Lion One secures $37 million in funding for its Tuvatu gold project in Fiji
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The company said that proceeds from the financing facility will accelerate project construction and development at the company's 100% owned and fully permitted high-grade Tuvatu alkaline gold project in Fiji, with first production expected by December 2023.
Chairman and CEO Walter Berukoff commented, "We are extremely pleased to have secured Nebari as a financial partner and major shareholder in the development and future success of Tuvatu. They are a vastly experienced group, are aligned with our key values and stakeholders, and have delivered a creative solution to bring the Tuvatu project to completion and enhance shareholder value tremendously."
Lion One's flagship asset is 100% owned, fully permitted high grade Tuvatu alkaline gold project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exploration upside inside its tenements covering the entire Navilawa Caldera.
The January 2018 mineral resource estimate for Tuvatu comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz Au) at a cut-off grade of 3.0 g/t Au.
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles.
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