Watch Live

Tweet TWEET

Northern Lion Enters Into Letter of Intent With Centerra Gold Inc. to Explore Republic of Cyprus Permits

Northern Lion Enters Into Letter of Intent With Centerra Gold Inc. to Explore 
Republic of Cyprus Permits 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- Northern
Lion Gold Corp. (the "Company") (TSX VENTURE:NL)(FRANKFURT:N3E)
announces that it has entered into a non-binding letter of intent
(the "LOI") with a subsidiary of Centerra Gold Inc. ("Centerra") with
respect to an option/joint venture transaction.  
Pursuant to the LOI, Centerra can earn up to 70% interest in several
of the Company's exploration permits (the "Option Properties")
located in the Larnaca and Paphos Districts of the Republic of
Cyprus. The LOI provides that Centerra would advance funds to
initiate exploration activities on the Option Properties. Funding
would go towards mobilizing a ground-based EM geophysical survey over
the prospective Lysos permit. Lysos was identified by a 2011
Versatile Time-Domain Electromagnetic and aeromagnetics (VTEM)
survey, conducted by Geotech Airborne Malta Ltd, and consists of a
cluster of 7 anomalies within an area of 17 square kilometres with
the largest anomaly over 3.2 kilometres long (reported July 17,
2012). The ground-based geophysical survey is designed to follow-up
on the previous VTEM survey results and identify buried massive
sulphide targets in underexplored areas of western Cyprus.  
The Company continues to hold several permits within the Republic of
Cyprus that remain outside of this LOI. 
The completion of the proposed transaction discussed in the LOI is
subject to a number of conditions including, negotiation and
execution of a definitive agreement, receipt of all required
regulatory approvals, including approval of the TSX Venture Exchange
and completion of due diligence investigations by Centerra.  
Company President and CEO, John Lando, commented: "This transaction
with a leading gold producer provides validation of the geology and
geography of the region. Cyprus has a long history of mining with
very little exploration work completed over the last forty years.
This strategic alliance will contribute to the development of a
systematic exploration program to discover additional buried massive
sulphide bodies."  
Centerra is a gold mining company focused on operating, developing,
exploring and acquiring gold propertie
s in Asia, the former Soviet
Union, Turkey and other emerging markets worldwide. Centerra is a
leading North American-based gold producer and is the largest
Western-based gold producer in Central Asia. Centerra's shares trade
on the Toronto Stock Exchange (TSX) under the symbol CG. The Company
is headquartered in Toronto, Ontario, Canada. 
The Company's field activities in Cyprus are under the direction of
Robert Johnston, P.Geo. (BC), and "qualified person", as defined by
National Instrument 43-101. Mr. Johnston is responsible for the
technical content of this news release.  
About Northern Lion 
Northern Lion is committed to building a strong portfolio of projects
within mining-friendly and infrastructure-rich areas of Europe.
Northern Lion currently controls over 40 km2 of exploration permits
in the Republic of Cyprus and is actively pursuing other
opportunities within the region.  
NORTHERN LION GOLD CORP. 
John Lando, President 
This news release includes "forward-looking information", as such
term is defined in applicable securities laws. The forward-looking
information includes, without limitation, exploration plans of the
Company, the satisfaction of conditions necessary to complete the
transaction contemplated in the LOI, including without limitation the
negotiation and execution of a definitive agreement, receipt of all
required regulatory approval, and the completion of due diligence by
Centerra, the success of exploration activities and other similar
statements concerning anticipated future events, conditions or
results that are not historical facts. These statements reflect
management's current estimates, beliefs, intentions and expectations;
they are not guarantees of future performance. The Company cautions
that all forward-looking information is inherently uncertain and that
actual performance may be affected by a number of material factors,
many of which are beyond the Company's control. Such factors include,
among others, risks and uncertainties relating to exploration and
development; the ability of the Company to obtain additional
financing; the Company's limited operating history; the need to
comply with environmental and governmental regulations; potential
defects in title to the Company's properties; fluctuations in
currency exchange rates; fluctuating prices of commodities; operating
hazards and risks; competition; and other risks and uncertainties.
Accordingly, actual future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. All
statements are made as of the date of this news release and, except
as required by law, the Company is under no obligation to update or
alter any forward-looking information. 
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 NEWS
RELEASE. 
Contacts:
Northern Lion Gold Corp.
John Lando
(604) 669-2701 or Toll Free: 1 800 663 0510 
Northern Lion Gold Corp.
Ian Mitchell
(604) 669-2701 or Toll Free: 1 800 663 0510
(604) 687-4670 (FAX)
info@northernliongold.com
www.northernliongold.com
 
 
Press spacebar to pause and continue. Press esc to stop.