LionGold Corp?s subsidiary partners China SOE-backed CBMI Construction to develop Ghana gold tailings project

Key points:

LionGold?s 77%-owned subsidiary, Signature Metals Limited, has engaged CBMI to undertake the modification, commissioning, operation and management of its Owere gold plant for a 36-month term.

The partnership was formed to further improve the return profile of Owere Mines? gold tailings agreement with B& C announced in January 2014.

B& C will supply and sell to Owere Mines 1 million dry metric tonnes of gold bearing tailings over a period of three years and two months. Owere Mines is responsible for the treatment and processing of tailings and recovery of gold thereafter and will receive associated income from the gold produced.

Owere Mines intends to leverage CBMI?s over 50 years of experience to design a more efficient and affordable gold processing plant to obtain higher gold recovery rates for the gold tailings project.

CBMI will undertake works which include engineering design, procurement, supply, delivery to site, erection works, testing, start-up, guarantees and production. 

 

Wang Bao Zhan, Marketing Director of CBMI states, " Over the recent months, CBMI has worked closely with LionGold and found the Group to have a capable and credible management team with attractive plans for their gold mining projects around the world. We have visited Ghana twice to look at the Konongo Gold Project and are excited to be involved in Owere Mines? modification and commissioning of its gold processing plant. We look forward to more opportunities to work with LionGold."

< < CBMI is a wholly-owned subsidiary of China?s state-owned engineering contractor giant, SINOMA Group Ltd.> >