("Lionsgold", "LION" or the "Company")
Mobile Banking Gold Currency Update
Lionsgold (LSE: LION), the gold company focused on the exploration, production and retail application of physical gold, including the development of the gold currency GOLDBLOC®, is pleased to provide the following update.
· GOLDBLOC® mobile phone banking app ready for live test environment
· Mastercard debit cards live testing underway
· GOLDBLOC® is a unit of gold held in a current account (1 GOLDBLOC® is 1/1,000th of a gram)
· Scope of opportunity as alternative mainstream currency expanded during development
· Pilot release to occur in July for first 200 customers using iOS devices (Apple iPhone)
Lionsgold Chief Executive Officer, Cameron Parry, commented: "We are pleased to report that GOLDBLOC® is in the final stages of internal testing including testing with Mastercard debit cards. During development the scope of GOLDBLOC® has grown to become the foundation of a gold banking ecosystem which has required additional planning and integration with our technology partners Railsbank (of which LION owns 12.5%). This has seen more time needed to complete our platform for customers to be able to spend and receive physical gold in real time via a current account. We have decided to do a pilot release initially to the first 200 customers downloading the mobile banking app and opening a current account, and Lionsgold will make an announcement when the pilot goes live. On behalf of the Board, I would like to thank all Lionsgold shareholders for their patience as we finalise GOLDBLOC® which is a first of its kind, commodity currency - a tangible asset directly owned by the customer for use as an alternative mainstream currency within the global banking system.
"Concurrent to the above, Lionsgold has also been progressing with work related to seeing LION shares readmitted to trading in the coming months, as we continue to expand our organisation and business plan, and look forward to making further announcements in this regard."
Cameron Parry (Chief Executive Officer)
Tel: +44 (0)20 8065 0215
WH Ireland Limited (Nominated Adviser)
Tim Feather/Chris Viggor
Tel: +44 (0)113 394 6600
Smaller Company Capital Limited (Broker)
Rupert Williams / Jeremy Woodgate
Tel: +44 (0)20 3651 2911
About LIONSGOLD Limited (LSE: LION)
Lionsgold is a London Stock Exchange AIM market quoted, gold-focused company involved in the exploration, production and retail application of physical gold, with gold assets in India and Finland and a wholly owned financial technology company developing the digital gold currency, GOLDBLOC®.
Lionsgold's three core focuses are:
· Strategic partnership with leading India gold exploration and mine development company, Geomysore, in which Lionsgold holds 21.65%;
· Developing the digital gold curreny Goldbloc under its wholly owned financial technology division and 12.5% holding in Railsbank Technology Ltd, to enable customers to utilise direct ownership of physical gold via the global banking system (www.goldbloc.com); and
· Gold exploration and production in Finland via 30% ownership of Finnish joint venture.