Goldbloc in Live Testing Phase

Lionsgold Limited

("Lionsgold", "LION" or the "Company")

Goldbloc In Live Testing Phase

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.

Highlights:

· Goldbloc® mobile phone banking app has commenced its live proving phase with selected invitees using iOS devices (Apple iPhone).

· This phase tests the use of fiat currency and Goldbloc® in individual banking accounts, receiving deposits via the European bank clearing system and credited in Goldbloc®, and paying for items online in real-time using the Mastercard payment network.

· Each Goldbloc® is a unit of gold (one milligram) owned directly by the customer, stored in a secure vault and utilised through individual banking current accounts with a linked Mastercard debit card.

Lionsgold Chief Executive Officer, Cameron Parry, commented: "We are pleased to confirm that further to the "Mobile Banking Gold Currency Update" released 2 July 2018, Goldbloc® is now being tested using fiat currency and Goldbloc® in a live test environment. This phase is to demonstrate as with any mainstream (fiat) currency, funds transferred from a bank account are automatically exchanged and credited to the relevant customer current account in Goldbloc® and users are then able to spend Goldbloc® in real-time to buy items online.

"During the course of August and September the user application and production testing will continue with more invitees added in phases, and we look forward to providing further updates in due course."

Enquiries:

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 currency Goldbloc® under its wholly owned financial technology subsidiary and 12.5% holding in banking platform developer Railsbank Technology Ltd, to enable customers to utilise direct ownership of physical gold as a currency via the international banking system (www.goldbloc.com); and

· Gold exploration and production in Finland via 30% ownership of Finnish joint venture.