Lionsgold Limited expects to make a decision in May on whether to start to build a mine at the Jonnagiri Gold Project in India as a feasibility study is nearing completion.

The UK-based company, which has been rebranded and refinanced over the past six months, has a stake in the mine through its 20.5% holding in Geomysore Services.

It also has an interest in Finnish explorer Kalevala Gold and a 50/50 Joint Venture with TRAC Technology to set up a retail gold platform in India.

Lionsgold’s chief executive Cameron Parry said, “We now have three complementary gold-focused divisions all of which have important milestones pending over the coming months.

“Our India partners, Geomysore, are close to the conclusion of the economic feasibility study which takes us to the ‘decision to mine’ stage around the end of May this year.

“Lionsgold has also commissioned a valuation report on the entirety of Geomysore’s licences and licence applications in India which we expect to complete in early April.

“In addition, we are on the cusp of going live with our newly branded physical gold and silver online holding and trading platform initially targeting the India market.”

The company recorded losses after tax in the half year to December of £453,000, less than the £533,065 of the corresponding period of 2015. The latest half yearly figures included tidying up expenses following the change of management.

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