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Gold Literally Slid off Their Backs

Lion Gold Resources…the back story In one of great gold rushes of the twentieth century, in an project known as Serra Pelada, Brazilian

artisanal miners or garaimpeiros dug themselves out over a half a billion dollars of gold in a just a few short years.

During these years, these garimpeiros, at one time counting between forty and eighty thousand

men, dug not only a hole, but leveled a mountain, the Serra Pelada (Bald Mountain). Not stopping there, they continued until the hole they dug was more than two football fields in length, one football field wide and more than twenty stories deep, by hand. Digging into the wet mud, filling their sacks with forty pounds of heavy, wet mud, they worked their way up rickety ladders made of plant rods and lashed together with thin rope. With one hand on the ladder to pull themselves up and one hand clutching the forty pounds of mud, one misstep could find one dead. And many did die at this is now infamous gold mine. It has been broadly established that in the bags of mud they brought up was an estimated 30 million ounces of gold or more. And they did it – one forty pound sack of soil at a time. Moreover, it’s infamy spread so far and so fast that the mine had it’s own police and customs agents. Making sure that the three ‘B’s of destruction; booze, broads and bam (guns) were kept away from this volatile hell hole of struggling humanity. When we stated that the gold slid off their backs it was literally the case.

What makes garimpeiros different, or rather their mode of mining operation, is that they dug up all

this gold using what is deemed hydraulic mining. They mined alluvial deposits, or those left out where a fast flowing stream flattens, slows and spreads. As the stream’s gradient changes, it drops course-grained material, in this case, gold. This then reduces the capacity of the stream and forces it to change direction and gradually build up a slightly mounded or shallow conical fan shape. In Serra Pelada, that mound was Bald Mountain. As the miners dug deeper into the next layers of this soil eluvial, coluvial and primary deposits, they found even more gold.

But the removal of this gold became problematic. Problematic because Serra Pelada now needed to utilise the more traditional mining methods available and this region was smack in the middle, literally, of the Amazon jungle. Far from traditional modes of transportation, energy and the educated manpower required to access and process the ore. So, when the early deposits ran out, so did the Serra Pelada mine and there it has remained. Until now.

As with many countries, Brazil has seen more than its share of ‘gold dust twins’ or companies

chasing the lore of vast amounts of the mother lode, gold in them 'thar' hills. But gold is valuable for a reason – many reasons. In order to mine for gold a company must have some reasonable expectation, through traditional means of assaying, that gold is indeed likely to be where it is presumed to be. To mine for gold a company must have deep pockets, usually deep pockets. And the place to go for this money is to the capital markets.

In the normal course of events a traditional public mining company will find a property as above,

raise research and development capital, negotiate an option to mine with the landowner, pledge the site to its assets base, conduct more geophysical research that helps guess at the size of the reserve gold at hand and issue a press release to announce the results. If the site has met the minimum requirements for a project of this size (0.5-1M oz gold per ton) the share price will escalate rapidly and more money can then be raised. Then this infusion of capital exploration will continue and maybe after a number of years – and only if all goes well – the site starts to be mined. Sound familiar?

Let’s get back to those acres of gold left standing back in Serra Pelada and the hundreds of similar

mining claims elsewhere in Brazil. They could be operated on a small scale using an open pit mining model but due to the smallness of their reserves and the enormous cost of the above methods of exploration, have been left untouched and unexplored by the big mining outfits. And this is where Lion Gold Brazil comes in. Jointly, hundreds if not thousands of tons of gold have been left at the table for the taking. And Lion Gold Brazil intends to do just that. How can they do it when the big companies won’t? Lion Gold Brazil has brought together a highly viable plan to utilize something called the QMM or the Quad Mining Model.

Let’s Get Started As with many countries, Brazil has seen more than its share of ‘gold dust twins’ or companies

chasing the lore of vast amounts of the mother lode, gold in them 'thar' hills. But gold is valuable for a reason – many reasons. In order to mine for gold a company must have some reasonable expectation, through traditional means of assaying, that gold is indeed likely to be where it is presumed to be. To mine for gold a company must have deep pockets, usually very deep pockets. And the place to go for this money is to the capital markets.

