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Gold deal

Repeka Nasiko
Monday, May 26, 2014

CANADIAN company, Lion One Metals Limited has secured a 21-year surface lease from the iTaukei Lands Trust Board to begin its Tuvatu Gold Project in Nadi.

The announcement was made last week after a three-year discussion with landowners.

"The agreement for the Tuvatu Surface Lease was reached after nearly three years and well over 200 consultations and meetings with local communities and landowners," said company chairman and CEO Walter Berukoff.

"With the surface lease secured and an approved Environmental Impact Assessment we are now focused on securing a Mining Licence for Tuvatu."

The company explained it had received approval on their Environmental Impact Assessment from the Department of Environment in February.

"In addition, to ongoing exploration activities, the EIA contemplated the impact of both surface and underground mining at Tuvatu. Fiji's Department of Environment has notified the Mineral Resources Department (MRD) that the EIA is approved and recommended to the MRD that mining activities may proceed at Tuvatu.

"Lion Metals Ltd filed its application for a Mining Licence with the MRD for Tuvatu in 2013."

The company projects that a capital of more than $9.3million would be retained from the project.

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