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.
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.