Lion One Commences Environmetal Impact Assessment at Tuvatu Gold Project, Fiji

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 -- Lion One Metals Limited (TSX VENTURE: LIO)(OTCQX: LOMLF)(FRANKFURT: LY1) (the "Company" or "Lion One") is pleased to announce that it has commenced an Environmental Impact Assessment ("EIA") for the Tuvatu Gold Project, located near Nadi on the island of Viti Levu, Fiji. The Company will file the EIA, when completed, with Fiji's Mineral Resources Department in conjunction with a mining license application for the Tuvatu Gold Project.

The EIA will be conducted under the guidelines of Fiji's Environmental Management Act and its associated regulations, and will reference findings from a previous baseline study "Tuvatu Gold Mine Environmental Impact Assessment and Management Plan" published for Emperor Gold Mines in 1997.

Mr. Walter H. Berukoff, Chairman and Chief Executive Officer of Lion One commented, "The EIA is an integral part of the mining license application and permitting process for the Tuvatu Gold Project. In conjunction with the EIA the Company continues to conduct drilling and development work to expand the resource and advance the project towards production."

The Company also wishes to report that the rehabilitation of the Tuvatu exploration decline has reached the 152 meters (at a depth of 40 meters from surface) and has passed inspection by Fiji's Director of Mines. The disuse of the decline in recent years has resulted in groundwater ingress, but recent tests have determined that uncontaminated fresh water being drained is not detrimental to adjacent water courses or local communities. A Liquid Waste Discharge Permit has been granted for ongoing dewatering by Fiji's Department of the Environment.

About Lion One Metals Limited

Lion One Metals is focused on the exploration and development of prospective multi-million oz. gold deposits in the Fijian Islands. The Company's flagship Tuvatu Gold Project is situated on the margins of the Navilawa Caldera, along Fiji's corridor of mineralized volcanic centers, approximately 50 km southeast of the 11 million ounce Vatukoula gold deposit. The Fijian Islands exhibit similar "island arc" geology that gives rise to many of the SW Pacific's major gold deposits such as Ok Tedi, Porgera, and Lihir.

On Behalf of the Board of Directors

Hamish Greig, Director, Vice President

Lion One Metals Limited

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited's current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Lion One Metals Limited

Investor Relations

604-998-1250

604-998-1253 (FAX)
info@liononemetals.com
www.liononemetals.com