets in India and Finland, and a fintech subsidiary that provides physical gold online accounts, is pleased to report on the preliminary results of the NI 43-101 compliant Feasibility Study on the Jonnagiri Gold Project ("Jonnagiri" or the "Project") owned by Geomysore Services India Pvt Ltd ("Geomysore") in which Lionsgold holds a 21.15% interest. The final results of the FS will be updated upon completion of the technical report. The findings detailed herein are based on the current financial model for the Project. The finalisation of the FS follows recent changes to the Indian tax system that result in the implementation of a comprehensive goods and services single tax (GST) and the exact impact of GST on the economic prospects of Jonnagiri will be contained in the final published FS findings. "This is a major step towards establishing India's first privately owned gold producing open pit mine (since India gained independence in 1947) and materially increasing domestic gold production. With the FS data we intend to finalise the independent valuation of our India interests, including the Jonnagiri project and surrounding exploration assets within the licensed area. These include the West Block and South Block, where Geomysore has drill data which should, in time, expand the gold ore available and extend the mine life beyond the current seven years. "With the FS data now available, the team at Geomysore can continue making progress with the tender process in respect of the Mine Developer/Operator contract and we expect those negotiations to be concluded this calendar year, subject to completing negotiations with local farmers over the coming months." | |
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