Castlemaine was a producer that could not meet its own targets and ran out of cash ;contrary to LionGoldCorp's claims to the SGX

What Nicholas Ng , CEO LionGoldCorp told the SGX and Singapore investors:

SINGAPORE, 23 January 2013 – LionGold Corp Ltd’s (“LionGold” or “the Group”) wholly 

owned Castlemaine Goldfields produced 27,512 ounces of gold at its Ballarat Mine in 2012, its first full year of production. Resulting gold sales generated revenue of A$43.4 million, about  S$56 million. For the year, 146,000 tonnes of gold-bearing ore were processed at an average grade of 7.4 grams per tonne. Average gold recovery was 86%.


Under Castlemaine ownership, the Ballarat gold mine poured its first gold bar in September 
2011. The mine then embarked on a six to nine month production ramp-up.

Commenting on Castlemaine’s achievement, Chief Executive Officer Nicholas Ng stated, 
“Ballarat has made the transition from explorer to producer and is targeting an
annualised production rate of between 40,000 to 50,000 ounces in 2013. With the 
successful ramp-up complete, LionGold has demonstrated its ability to identify and 
acquire gold projects which build value for our shareholders.

http://liongoldcorp.listedcompany.com/newsroom/20130123_175032_A78_01BC7681A405A57148257AFC00026695.1.pdf



What Castlemaine Goldfields CEO Matthew Gill disclosed to the ASX and Australian investors:

Mining company reconsiders Ballarat gold operation

Updated November 08, 2011 17:03:01
Castlemaine Goldfields is re-evaluating its operations in Ballarat after poor gold returns from initial mining.
In September, Castlemaine Goldfields poured its first gold bar and looked set for a bright future.
But after mining 28,000 tonnes of ore, it has admitted it has not found the expected amount of gold.
Company chief executive, Matt Gill, says the company was relying on initial deposits to help fund further exploration of the mine.
"We rely on that for part of our revenue, for getting to our primary source," he said.
"So we've had to take stock of all that and we are just in the process of working out what the next step should be."
Mr Gill would not rule out staff cuts, as the company shifts it operations to focus on richer but harder to extract gold veins.
Clearly , two very different stories.

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