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Jly 2003 - LionOre Mining

LionOre Mining International Ltd (LIM) – Developing Into A Premier Nickel & Gold Company

  • LionOre Mining (LIM) has had a staggering growth record in terms of gold and nickel discoveries and converting them into producing assets within only the past 2 years, to become a major nickel and gold company focused on Australia and Botswana with a market cap exceeding A$1bn.
  • LIM currently has three operating mines, being two nickel (Emily Ann in Australia, and Tati’s Phoenix in Botswana) of which both are in phases of expansion, and one gold (Thunderbox in Australia). LIM is aiming to convert some of its exploration prospects (like the Waterloo/Amorac nickel prospect) into mines too.
  • On 3 June 2003, LIM announced its intention to list on the ASX in July 2003 and merge with Dalrymple (DRE) on the basis of 1 LIM –for- 2.92 DRE shares requiring about 25m new LIM shares to be issued. The merger was expected to be completed in September 2003, and result in LIM holding 100% of Thunderbox, Waterloo, and the North Eastern Goldfields, plus Dalrymple’s other exploration assets, in addition to LIM’s existing holdings at Tati and the Emily Ann area of WA.
  • In its latest 2002 Annual Report, LIM stated its 3-year strategic targets as doubling attributable nickel production to at least 30,000tpa, and increasing the Thunderbox asset in WA to achieve sustainable gold production of more than 200,000ozpa.
  • Written by: Keith Goode
  • Sunday, 20 July 2003