Lionsgold Limited (“Lionsgold” or the “Company”), formerly known as Kolar Gold Limited, the India-focused gold exploration company with additional exploration assets in Finland and an interest in a physical gold online trading platform, announces its unaudited results for the six months ended 31 December 2016.
Highlights for the period:
· Refinancing and refocussing the Company through £900,000 placing and introduction of new management and entirely new board of directors;
· Positive review of existing interests in India through 20.5% holding in leading India gold exploration and mine development company, Geomysore Services (India) Private Limited (“Geomysore”), including significant upgrade in JORC compliant resource at the most advanced project, Jonnagiri;
· Jurisdictional diversification achieved through investment into Finnish gold exploration project (commencing with a 15.4% interest in Kalevala Gold Oy (“Kalevala”) and increasing stake to 28.3%);
· 50/50 Joint Venture with TRAC Technology Limited (“TRAC”) to launch physical gold holding and trading platform for retail users in India;
· Strategic equity position acquired in TRAC of 27.3%;
· Clearing of legacy expenses incurred under previous decentralised management;
· Loss after tax for the period of £452,979 (2015: £533,065); and
· Post period end, rebranding and change of name to Lionsgold Limited.
Cameron Parry, Chief Executive Officer of Lionsgold Limited, commented:
“The first six months of this financial year has seen a great deal of activity for the Company as the new Board undertook steps to broaden the operational scope of the Company whilst looking to open up our interests in India. We now have three complementary gold-focused divisions all of which have important milestones pending over the coming months.
“Our India partners, Geomysore (of which Lionsgold owns 20.5%), are close to the conclusion of the economic feasibility study which takes us to the ‘decision to mine’ stage around the end of May this year. Lionsgold has also commissioned a valuation report on the entirety of Geomysore’s licences and licence applications in India which we expect to complete in early April. Our Finnish operating company, Kalevala Gold Oy, continues to progress preparatory work in the lead up to bulk sampling and resulting gold production in Q3 2017. In addition, we are on the cusp of going live with our newly branded physical gold and silver online holding and trading platform initially targeting the India market.
“We look forward to providing further updates on each of our divisions in the coming weeks and months.”
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