Fiji Sun

Major Announceme­nt In Com Ing Weeks

The company continues to build a state-of-theart gold mine at Tuvatu, home to its 384.5 hectare mining lease, with similar mineralise­d affinity to Vatukoula.

- FREDERICA ELBOURNE SUVA Feedback: frederica.elbourne@fijisun.com.fj

Even the rainy season will not deter the country’s next gold mine’s drilling programme. This as Lion One Metals adds more personnel to its growing and vastly experience­d exploratio­n and engineerin­g team.

And more good news about funding is in store in the coming weeks, chief executive officer Wally Berukoff, said from Vancouver yesterday.

“One of the largest factors in raising money for Lion One is the Government being cooperativ­e and open for business,” he said.

“Frankly, the Mineral Resources Department has been very instrument­al in providing comfort for equity and debt financing initiative­s.

“Our investors, and lending bank, always need confirmati­on from the Ministry of Mineral Resources that their investment is secured.”

The management of Lion One continued to work hard to explain that Fiji was a safe country for their investment, Mr Berukoff said.

“We have many stakeholde­rs from all over the world who always enquire about the willingnes­s of the Government to fully support, and encourage the mining industry in Fiji,” he told SunBiz in an exclusive interview.

“We always report a positive response. “Since our first investment over 16 years ago, we have opened the doors for other companies from around the world to come to Fiji, based on our success.”

The credibilit­y of Fiji was critical, as future investment would look at how companies, such as Lion One managed to open a new mine, create hundreds of new jobs, and a return for the foreign investors, Mr Berukoff said.

“It is a huge economic boost for Fiji with stable and sustainabl­e income for the country,” he said.

Lion To Prove Concept of As Much As 20 Million Ounces

The Canadian-based mineral explorer operated through the COVID-19 pandemic, and said its six active diamond drill rigs were capable of operating year-round.

The company continues to build a stateof-the-art gold mine at Tuvatu, home to its 384.5 hectare mining lease, with similar mineralise­d affinity to Vatukoula.

Vatukoula, where the country’s only gold producer continues 85-years on, has poured over seven million ounces of gold since 1933.

Lion One on the other hand, began drilling in 2019, amid exploratio­n efforts, and continued to wor cept it could pou ounces, accordin presented on its

Three years ago first in modern carry out system entire seven-kil in the upper rea tain range, betw

Liquidity

Lion One says with what it has ing capital, and o equivalent­s.

Last year, thos million and $58

“Being in the

rk towards proving the conour 10 million to 20 million ng to a recent annual report s website. go, the company became the n times to consolidat­e and matic exploratio­n over the lometre Navilawa Caldera, aches of the Sabeto mounween Nadi and Lautoka. it can run for another year s – over $36 million in workover $35 million in cash and

se figures hovered over $57 million respective­ly. e exploratio­n and developmen­t stage, the company does not have revenue from operations, and relies on equity financing for its continuing financial liquidity,” the company said.

Lion One expects to commence gold production by the end of next year.

It previously said national gold output could expect an improvemen­t towards the end of 2023, when the Tuvatu mine finally goes into production.

And why not, when Lion One’s exploratio­n results continue to show advantageo­us outcomes – like the November 21 update which announced numerous bonanza-grade intercepts that returned gold assay values ranging from 100-800 grams per tonnes of gold.

 ?? ?? Sergio Cattalani, the senior vice preident exploratio­n at Lion One Metals, takes a closer look at drill findings at the company
Sergio Cattalani, the senior vice preident exploratio­n at Lion One Metals, takes a closer look at drill findings at the company
 ?? Photo: Amit R Parikh/Lion One Metals. ?? Terry Carr (left) is responsibl­e for mine constructi­on, seen here with Lion One Metals chief executive officer, Wally Berukoff, at the company’s Tuvatu project site, near Nadi.
Photo: Amit R Parikh/Lion One Metals. Terry Carr (left) is responsibl­e for mine constructi­on, seen here with Lion One Metals chief executive officer, Wally Berukoff, at the company’s Tuvatu project site, near Nadi.
 ?? ?? Constructi­on continues at Tuvatu caldera where Lion One is building Fiji’s next gold mine.
Constructi­on continues at Tuvatu caldera where Lion One is building Fiji’s next gold mine.
 ?? Amit R Parikh/Lion One Metals. One Metals. ?? Photo:
Amit R Parikh/Lion One Metals. One Metals. Photo:

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