Full text of letter below. Also note 5,200 ounces of gold dore shipped as at 15 March 2012.
'LionGold Corp Ltd
(Incorporated in Bermuda)
38 Kallang Place, Singapore 339166 Tel: (65) 6291 7861; Fax: (65) 6291 4985
www.liongoldcorp.com
Media Release
(For Immediate Release)
LionGold’s Offer for Signature Closes with 76.22% Acceptances From SML Shareholders
? LionGold Corp Ltd’s (“LionGold” or “the Group”) all-share offer for Signature Metals Limited (“SML”) closed on 27 March 2012
? Acceptances aggregating approximately 76.22% have been received from the shareholders of SML an ASX listed gold miner and explorer, with a flagship asset, the Konongo Gold Project, on the world class Ashanti Gold Belt in Ghana.
? Acceptance level demonstrates strong buy-in by Signature shareholders’ to LionGold’s strategy of consolidating undervalued gold play and a dynamic development roadmap for each mine.
SINGAPORE, 28 March 2012 – LionGold Corp Ltd (“LionGold” or “the Group”) is pleased to announce that as at the close of the offer yesterday, it has received acceptances aggregating approximately 76.22% from shareholders of Signature Metals Limited (“SML”), an ASX listed gold miner and explorer, achieving its goals in its proposed all-share offer for SML which was first announced on 14 October 2011. LionGold now has meaningful control of SML and will press ahead to unlock latent value
Commenting on the acceptance level by SML shareholders, Tan Sri Dato Nik Ibrahim Kamil, Executive Chairman and Group CEO of LionGold Corp Ltd remarked. “Today’s level of acceptance marks the strong buy-in from Signature’s shareholders for LionGold’s long-term strategy in becoming a leading gold mining consolidator in
the Asia Pacific. We aim to extract the full value and potential of Signature’s Konongo Gold Project in Ghana, an asset situated on the world renowned Ashanti Gold Belt. In the medium term, we will focus our efforts to upgrade Konongo’s gold resources and to define reserves, while ramping up gold production utilising existing plant.”
As a recap, SML owns 70% of the Konongo Gold Project located in the world class Ashanti Gold Belt of Ghana. The Konongo Gold Project comprises 192km2 of granted tenure and contains 16 known gold deposits along 12 kilometres of strike of the Ashanti Gold Belt. Additionally, significant infrastructure is installed on site including a 350ktpa CIL plant.
Production for the half year to December 2011 comprised over 3,000 ounces of gold dore smelted and shipped, with almost 5,200 ounces of gold dore shipped from the Project as at 15 March 2012. To that date the company had received over US$7.0 million from sales of gold, including over US$4.3 million in the half year to 31st December 2011'
- End -
For media and investor enquiries, please contact
Mr Roger Poh
Director of Corporate Communications
Mobile : +65 94552690
Email : [email protected]
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