Lions Gate Clarifies Terms Binding LOI For the Sale of Its Poplar Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/12 -- 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
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.
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 release.
Contacts:
Lions Gate Metals Inc.
Blair McIntyre
Exec VP
(604) 683-7588
www.LionsGateMetals.com