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Northern Lion Gold


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good news from the Lion/ NL

Did that come out after the close?

 

No, it came out in the morning. The share went to 0.38, but then pulled back.

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"drill results from the initial 500 metres of a planned 8,000 metre drill program'

 

loads to come !

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shareprice is a desaster at the moment

I hold some shares @ 0.39 :-(

 

here some actual pictures, wich I received from Don Flahiff

http://www.dyor.de/northern-lion-gold/nort...s-portugal.html

 

Ouch! Well lets hope some good news comes out of this in the next year.

 

By the way, do you know how much power costs are affecting these European projects (for NL and other miners in general)? The energy infrastructure is more favourable for exploration in Europe as I understand it but the prices are higher. Is this likely to have much negative effect in the future if gold spot continues to rise?

 

 

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Cash reserves greater than market cap, I believe. It makes no sense. Very disappointing. Some good drill results needed and a lotofpatience

 

From their latest financial statement :- 1st Quater Report: March 31 2008

 

Current

Cash and equivalents $ 4,630,232

Marketable securities (Note 4) 3,121,261

Receivables 173,527

Prepaid expenses 7,397

Total current assets 7,932,417

 

Weighted average number of common shares 31,154,005

 

7,932,417/31,154,005 = $0.254

 

Current Share Price = $0.22

 

So they are trading at a discount to their cash value, the rest of the company and their properties comes for free. :huh:

 

 

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NEWS RELEASE

Northern Lion Secures Option for Cyprus Property

 

June 17, 2008 TSX-V Symbol: NL

Frankfurt Symbol: N3E

 

Vancouver, British Columbia: Northern Lion Gold Corp. (the “Company”) announces that it has entered into an option agreement (the “Agreement”) with Katla Exploration Ltd. (“Katla”) to acquire a 90% interest in an exploration permit covering a 312 hectare area (the “Property”) near the villages of Pano Panayia and Asproyia in the Paphos district (“Greek-Cyprus”) of the Republic of Cyprus.

 

Under the Agreement, the Company will earn a 90% interest in the Property by making payments totaling US$175,000 and issuing 220,000 common shares of the Company to Katla over two years, and incurring expenditures on the Property totalling US$2,625,000 over a period of three years.

 

The Agreement is subject to the approval of the TSX Venture Exchange.

 

Katla has also, on the Company’s behalf, submitted an application to the Department of Mines for an additional seven exploration permits in Greek-Cyprus covering an aggregate 3,190 hectares. The Company will hold a 95% interest in the additional property, subject only to reimbursement of Katla for its expenses.

 

During management’s initial visit to the area, six grab samples were collected from within the new application areas. Highlights include one sample which returned 4.1% copper, and another sample which returned 7.3 grams per tonne (“g/t”) gold and 17.6 g/t silver.

 

The history of mineral exploitation (copper, gold and other metals) on the island of Cyprus dates back to the Bronze age, approximately 5,000 years ago, and has continued through the ages, first by the Phoenicians and then the Romans. The evidence of this long history of mining is seen by the extensive slag heaps and numerous ancient surface and underground workings as well as other manifestations of small-scale underground workings.

 

The major deposits of Cyprus are the copper-bearing volcanogenic hosted massive sulphide “VHMS” deposits. These deposits are hosted within the pillow lava sequence of the Troodos ophiolite. The pillow lava sequence is divided into Upper and Lower Pillow Lavas according to their place in the stratigraphy, with the majority of massive sulphide bodies forming between the two pillow lava sequences. All seven of the Company’s applications overlie this important contact. The other major mineralization on Cyprus, apart from the massive sulphide deposits and associated stockwork mineralization, are the interstitial and overlying sedimentary umber and ochre deposits. Ochres are manganese poor ferruginous sediments generally associated with sulphide ores located between the Upper and Lower Pillow Lavas, while umbers are manganese rich ferruginous mudstones overlying the Upper Pillow Lavas. Umbers and ochres have historically been mined for dyes and are known locally to contain significant gold values.

 

Company President, John Lando, commented: “We are very impressed with the geological potential in Cyprus. An excellent opportunity for new discoveries is clearly present. Cyprus has been known throughout history to be rich with copper and has over 5,000 years of production history. Due to the geo-political instability, there has been very little activity since the early 1960’s. Now that Greek-Cyprus is a member of the European Union, we believe there is a truly exceptional opportunity for new discoveries by applying modern exploration technologies in a copper-rich environment.”

 

Quality Control and Assurance

 

The Company's field activities in Cyprus are to be supervised by Dr. Kyriacos Louca, under the direction of Joan McCorquodale, P.Geo. (BC), a consultant to the Company and a "qualified person", as defined by National Instrument 43-101 ("NI 43-101").

 

Samples were sealed and delivered personally by Joan McCorquodale, P.Geo. (BC) to OMAC Laboratories Ltd., Athenry Road, Loughrea, Co. Galway, Ireland. OMAC laboratories is accredited to international quality standards through the International Organization for Standardization /International Electrochemical Commission (ISO/IEC) 17025.

 

The total sample is jaw crushed dry to <2 mm, following which a 500 gram representative sample is obtained using a Riffle splitter and pulverized so that 90% passes 100 micron. Samples are then analyzed for gold and undergo forty four element ICP analysis using Aqua Regia digestion. The gold analytical method employed by OMAC uses a 50-gram sample for Pb-fire assay followed by atomic absorption spectrometry finish.

 

Joan McCorquodale, P.Geo. (BC), a consultant to the Company and a "qualified person" as defined by NI 43-101, is responsible for the technical content of this news release.

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