Lion's at a discount

LSG's NTA is $1.12.
Stock currently selling @ 85c.
$9.5mil profit
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Monthly Net Tangible Asset Backing as at 30/9/02

LION SELECTION GROUP LIMITED 2002-10-14 ASX-SIGNAL-G
HOMEX - Melbourne

Pursuant to Listing Rule 4.12 we hereby advise that the unaudited net tangible asset backing (excluding equity accounting adjustments) of Lion Selection Group Limited as at 30 September 2002 was $1.21 per share.
P R Taylor, COMPANY SECRETARY
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Lion roars with a $9.5m profits
15-October-2002
Mining investor Lion Selection Group (LSG) reported late Monday a profit of $9.5 million for the year ended 31 July 2002. The result is a significant turnaround from the $4.2 million loss the previous year.

The group is a pooled development fund (PDF) providing equity capital to unlisted and listed small resources companies in Australia, Africa and South East Asia. A feature of registered PDFs are that their shareholders receive tax free capital gains and dividends.

Lion said that the major influence on the result was the sale of the group's investment in Consolidated Minerals (CSM) which accrued $12.7 million, although equity adjustments reduced this to $11.5 million.

Offsetting this was a $3 million provision for the value of its investments although this was partlyu offset by a $1.4 million gain from equity accounting Indophil Resources NL (IRN) as a subsidiary.
accounted).

Lion highlighted that while the preliminary final report discloses net tangible assets of 97.2c per share at 31 July 2002, the NTA released as at 30 September 2002 was $1.21 per share.

Lion's current investments include 5 unlisted resource companies and 6 listed resource stocks. Its investment strategy is mainly focused on base and precious metals, 10-15 investments of $5-10 million each, 80% in developing projects or production and 20% exploration, in Australia, Africa and SE Asia/India. Lion has traditionally focused on gold with 70% of the company's funds invested in gold projects and 42% in gold in Africa.

At the close of trading yesterday, Lion Selection Group shares were 1c higher at 85c.