Lions Gate Clarifies Terms Binding LOI For the Sale of Its Poplar Project
20 October 2012 - 3:29AM
Marketwired Canada
Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") wishes
to clarify the terms of its news release issued earlier today regarding the
grant of an option by the Company to Canadian Dehua International Mining Inc.
("Dehua") to acquire a one hundred percent (100%) interest in the Company's
Poplar Copper Gold & Silver Project ("Poplar").
The initial $1,000,000 payment due upon execution of the letter agreement dated
October 16, 2012 ("LOI") is non-refundable to Dehua only once the Company has
received regulatory and shareholder approval for the Option. The second
$1,000,000 payment, due upon the first anniversary of the execution of the LOI
is non-refundable once made. All of other terms of the LOI are as described in
this morning's press release. The Company expects to hold a meeting of its
shareholders to approve the Option within 45 days.
About Lions Gate Metals
Lions Gate Metals Inc. is a Canadian based, junior resource company focused on
the exploration, development, and acquisition of copper and copper-focused
multi-mineral projects. The Company boasts one of the largest consolidated
property portfolios of any Canadian junior resource company, including the
77,705 hectare Poplar copper-gold-silver porphyry property located 35km
northeast of the operating Huckleberry Mine in west-central British Columbia,
and the 6,900 hectare ROK-Coyote copper-gold porphyry property contiguous with
Imperial Metals' Red Chris copper-gold project in northwestern British Columbia.
Poplar and ROK-Coyote are the primary focus of the company's Exploration
Program.
Sincerely on behalf of the Board of Directors,
Arni Johannson, CEO and Chairman of the Board
Lions Gate Metals Inc.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL
STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE,
INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES
OF THE COMPANY ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND
UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE
ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE
AVAILABILITY OF CAPITAL AND FINANCING IN CONNECTION WITH THE COMPANY'S PROPOSED
PRIVATE PLACEMENT, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, REGULATORY
CHANGES, TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS
DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY.
ACCORDINGLY, READERS ARE ADVISED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS OR INFORMATION.
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