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Lionsgold Ltd.
Summary
| Project: | Jonnagiri | |
|---|---|---|
| Deposit: | Jonnagiri | |
| Location: | India | |
| Commodities: | Gold | |
| Date: | 11/16/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-11-2017: Lionsgold Ltd. announces a Feasibility Study report for its Jonnagiri deposit at the Jonnagiri project. NI43-101 compliant Feasibility study results incl. post-tax NPV(5%) of $23.1M, IRR of 17.8%. Lionsgold, the gold-focused exploration compan | |
| Resources: | (Reserve, Prob.): 151,020oz Au contained at project | |
| CP/QP: | [Overall Report]: Gordon Cunningham (Turnberry Projects Pty Ltd.) | |
| ABSTRACT: | Lionsgold, the gold-focused exploration company with assets in India and Finland, and a fintech subsidiary that provides online accounts backed by physical gold, is pleased to release the final results of the NI 43-101 compliant Feasibility Study ("FS") on the Jonnagiri Gold Project ("Jonnagiri") and provide an update on its activities regarding the Kolar tenements owned by Geomysore Services India Pvt Ltd ("Geomysore") in which Lionsgold holds a 21.15% interest. Geomysore holds exploration rights covering in excess of 900km2 in India including a granted 30-year mining lease at Jonnagiri covering 6km2. The Jonnagiri Gold Project is situated in the state of Andhra Pradesh. Concurrently to negotiations relating to land acquisition at Jonnagiri, Geomysore has now embarked on an internal scoping study on their South Kolar Project ("South Kolar") situated in the Southern part of the Kolar Gold Field also located in the state of Andhra Pradesh. South Kolar is an area covered under two Mining Lease Applications, covering approximately 10km2 each, and Geomysore has signed a Memorandum of Understanding with the government of Andhra Pradesh to develop the areas into commercially viable mines.Cameron Parry, Lionsgold CEO, commented: "We are pleased to report that the Feasibility Study is complete and demonstrates a robust project that can be developed into India's first privately owned gold mine."Mine development at Jonnagiri is subject to agreement for land acquisition with relevant landowners. Should commercial agreement be reached, subject to financing, the building of a mine at Jonnagiri could commence as early as Q2 2018. The build is planned to take 24 months and at full production the Jonnagiri mine is forecast to produce around 25,000 oz of gold annually, which would contribute more than a quarter of India's gold production based on current domestic output. | |
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