In the normal course of events a traditional public mining company will find a property as above,

raise research and development capital, negotiate an option to mine with the landowner, pledge the site to its assets base, conduct more geophysical research that helps guess at the size of the reserve gold at hand and issue a press release to announce the results. If the site has met the minimum requirements for a project of this size (0.5-1M oz gold per ton) the share price will escalate rapidly and more money can then be raised. Then this infusion of capital exploration will continue and maybe after a number of years – and only if all goes well – the site starts to be mined. Sound familiar?

Let’s get back to those acres of gold left standing back in Serra Pelada and the hundreds of similar

mining claims elsewhere in Brazil. They could be operated on a small scale using an open pit mining model but due to the smallness of their reserves and the enormous cost of the above methods of exploration, have been left untouched and unexplored by the big mining outfits. And this is where Lion Gold Brazil comes in. Jointly, hundreds if not thousands of tons of gold have been left at the table for the taking. And Lion Gold Brazil intends to do just that. How can they do it when the big companies won’t? Lion Gold Brazil has brought together a highly viable plan to utilize something called the QMM or the Quad Mining Model.

THE QUAD MINING MODEL Taking a unique approach to gold mining using open pit mining (alluvial mining on a grander scale)

QMM is made up of four (mini) plant units. Built on a franchise model in that it accepts a percentage of mine proceeds as payment for use, each

Quad can be expanded indefinitely and will produce an average of one ton of gold per year per Quad or in real dollars - $50M in annual revenue. That is one key ingredient for LGBI’s success.

but the real beauty of the QMM for Lion Gold Brazil is twofold. In addition to saving having to incur debt for equipment purchase costs, LGBI has identified another strategic cost savings for shareholders. As with so very many of these leftover small mining claims (and tailing ponds), they have no market value. As such, the owners of these are anxious to earn hard dollars in any way legally possible. That means that they are open to leasing, rather than option or purchase of their claims. Though LGBI has no interest in ownership it has, through the building of strategic relationship with site owners by its CEO Robert Abraham, identified several key sites to lease for its QMM plan. These sites can be leased on a basis of 10% -20% of revenues or a flat monthly fee payable only while in operation. That saves the investor money, again. In fact, one such site he has identified has over 200K hectares of such mining claims and knows of many more just waiting in the wings. Unlike traditional mining exploration companies, LGBI will use its money to lease these sites. And the ability to be up and running one such site in as little as six months post funding. Liability and risk is also significantly reduced through leasing and mobility factors and takes care of yet another major cost of operations – insurance.

How is this possible? LGBI can immediately deploy a QMM or Quad, a mobile physical plant capable of processing 1000 tons of soil per day for 25 days per month. The first one is capable of processing 100 tons per day of primary vein material and operates 600 hours per month with four days reserved for maintenance. The second model will be a gravitation plant capable of processing 80 tons per hour and will process 40,000 tons of per month. At 1.5 grams per ton of gold (at 75% recovery rate), this plant can recover up to 18 kilos of gold-per month. When one subtracts the unusually low operating cost of 15% and the 10-20% royalty fees, this one plant can offer up to 14 kilos of gold per month! 

THE QUAD MODEL CONTINUED…

Furthermore, with the mobility that the Quad offers, each mining operation can be proven successful or not within the first 30 days of operation and should the site be deficient in amount of gold recovered the plant can be moved to another location with no further obligation to site owner. This ability to react to changes in vein or alluvium conditions and location significantly decreases the logistics of deployment and helps speed expansion in new – and more resource(ful) – areas. 

Furthermore, with the mobility that the Quad offers, each mining operation can be proven successful or not within the first 30 days of operation and should the site be deficient in amount of gold recovered the plant can be moved to another location with no further obligation to site owner. This ability to react to changes in vein or alluvium conditions and location significantly decreases the logistics of deployment and helps speed expansion in new – and more resource(ful) – areas.

Then there is the cost of operations that is hugely discounted through the use of Quad. Unlike the

40-80K men per day required during the Serra Pelada gold rush the Quad plant operational costs run at about 15% of gold production. Non-labour intensive it requires a mere four people per shift per day which includes both excavator and truck operation.

Moreover, unlike major mining operations that cost upwards or $8-10M to get up and running,

LGBI’s cost costs a fraction of that at approximately $2.5M for the first plant site. The cost of the additional 3 plants would be less as they would be using the same logistics umbrella of the first plant. The cost for the first 4 Quad plant units would be $7.5M and the cost the second and third plant units would drop substantially more as equipment would be provided at a bulk rate. It is LGBI’s intention though to ‘bootstrap’ the entire operation starting with the first plant, using part of the revenues generated to purchase the nest three plants. A three months production of 15 kilos (total of 45 kilos) would suffice to pay for the second plant and after it too becomes operational, the further two plants would be paid in even less time as both would be producing.

