VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 10, 2013) - Northern Lion Gold Corp. (News - Market indicators)(FRANKFURT:N3E) (the "Company") announces the completion of a ground geophysical survey and commencement of a diamond drill program with project partner, Centerra Gold (KB) Inc., a subsidiary of Centerra Gold Inc. (collectively "Centerra"). A planned 1,500 metre drill program will test several highly prospective targets identified from the geophysical survey completed within the Optioned Permits in the Republic of Cyprus.
Company President and CEO, John Lando, commented: "We are excited to implement a diamond drill program funded by Centerra. Very little exploration work has been completed in Cyprus over the past 40 years, and with the expertise of one of the leading gold producers, our drill program is designed to systematically discover buried massive sulphide bodies."
An audio magnetotelurics survey was completed and identified anomalous targets across five areas in the Paphos District and over one area in the Larnaca District. The Paphos District program surveyed targets from the 2011 Versatile Time-Domain Electromagnetic Survey conducted by Geotech Airborne Malta, Ltd. (reported February 7, 2012). Geops-Bolkan Drilling Services Ltd. has been contracted for the diamond drill program, which is now underway in Cyprus.
Under an option agreement, Centerra has the right to acquire up to 70% interest in several exploration permits located in the Paphos and Larnaca Districts (the "Optioned Permits") by incurring exploration expenditures on the Optioned Permits over five years. The Company, through its Cypriot subsidiary Katla Exploration Ltd., is the operator during the first year of the option agreement, following which Centerra may elect to assume operatorship (reported May 14, 2013). The Company continues to hold several permits within the Republic of Cyprus that remain outside of this option agreement.
Target Areas:
Larnaca District Permit
The Pano Lefkara permit survey targeted gold and massive sulfide mineralization discovered by the Company in 2012. Auriferous massive sulfides were encountered in three rotary drill holes where drill hole PLRD12-01 intersected 3 metres of 4.98 grams per tonne ("g/t") gold, 29.60 g/t silver, 3.75% copper, and 2.47% zinc (reported July 17, 2012). The survey results support the previous drill results and a follow-up drill program is planned.
Paphos District Permits
The Paphos District surveys have defined anomalies on all of the completed grids, a number of which are situated in favourable geological settings similar to which underlay mineralization at the past producing Limni and Kynousa mines. Both the Limni and Kynousa mines were operated by the Cyprus Sulphur and Copper Company, where the Limni mine produced over 8 million tonnes of 1.11% copper. The anomalies consist of resistivity lows which may be associated with massive sulfide mineralization.
The Company's field activities in the Republic of Cyprus are under the direction of Robert Johnston, P.Geo. (BC), a consultant to the Company 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 has a number of exploration permits in the Republic of Cyprus and is 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, including the time thereof, 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; risks arising as a result of the Company operating in Cyprus; the ability of the Company to obtain additional financing; including through Centerra funding exploration and development activities pursuant to the option agreement; 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.
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