LionOre Mining International Ltd.

LionOre Mining International Ltd.

June 06, 2006 12:14 ET

LionOre Update on the Tati Nickel Activox'R' and DMS Projects

TORONTO, ONTARIO--(CCNMatthews - June 6, 2006) - LionOre Mining International Ltd. ("LionOre"), (TSX:LIM)(LSE:LOR)(ASX:LIM)(BSE:LIONORE) is pleased to announce that considerable progress continues to be made on the completion of a bankable feasibility study for the construction of a full scale Activox® hydrometallurgical plant, the dense media separation (DMS) circuit and platinum group metals recovery circuit at LionOre's Tati Nickel operations in Botswana ("the Tati Activox® Project"). This progress has enabled LionOre to commence detailed planning for the financing of the Tati Activox® Project.

LionOre has appointed Resource Finance Advisors (Pty) Ltd ("RFA") to manage the process of arranging the debt funding components of this project. RFA is an independent financial advisory firm with experience in the mining and resources sector in southern Africa.

LionOre, together with RFA, has had discussions with leading international and South African financial institutions, all of which have confirmed their interest in participating in the funding of the Tati Activox® Project. It is anticipated that LionOre will announce the selected financial institutions in August 2006.

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Contact Information

  • UK / Europe
    LionOre Mining
    Colin Steyn, President & CEO
    +44 (0) 20 7590 8888
    LionOre Africa
    Peter Breese, Managing Director
    +27 (0) 11 463 4223
    LionOre Mining
    Ted Mayers, Chief Financial Officer
    +1 (416) 777-1670
    LionOre Mining International Ltd.
    20 Toronto Street, 12th Floor, Toronto, Ontario M5C 2B8
    +1 (416) 777-1985
    +1 (416) 777-1320 (FAX)