Lions Gate Metals Inc. Terminates Agreement on its Poplar Project with Canadian Dehua International Mining Inc.
October 24 2013 - 7:23PM
Marketwired Canada
Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company")
announces that it has formally ended its agreement with Canadian Dehua
International Mining Inc. ("Dehua") for the purchase of the Company's Poplar
Copper Gold and Silver Project ("Poplar") near Houston, BC. Under the terms of
the Letter of Intent ("LOI") announced October 19th, 2012, Dehua was to have
acquired a one hundred percent interest in Poplar by paying the Company
$15,000,000 in cash and performing work on Poplar over a two-year period. Dehua
has provided notice to the Company that it does not intend to make further
payments as outlined in the LOI.
John Cavanagh, CEO of Canadian Dehua International Mining stated, "We thank
Lions Gate for the opportunity to work on the Poplar Project. Although we were
not able to undertake a drilling program in 2013, we do hope to work with Lions
Gate in the future."
Mr. Arni Johannson further commented, "Although we were happy with the
transaction with Dehua we are equally happy to have another opportunity to work
on this great project. We will keep our lines of communication open with Dehua
and look at all our options moving forward to advance the Poplar project."
Lions Gate Metals Inc. is a Canadian company with an attractive share structure,
listed on the TSX Venture Exchange. Currently debt-free, with projects in
British Columbia, Canada, Lions Gate is actively seeking new global
opportunities in the commodities space.
Sincerely on behalf of the Board of Directors,
Arni Johannson, CEO & Chair, Lions Gate Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL
STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE,
INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES
OF THE COMPANY ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND
UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE
ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE
AVAILABILITY OF CAPITAL AND FINANCING IN CONNECTION WITH THE COMPANY'S PROPOSED
PRIVATE PLACEMENT, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, REGULATORY
CHANGES, TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS
DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY.
ACCORDINGLY, READERS ARE ADVISED NOT TO PLACE UNDUE RELIANCE ON FORWARD-LOOKING
STATEMENTS OR INFORMATION.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lions Gate Metals Inc.
Blair McIntyre
Exec VP
(778) 837-6812
www.lionsgatemetals.com
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