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Lionsgold reports 'significant progress' at key India and Finland projects

"It has been a constructive year in relation to our two most developed projects, being Jonnagiri in India, and Kuikka in Finland," said Lionsgold boss Cameron Parry
Lionsgold says its joint venture partners have done a good job at advancing Jonnagiri and Kuikka

Lionsgold Ltd (LON:LION) has reported “significant progress” at two of its key gold projects – Jonnagiri in India and Kuikka in Finland.

The company said Geomysore Services India Limited, its joint venture partner for Jonnagiri, has completed lease agreements and payments for about 1,300 acres of land, with another 150 acres set to conclude following lengthy negotiations with some 600 landowners.

READ: Lionsgold expects to relist shares on AIM after December AGM

Geomysore has also received consent for the purchase of about 227.5 acres at “commercially acceptable prices”, out of the 350 acres intended to be acquired to start the mine build. Of the remaining total left to secure, 27 acres is government land and Geomysore owns 6 acres.

In Finland, the licence application continues in relation to a 5,000-7,000 tonne bulk sample being taken at Kuikka and processed.

An application has also been made for the small-scale underground mining of the high-grade deposit at Kuikka.

Joint venture partner Kalevala Gold Oy is in the process of melting and pouring the gold concentrate at its facility near Joensuu after 200 tonnes of gold ore were approved for equipment testing.

Lionsgold plans to visit the facility next week to observe the process and discuss plans for 2019.

The firm has increased its shareholding in Geomysore to 21.92% and raised its ownership in Kalevala to 32.4% this year.

Lionsgold chief executive Cameron Parry said: "It has been a constructive year in relation to our two most developed projects, being Jonnagiri in India, and Kuikka in Finland. 

"The teams on the ground have each achieved significant progress, albeit at times under challenging circumstances."

In an announcement in late-afternoon, Lionsgold also said it had appointed Michael Paul Joseph as non-executive director with immediate effect.

Joseph is the managing director of Right Choice Insurance Brokers Limited, a company he founded in 2008.

--Adds news on the appointment of non-executive director--

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