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THERE’S MORE!

Since the QMM is essentially self-funding from the start of operations LGBI expects the key expansion into Phase II of the initial project at the 6-12 month level. At that time three more QMM will be deployed near the existing QMM, bringing the production rate of gold up to 55 kilos per month. But why stop there? Using the QMM makes the project adaptable and will continue, through continuous expansion WITHOUT any additional financing through outside sources.

The Quad model (1 plant then 3 more plants) will continue to be used not only because it is self-

financing but it has proven to be an efficient balance in the administration of several field projects under one logistics umbrella.

Through careful planning and administration it is deemed feasible for LGBI to deploy Quads in other

areas that have been identified with the long term objective of placing 10 Quads or 500 kilos per month within the range of three years. Within five years the company expects to have 30 Quads operational and be producing 1500 kilos of gold per month. Using this multi-site model ensures that LGBI could easily be bootstrapped into a billion dollar business in the 4-5 years after start of operations.

If the project nets just 60 kilos per month or 720 kilos per year (24,000 ounces after operating costs and leases are deducted) then the company’s revenues – before taxes will be approximately $38M per year!

Final consideration of this type of production is twofold. First of all, this Quad method actually safer

then the traditional process because of the "prequalification phase". It cost far less to prequalify a tailings property because there is no rock drilling. A two man crew with a geologist can do the sampling by hand using a manual drill and bore down to 6 meters deep only in a soft ore. This process gives the company a very good idea of the size of the reserve in advance and "an immediate gratification" by going to production first. No huge, messy and dangerous drilling program beforehand. And no mess left behind. The company has a forest recuperation program in place and ready to go once a project has been exhausted of gold.

WHERE ARE WE GOING WITH THIS?

Now that we have explained the ‘what’ and the ‘how’ we are now going to explain the where.

Over the past eight years LGBI’s CEO Robert Abraham has criss-crossed the Amazonian jungles and other regions of Brazil pertinent to mining for gold building long-term and strategic relationship with what he considers the best mining properties available for this type of projects.

WHY BRAZIL?

Brazil has been a major producer of gold since 1760 when nearly half of the world’s gold came from it. By 1988, after the Serra Pelada gold rush, Brazil had become the world’s fifth largest producer of gold and much of it from alluvial deposits in streams – just like the ones that LGBI intends to exploit. In 2009, it was estimated that there would be $2 Trillion USD, yes that’s trillion, invested in Brazil during the following four years, $62B in the mining industry alone and $380B for the infrastructure that support it. Plus, Brazil has been ranked the fourth best place for mining investments.

While hard rock mining has been the foundation of gold mining in Brazil, after the gold rushes of the 1970’s and the aforementioned Serra Pelada, new mining production by garimpeiros (informal miners) from alluvial sources such as we have discussed has become widespread in the country.

Brazil has a long-held and strong mining culture. In recent years it has implemented international standard

and transparently implemented mineral exploration to realise its potential. Add to that a stable political and fiscal situation, and you have a first rate candidate for investment. For our purposes, although most of the major multinational mineral companies are and have been operating in Brazil for some time it is only recently that junior companies such as Lion Gold Brazil have entered the picture. In fact, case in point, although trading on the more senior TSX, Colossus Minerals (CSI-TO, $5.46 per share) has achieved a $700M valuation. Another, where LGBI’s head geologist Mr Antonio De Castro worked before coming aboard with LGBI, is Brazilian Gold (BGC.V) that achieved a $180M valuation last year. A valuation predicated on 11 active projects in Tapajos, nine of which our guy Mr. De Castro found, negotiated terms and delivered to that company. Now he’s on board LGBI and we have every reason to believe that his magic will not stop there!

LION GOLD BRAZIL GOES TO BRAZIL WITH THREE KEY AREAS IDENTIFIED AND UNDER NEGOTIATION…

PARA STATE The Agua Branca Project with 10,810ha identified

The Bom Jesus Project with

39,735ha identified The Serrado Project with 1,500ha identified

GOIÁS STATE The Heitorai Project with 2,000ha identified

 WHY TAPAJOS? WHY NOT?

