Business
Lion Copper and Gold CEO's Letter to Shareholders
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2022) - Lion Copper and Gold Corp. (T...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Lion Copper and Gold CEO's Letter to ShareholdersVancouver, British Columbia--(Newsfile Corp. - March 29, 2022) - Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF).Dear Shareholders,I would like to express my appreciation for your support of Lion CG and provide an update on our business related to our Mason Valley assets.Lion CG's position in Nevada's Yerington Mining District is strategic, including a large, centrally located land package, topography suitable for district-scale mining infrastructure, and significant exploration upside. We believe that the district is one of the largest, untapped repositories of copper mineralization in North America, with Lion CG having significant copper mineral resources and mineralized inventory between MacArthur, Yerington and Bear, and dozens of additional known targets on our lands.Lion CG's Transaction with Rio TintoAs many are already aware, we recently announced (March 21, 2022 news release) an option to earn-in agreement (\"Option Agreement\") with Rio Tinto America Inc. (\"Rio Tinto\"). We are very excited to be one of the first companies globally to test and possibly commercially deploy Rio Tinto's NutonTM technology. The NutonTM technology is an industry-leading copper heap leaching technology that has the potential to unlock significant value from both mined ore and new copper sources through reprocessing of waste on our lands, including at the legacy Anaconda Copper Mine in Yerington. The Option Agreement, once customary approval is received by the stock exchange, allows Rio Tinto to contribute up to US$59M over three stages of mutually agreed upon Mason Valley work programs. We envision these will commence as follows: Stage 1 in 2022, Stage 2 in 2023, and Stage 3 (feasibility study and ancillary works) in 2024, but the timing may change depending on various factors. Rio Tinto may terminate the Option Agreement after either the Stage 1 or Stage 2 program completion with no retained interest. After Stage 2 or through an early exercise, Rio Tinto will decide whether it will exercise the option and fund the Stage 3 feasibility study.The Stage 3 feasibility study will include a mineral reserve estimate, economic analysis, and may allow for financing of the project, both through equity and debt. The feasibility study will allow for project parameters, including economic indicators...