Red Lion Management – Press Release
Red Lion Management (“Red Lion” or “the Company”) reports that it has acquired control of Emperor Gold Mine in Fiji, and that the Company has secured capital to put the mine into production. Red Lion is
a global merchant bank, based in Vancouver, Canada and headed by international mining financier, Walter H. Berukoff.
As of December 2007, the Emperor Gold Mine, also known as the Vatukoula Gold Mine, had a JORC approved underground delineated gold reserve of 2.34 million tonnes grading 11.4 g/tonne for 858,000
ounces within a total resource of 16.2 million tonnes grading 9.1 g/tonne for 4.76 million ounces underground. There are an additional 250,000 ounces gold in mine tailings from 5.18 million tonnes grading 1.5g/tonne. These resources have been calculated using a US$447 per ounce gold price. (Source: Emperor Press Release June 2006)
The Emperor Gold Mine assets include four mining areas with three shafts serviced by recently refurbished mine winders, pumps, hoists and associated equipment necessary to operate a 140,000 ounce underground mining operation. On surface there is an estimated A$6 million in stores stock, A$3 million in new mining machines still in stock, a 20 Mega-watt power station, a one-million tonne CIP gold plant, five diamond drills, over 30 trackless machine jumbos workshops, and all associated infrastructure to operate significant mining operation. Additionally, the site retains over 7500 hectares of freehold land, housing, offices, laboratories, and an exploration portfolio of approximately 500 square kilometres. Other assets in Fiji include a deep water port of entry and a tank farm.
Red Lion controls the Emperor Mine through Viso Gero International (“Viso Gero”), an indirect subsidiary company incorporated in the British Virgin Islands. Red Lion can convert certain secured loans into a 94% equity interest in the capital of Westech Gold Pty Ltd (“Westech”) which through its wholly owned direct and indirect subsidiaries owns the mining rights and associated assets of the Emperor Gold Mine. The mine is currently on care and maintenance as Red Lion makes the necessary preparations to put the mine into production.
The Emperor Gold Mine is one of the longest continuously running high grade mines in the world with an operational history that extends over 70 years. The mine commenced production in 1936 and has produced approximately 7 million troy ounces (110,600 kilograms) to date (Source: Emperor Press Release June 2002 & June 2006).
Contact: JJ Jennex, Corporate Development – (604) 980-4858, [email protected]
