Lions Gate Assigns Whitford Lake Property to Canadian Uranium Corp. VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/17/13 -- Lions Gate Metals Inc. (TSX VENTURE:LGM) ("Lions Gate" or the "Company") is pleased to announce that it has entered into an assignment agreement with an arm's length purchaser for the Whitford Lake Uranium Project in the eastern Athabasca Basin. Under the terms of the assignment, Canadian Uranium Corp., a private British Columbia company, can earn a 100% interest in the Whitford Lake Option Agreement by issuing to Lions Gate 4,500,000 common shares of Canadian Uranium and paying an aggregate of $520,000 on or before March 31, 2014. As part of its capitalization strategy, Canadian Uranium Corp. intends to list its shares for trading on the CNSX, Canada's fastest growing stock exchange. The directors of Lions Gate Metals are extremely pleased with this disposition as it facilitates the exploration of the Whitford Lake Project while maintaining a significant upside for its shareholders. About the Whitford Lake Project. The Whitford Lake Project covers an area of 67ha, some 21km SE of the Cigar Mine on the eastern edge of the Athabasca Basin, the most productive uranium region in the world. Other claimholders in the area include Fission Energy, Purepoint Uranium, Denison Mines and Cameco Corporation. The primary target at Whitford Lake is two northeast, parallel magnetic contacts, between which lies a zone of subsurface resistivity, with a strike of roughly 750m. Drilling at Whitford Lake by Cameco in 1995 identified a zone of altered sandstone, beginning approx. 30m above the unconformity, enriched with chlorite and illite, which is indicative of hydrothermal activity. In addition, elevated lead levels below the unconformity have also been identified. All of these enrichments are key exploration indicators for uranium exploration in the Athabasca basin. In 2013, Lions Gate identified through a ground IP survey a moderate low-resistivity feature located at 200 m depth increasing to 340 m depth towards the east which forms the highest priority target on the project. For more information regarding the results of the ground survey, please refer to the news release dated September 13, 2013. 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 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. Contacts: Lions Gate Metals Blair McIntyre Exec VP of Lions Gate Metals (778) 837-6812
Lions Gate Assigns Whitford Lake Property to Canadian Uranium Corp.
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