NICKEL-COPPER DEVELOPMENT – LionOre secures next $250M for Tati Activox project

BOTSWANA - Toronto-based LIONORE MINING INTERNATIONAL has raised $250 million in project funding for its Activox and dense media separation (DMS) projects in eastern Botswana near the border with Zimbabwe. The balance of the project funding will be financed from the company's treasury ($100 million) and from cash generated by existing operations.

The project is owned by Tati Nickel, a joint venture of LionOre (85%) and the government of Botswana. The operation comprises the Phoenix open pit and mill. The nickel and copper concentrates are shipped 200 km by road for custom smelting.

Tati Nickel is boosting output with the addition of the $114-million DMS Phase 2 plant now under construction. The plant will boost ore grade to 0.52% Ni (from 0.30%), making it suitable feed for the Activox refinery. A description of the Activox process is available at www.LionOre.com.