Barra Da Tijuca, Brazil (PRWEB) April 17, 2013
Lion Gold Brazil, Inc. "LGBI" has returned all of its lease option asset projects, two 2 of which were located in the Tapajos Mineral Province in the State of Para and the third one being the Heitoraí project in the State of Goias. LGBI is returning these projects to their vendors due to lack of follow on funding to support the exploration work required in the contracts to delineate gold reserves and mine them and due to market difficulties in raising funds at this current time.
The projects that were returned are:
Agua Branca project
Bom Jesus project.
The return of projects marks a complete change in Lion Gold Brazil's corporate strategy in which the Company is actively seeking projects with immediate gold production. Therefore, the Company will disregard any long term claim upgrading projects, since they require continous capital outlay over a long period of time without any gold production or income. Whereas, projects for immediate gold production can implement the quad mining model and realize an immediate financial impact since gold production and income is generated as soon as the plant is deployed and operational. The estimated deployment of the quad mining model is approximately 12 months from when project funding is in place.
Lion Gold Brazil is currently and actively seeking joint venture arrangements on gold projects with the potential for immediate gold production for its quad mining strategy.
About Lion Gold Brazil Inc.
Lion Gold Brazil is a USA-based public company with focus on the acquisition, exploration, development and mining of gold properties located in northern and central Brazil.
This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future development.