Lions Gate Metals and AusNiCo Agree to Terminate Business Combination

VANCOUVER, BRITISH COLUMBIA, Apr 22 (MARKET WIRE) --
Lions Gate Metals Inc. (TSX VENTURE: LGM) ("Lions Gate" or the
"LGM") announces that, despite the best efforts of LGM and
AusNiCo, the conditions precedent to the merger between the two companies
have not been satisfied and the parties have agreed to terminate their
agreement. Both companies will pursue alternative funding sources for
their respective projects.

"There are several factors that have led us to the decision to
terminate the transaction," said LGM CEO, Arni Johannson. "Some
key issues were the lengthy due diligence and regulatory delays, a
blockade at our proposed drill program site and market volatility. That
said, we still own 100% of a significant Copper asset and are working
diligently to resolve issues in the Poplar region. Our future holds
significant promise."

Moving forward, management of Lions Gate is arranging financing to fund
the proposed 5200m drill program at the Poplar Project. Extensive
geophysical surveys were completed last year to define drill targets and
to expose additional anomalies for further exploration. Lions Gate will
continue to work with local interest groups in the region to ensure
successful exploration and development programs throughout the summer and
into the fall. Lions Gate is dedicated to socially and environmentally
responsible exploration and development programs that will improve the
Poplar Project and provide value to our shareholders, local communities,
and First Nations.

About Lions Gate Metals

Lions Gate is a Canadian based, junior resource company focused on the
exploration, development, and acquisition of both advanced and early
stage mineral projects. LGM owns 100% of three substantial copper and
molybdenum projects located in British Columbia. LGM's flagship project
is the Poplar porphyry copper - molybdenum deposit near Houston, BC. The
Huckleberry Mine, located approximately 35 kilometres southwest of the
Poplar Deposit, produces copper and molybdenum from a deposit of similar
age and setting.

Sincerely on behalf of the Board of Directors,

Arni Johannson, CEO and Chairman of the Board

Lions Gate Metals Inc.

For further information on the Company and its projects please visit our
web site at www.LionsGateMetals.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Lions Gate Metals Inc.
Blair McIntyre
Director of Operations
(604) 683-7588
www.LionsGateMetals.com

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