Lion Copper and Gold Announces Amendment of Stage 2 Program of Work Agreement
Vancouver, British Columbia–(Newsfile Corp. – October 20, 2023) – Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) (“Lion CG” or the “Company“) announces an amendment to the Stage 2 Program of Work of its Option to Earn-in Agreement (“the Agreement”) with Nuton LLC, a Rio Tinto venture, referenced in the Parties’ March 18, 2022 Option Agreement. See news releases dated March 21, 2022 and January 5, 2023 for further details.
Under the amendment, the term of Stage 2 of the Agreement has been extended by 9 months to September 12, 2024 to allow for completion of a pre-feasibility study incorporating Rio Tinto’s NutonTM technologies.
Stage 2 will now be divided into Stage 2a, comprising work completed up to the original January 12, 2024 end date, and Stage 2b, covering the extended term.
Subject to approvals, Rio Tinto will advance US$10 million of the Stage 3 earn-in amount to Lion CG for the Stage 2b work program within 30 days of completing Stage 2a.
After Stage 2b, the companies will decide if an additional Stage 2c work program is necessary. If pursued, subject to approvals, Rio Tinto will advance another US$5 million for Stage 2c within 30 days of executing the scope of work agreement.
Travis Naugle, co-chairman & CEO of Lion CG, states: “We are pleased to continue our partnership with Rio Tinto to further assess deployment of their innovative NutonTM technologies at our Yerington Copper Project. The pre-feasibility study will provide critical data to inform next steps and potential creation of a joint investment vehicle for development.”
About Lion CG
Lion Copper and Gold Corp. is a Canadian-based company advancing its flagship copper projects at Yerington, Nevada through an Option to Earn-in Agreement with Rio Tinto.
On behalf of the Board of Directors,
President & CFO
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