Termination of discussions with Minera IRL Ltd

11 October 2013

LionGold Corp Ltd

Termination of discussions with Minera IRL Ltd

LionGold Corp Ltd (the "Company") refers to the announcements made by the Company on the SGXNET on 4 October 2013 and 7 October 2013, and the announcement by Minera IRL Limited ("Minera"), confirming that the Company and Minera were in discussions regarding a proposed private placement and a possible offer.

Due to the current volatility in the Company's share price, the Company has ceased all negotiations and discussions in connection with the placement and the possible offer.

For the purposes of Rule 2.8 of the Takeover Code (the "Code"), LGC reserves the right to announce an offer or possible offer, or make or participate in an offer or possible offer, for Minera (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement:

· with the agreement or recommendation of the Board of Minera;

· following the announcement by or on behalf of a third party of a firm intention to make an offer for Minera;

· in the event that Minera announces a "whitewash" proposal or a reverse takeover (as defined in the Code); or

· if there is a material change of circumstances.

A copy of this announcement will available at www.liongoldcorp.com by 12 noon on 12 October.