It is important to note that the most lucrative area in all of Brazil for mining is the Tapajos Region; a Region that has produced over 30,000,000 ounces of primarily alluvial gold since 1979, the kind of gold LGBI is looking for. In this region, LGBI has three projects right out of the gate totaling 130,000 acres with seven gold mining claims and with an aggressive plan to acquire more property leases in months to come. One of these, the Agua Branca Project (with 10,810 ha) lies adjacent to an established Eldorado (Gold) Corporation, a world leader in gold mining. Another, the Bom Jesus Project (39,735 ha) lies near to where deposits of more than one million ounces of gold were discovered by Eldorado and another giant in the industry, Magellan Corporation. And, while major commercial mines have yet to come into production, other significant discoveries are now being evaluated including Tocantinzinho with an estimated 2 million ounces. This just goes to show the potential for world-class deposits still exist in this huge and under-explored region of northern Brazil. As there seems to be the potential for high grade lode gold deposits and also for a low-grade stockwork system similar to the existing Tocantinzinho, Cuiu-Cuiu and San Jorge deposits, it is LGBI’s intention to deepen its exploration of the Agua Branca Project over the longer term.

As well, our head Geologist, the aforementioned Mr. De Carlos, is the process of negotiating a LOI

for two properties up in the Carajas State, known as the Serrado Project. Both properties lie near the location of the infamous Serra Pelada gold rush property. The Serrado Project also has the potential for high grade lode type mineralization as well as structurally controlled type similar to that of Serra Pelada and therefore may be subject to deeper exploration by the company at a later date.

THE TWO TAPAJOS PROJECTS READY TO ROLL OUT

THE SERRADO PROJECT 16 KMS FROM SERRA PELADA

HEITORAI GOLD PROJECT

AND THEN…GOIAS

Goias State, though not so well known as Tapajos, is still a major gold producer with most of it stemming from the Crixas Gold Mine, now totally owned by Anglo, and from Chapada Cu-Au owned by Canadian YamanaGold.

It has become a focus for other junior gold ventures as evidenced by Amarillo Gold through its Mara Rosa Project. Although not much historical exploration has been done given its logistics and infrastructure, the company’s Heitorai Project in the region is all the more attractive for deeper exploration and could allow for even a small to medium deposit for development. Back burner stuff but keeping warm…

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Abraham R. Abergel– CEO 51

Mr. Abergel is an entrepreneur, with a background as ex commander, paratroopers’ officer (Israel). He brings to the table over eighteen years of savvy business consulting experience specifically in Brazil. With expertise in the areas of corporate finance, marketing and sales management, mining business brokerage and projects administration he is an ideal candidate to steer Lion Gold Brazil through its next growth spurt. He has vast experience in the Amazon, especially in the Tapajós Region where he has been leading mining expeditions as consultant to junior companies and private equity investors. He has also run his own gold exploration projects in the Amazon region. From that he has learned the practical aspects and the logistical challenges of this business from the ground up, starting from semi artisan operations, to highly mechanized explorations.

Applying innovative methods and self correcting procedures into the locating of gold ore, he is practised at optimizing project cost and maximizing production. Given Mr. Abergel’s experience in the areas of geological research, plant deployments, logistics, security, project management and administrative process in operating gold mines in remote areas has made him one of the most sought after mining consultants in Brazil. He is the soul and conscience of LGBI.

Antonio de Castro- Chief Geologist, 55 Mr. Castro is a geologist with 30 years of exploration and mining experience in most of the mining

sector from for gold and copper to nickel, iron and phosphate. Working in both Brazil and Australia, he worked for Western Mining for 19 years and since then has continued in his field as consultant geologist to several junior exploration companies. He was the main instrument on building up the Minfer & Regent´s exploration portfolio (the latest was acquired by the aforementioned Brazilian Gold Corporation). As well, he is a Member of AusIMM (Australasian Institute of Mining and Metallurgy).

Mr. De Castro’s hands-on experience in running mining projects, administration of costs and production, intimate know-how of the Brazilian region and its players, has made him a most valuable asset to the company. His highly honed skill at analyzing mining projects, at finding their hidden flaws (and exposing them), has made him a successful negotiator who knows how to pick the right deal and negotiate fair and just terms for the benefit of all involved.

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WHO’S IN CHARGE? THE MANAGEMENT