Northern Lion Begins Fully-Funded 2014 Exploration Follow up Program, Republic of Cyprus
19 March 2014 - 12:14AM
Access Wire
Vancouver, British Columbia / ACCESSWIRE /
March 18 2014 / Northern Lion Gold Corp. (the
"Company") announces the commencement of its 2014 surface
exploration program in the Republic of Cyprus. This program will
follow up on the discovery of the new Volcanogenic Hosted Massive
Sulphide ("VHMS") related mineralization in the 2013 drill program
that was conducted with project partner Centerra Gold (KB)
Inc., a subsidiary of Centerra Gold Inc. (collectively
"Centerra").
The 2014 surface exploration
program will be funded by Centerra and is designed to discover the
source of the debris flow mineralization at Mavroyi. The program
will consist of detailed mapping as well as ground geophysics. The
2011 Versatile Time-Domain Electromagnetic survey, flown by Geotech
Airborne Malta is being re-evaluated with a view to identifying
potential targets and to assist in planning the ground geophysical
program.
Detailed mapping in the
Mavroyi area began in late February, where drilling in 2013
discovered a debris flow of transported VHMS-related material
ranging in estimated true thickness from 6.0 to 14.05 metres ("m")
and returned 14.05m averaging 2.12g/t gold, 16.91g/t silver, 0.54%
copper and 3.25% zinc in hole MVDD13-02. (reported January 22,
2014) The Mavroyi permits are located in the Paphos District of
western Cyprus in an underexplored part of the volcanic
stratigraphy that rings the Troodos Mountains and which hosts all
of the known VHMS mineralization on the island. Mavroyi is located
10 kilometres southeast and on trend with four former producing
mines, the largest of which, Limni, produced 8.1 million tonnes
with an average grade of 1.1% copper.
The 2014 program will also
include work at Pano Lefkara, where drill programs in 2012 and 2013
have discovered breccia hosted mineralization which has returned
drill intervals up to 29.5m averaging 0.61g/t gold, 3.59g/t silver,
0.15% copper and 1.45% zinc (reported July 17, 2012).
Company President and CEO,
John Lando, commented: "The
positive outcome of the most recent drill program gives our team in
Cyprus a great deal of encouragement as we begin this next phase of
exploration work in Cyprus. We believe the debris flow encountered
indicates that buried massive sulphides exist in
Cyprus."
Under an option agreement,
Centerra has the right to acquire up to 70% interest in several
exploration permits located in the Paphos and Larnaca Districts.
The Company, through its Cypriot subsidiary Katla Exploration Ltd.,
is the operator during the first year of the option agreement,
following which Centerra may elect to assume operatorship (reported
May 14, 2013).
Quality
Control and Assurance
The Company's field activities
in the Republic of Cyprus are under the direction of Robert
Johnston, P.Geo. (BC), a consultant to the Company and "qualified
person", as defined by National Instrument 43-101 ("NI 43-101").
Mr. Johnston is responsible for the technical content of this news
release.
Non-Brokered Private Placement
The Company announces
that it intends to proceed with a
non-brokered private placement (the "Offering")
of up to 2,500,000 units of the Company (the "Units") at a
price of $0.05 per Unit for gross proceeds of up to $125,000. Each
Unit will consist of one common share and one common share purchase
warrant (a "Warrant"). Each Warrant will entitle the holder to
purchase one additional common share at a price of $0.05 for a
period of 2 years from the closing date.
The Offering is subject to receipt
of all necessary regulatory approvals, including the acceptance of
the TSX Venture Exchange. The Company intends to use the net
proceeds from the Offering to finance expected expenditures on its
properties and for general working capital.
About
Northern Lion
Northern Lion is committed to
building a strong portfolio of projects within mining-friendly and
infrastructure-rich areas of Europe. Northern Lion currently has a
number of exploration permits in the Republic of Cyprus and is
pursuing other opportunities within the region.
NORTHERN LION GOLD
CORP.
John Lando,
President
For information with respect
to Northern Lion or the contents of this news release, please
contact John Lando or Ian Mitchell at (604) 669-2701, toll free at
1 800 663 0510, or email to info@northernliongold.com or visit the
web site at www.northernliongold.com.
This news release includes "forward-looking
information", as such term is defined in applicable securities
laws. The forward-looking information includes, without
limitation, statements regarding the proposed
use of proceeds of this financing, exploration plans of the Company, including
the time thereof, the success of exploration activities and other
similar statements concerning anticipated future events, conditions
or results that are not historical facts. These statements reflect
management's current estimates, beliefs, intentions and
expectations; they are not guarantees of future performance. The
Company cautions that all forward-looking information is inherently
uncertain and that actual performance may be affected by a number
of material factors, many of which are beyond the Company's
control. Such factors include, among others, the closing of the Offering, the
use of proceeds from the Offering, risks and uncertainties relating to
exploration and development; risks arising as a result of the
Company operating in Cyprus; the ability of the Company to obtain
additional financing; including through Centerra funding
exploration and development activities pursuant to the option
agreement; the Company's limited operating history; the need to
comply with environmental and governmental regulations; potential
defects in title to the Company's properties; fluctuations in
currency exchange rates; fluctuating prices of commodities;
operating hazards and risks; competition; and other risks and
uncertainties. Accordingly, actual future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. All statements are made as of the date
of this news release and, except as required by law, the Company is
under no obligation to update or alter any forward-looking
information.
NEITHER THE TSX
VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE
NOT FOR
DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
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