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TMCNet:  LionGold Corp Ltd. - Clarification on the Edge Article Titled 'Hunting for the truth'

[September 04, 2014]

LionGold Corp Ltd. - Clarification on the Edge Article Titled 'Hunting for the truth'

(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 04 September 2014 Release date- 03092014 - SINGAPORE - The board of directors of LionGold Corp Ltd refers to the article titled 'Hunting for the Truth' published in the editions of The Edge Singapore and The Edge Malaysia for the week of 1 to 7 September 2014.


The Article refers to, amongst others, the ongoing investigation by the Commercial Affairs Department ('CAD') into an offence under the Securities and Futures Act, Cap. 289.

Please refer to the announcements of LionGold dated 2 April 2014 and 29 April 2014 for further information on investigation by CAD. The Board wishes to clarify certain allegations made in the Article.

The Article alleges that, 'Notably, Soh's [Mr. Soh Chee Wen] insistence on calling the shots at LionGold as adviser to the Chairman was a reason Nicholas Ng quit after a short stint at the gold miner.' The Board wishes to clarify that to the best of the Board's knowledge, Mr Nicholas Ng Yick Hing tendered his resignation on 31 March 2014 as a director of LionGold (the 'Director') and the Group Chief Executive solely due to his medical condition and not for the reasons alleged in the Article.

LionGold's Board decides on the Company's corporate decisions. Mr Soh, who is an advisor to LionGold's Chairman, does not attend any of the Company's Board meetings and does not receive any remuneration from LionGold.

The Article alleges as follows, 'He [Mr. Soh Chee Wen] was said to have got LionGold to pay for first class seat for diamond mine investor Joseph Gutnick on a flight from Canada to Singapore last year.' The Board wishes to clarify that this statement is false. LionGold has never paid for any air tickets for Joseph Gutnick. LionGold will write to The Edge Singapore and The Edge Malaysia requesting that they publish a corrigendum to this effect in the respective next editions of The Edge Singapore and The Edge Malaysia.

LionGold is also seeking legal advice and reserves all its rights.

Although the Board will refrain from making comments on other parts of the Article given that the matter is under investigation, the Board stresses that LionGold has rigorous procedures in place in order to maintain highest standard of corporate governance. The Board is accountable to the shareholders of LionGold (the 'Shareholders') and the management of LionGold is accountable to the Board.

The Board holds regular meetings to review consider and approve strategic, operational and financial matters. Amongst the matters that are specifically reserved for the approval of the Board include the investment and divestment proposals. In this aspect, board papers concerning due diligence on investment and divestment targets are provided to the Directors before meetings so that all Directors may better understand the issues, allowing more time at such meetings for questions and deliberations that the Directors may have.

Importantly, approval from the Board is required for major dealings of the Group. The Board takes into account, among others, the share price of LionGold, for which it has no control in its decision making process, but that is not the sole criteria for its acquisitions. The Board emphasizes that no single individual has or ever had unfettered authority over the business and affairs of the Group.

As of 1 September 2014, the Board comprises 2 Executive Directors, 1 Non-Executive Non-Independent Director and 4 Non-Executive Independent Directors. The Board comprises individuals who have experience in banking and commerce, gold mining, accounting and legal. For more information on the Group's current Board, please refer to http://www.liongoldcorp.com/about-us/board-of-directors.

Investor Contact: Tel: +65 6690 6860 Email: IR@liongoldcorp.com About LionGold Corp Ltd (Bloomberg: LIGO SP / Reuters: LION.SI) LionGold Corp Ltd ('LionGold' or the 'Group') has rapidly established itself in the global gold mining industry having acquired interests in eight gold mining and exploration companies since March 2012. Primary concessions are in Australia, Bolivia, Canada and Ghana. The Group's wholly owned Castlemaine Goldfields in Australia has a target annualised production of 40,000 to 50,000 ounces of gold. LionGold intends to raise its gold resources to 10 million ounces, reserves to 2 million ounces and production to 200,000 ounces per annum.

(c) 2014 Electronic News Publishing -

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