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Levon (LVN.TO) Completes Phase 4 Exploration Drilling at Cordero, Intersecting Strong

Discussion in 'Stock Market News & Analysis' started by mickymoose99, Feb 26, 2014.

  1. mickymoose99

    mickymoose99 Member

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    Levon (LVN.TO) Completes Phase 4 Exploration Drilling at Cordero, Intersecting Strong Mineralization From Surface Within the Aida Claim






    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 26, 2014) - Levon Resources Ltd. ("Levon" or "the Company") (LVN.TO)(LVNVF)(LO9.BE)(LO9.F) is pleased to report that Phase 4 drilling was completed on February 13, 2014 at the Company's wholly owned Cordero project near Hidalgo Del Parral, Chihuahua, Mexico. Twenty four (24) core holes (13,072 metres [m]) were drilled on a 100 m drill grid, testing the recently acquired Aida claim, (see news release dated July 10, 2013) which is located in the center of the Cordero project. Assays for 14 of the 24 holes have been received and are described in this release. The pending assays of the remaining 10 holes will be reported when available, then all project drill data will be forwarded to Independent Mining Consultants ("IMC") to prepare an updated Cordero resource estimate.

    The current exploration drill assay results reveal that strong bulk tonnage silver (Ag), gold (Au), zinc (Zn), and lead (Pb) mineralization extends from surface, over broad intervals within and near the Aida claim. Three (3) of the newly reported exploration holes also intersected wide, higher grade mineralization across mineralized volcanic feeder zones at depth within the volcanic Cordero Felsic Dome Complex (the "Dome"). The mineralization is revealed in the highlighted drill hole composite assays, and summary tables described in this release. http://ow.ly/u1iH4
     
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    mickymoose99 Member

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    Levon Resources (TSX: LVN; OTCQX: LVNVF) Begins Trading on OTCQX®

    Levon Resources (TSX: LVN; OTCQX: LVNVF) Begins Trading on OTCQX®




    NEW YORK, May 15, 2014 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Levon Resources Ltd. (TSX: LVN; OTCQX: LVNVF), a mid-tier mineral exploration company, has been approved to trade on OTCQX®, the best marketplace with qualified companies.

    Logo - http://photos.prnewswire.com/prnh/20110118/MM31963LOGO

    Levon begins trading today on OTCQX under the symbol "LVNVF." U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    "We are pleased to welcome Levon to the OTCQX marketplace," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "Trading on OTCQX will enable Levon to leverage its existing Canadian disclosure to broaden its exposure to U.S. investors. We look forward to working with Levon as the company expands its visibility in the U.S. market."

    "Trading on OTCQX is a natural step in the growth of Levon," commented Ron Tremblay, President and CEO of Levon Resources Ltd. "Levon is at an exciting stage in its development and rapid growth phase, and with the assistance of Euro Pacific Capital we look forward to elevating the awareness of the company to a broader U.S. shareholder base. With this new access, we are excited to start increasing our market visibility and sharing our vision with a larger audience of investors. We believe that Euro Pacific will broaden the company's access to both current and prospective U.S. shareholders. This should increase our exposure to U.S. investors with more efficient access and liquidity to our stock in the United States. We also believe that all shareholders will benefit from Euro Pacific's access to a larger number of retail and institutional investors."

    Euro Pacific Capital, Inc. serves as Levon's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements.

    Levon Resources is exploring one of the world's largest silver resources at the company's 100%-owned Cordero Project in northwest Mexico. In less than four years, Levon has amassed a resource at Cordero containing 364 million ounces silver indicated plus 91 million ounces silver inferred. Further indicated resources of 945,000 ounces gold, 6.1 billion pounds zinc and 3.3 billion pounds lead have established Cordero as one of Mexico's premier polymetallic porphyry targets.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture Stage Marketplace; and OTC Pink®, The Open Marketplace. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces,
     
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    Levon (TSX:LVN) Announces 848.5 Million Tonnes Grading 41.03 g/t Silver Equivalent I

    Levon (TSX:LVN) Announces 848.5 Million Tonnes Grading 41.03 g/t Silver Equivalent Indicated Resource at Cordero...

    ...Calculated at $20 Per Ounce Silver, Including 488,494,796 Ounces Silver, 1,366,129 Ounces Gold, 9.0 Billion Pounds Zinc and 4.7 Billion Pounds Lead



    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 3, 2014) - Levon Resources Ltd. (Levon or the Company) (TSX:LVN)(FRANKFURT:L09)(BERLIN:L09)(OTCQX:LVNVF) announces an updated resource estimate for the Company's 100% owned Cordero project located 35 kilometers northeast of Hildalgo Del Parral, Chihuahua, Mexico. The updated resource estimate reported in this news release is effective September 03, 2014, and takes into account all of the results of the Company's Phase 4 core drilling program completed to date.

    The updated Cordero resource is constrained and tabulated within the geometry of a revised open pit, and includes an indicated resource containing 488,494,796 ounces (ozs) silver, 1,366,129 ozs gold, 9.0 billion pounds (B lbs) zinc and 4.7 B lbs lead in 848.5 million tonnes (M t) of material grading 41.03 silver equivalent grams per tonne (g/t) including 17.91 g/t silver, 0.05 g/t gold, 0. 479 percent (%) zinc, and 0.254 % lead, at a cut off grade of 15 g/t silver equivalent. The open pit resource geometry contains an additional inferred resource of 44,448,039 ozs silver, 84,746 ozs gold, 663,311 M lbs zinc, 396,532 M lbs lead within 92,158 million tonnes of material grading 31.4 g/t silver equivalent including 15.00 g/t silver, 0.029 g/t gold, 0.327 % zinc, and 0.195 % lead at a cut off grade of 15 g/t silver equivalent (Table 1). The open pit resource shell measures 2.5 kilometers by 1.6 kilometers and is 600 meters deep with a low overall strip ratio of 1.2:1 waste to mineralized material. A map and cross sections of the open pit may be viewed on Levon's website (www.levon.com).

    A summary of the updated resource estimate is shown in Table 1. Resource grades are expressed as silver equivalents, which equate to projected recovered metals. Silver equivalent is calculated using the most recent metallurgical testing recoveries for each metal. The resource shell is defined based on the deductions for mining and operating costs per tonne, including estimated transportation and refining costs for each metal in a projected mill concentrate (Table 2). Silver equivalents are calculated at $20 / oz silver, $1250 / oz gold, 0.94 cents / lb zinc, and 0.95 cents / lb lead.

    Table 1. Summary of the September 03, 2014 updated Cordero mineral resource.

    Total Resource Contained Metal
    Class
    Cutoff
    AgEq, g/t Tonnes
    X1000
    AgEq, g/t
    Ag, g/t
    Au, g/t
    Zn, %
    Pb, %
    Ag oz
    Au oz
    Zn lbs
    X1000
    Pb lbs
    X1000

    Indicated 15 848,462 41.03 17.91 0.050 0.479 0.254 488,494,796 1,366,129 8,952,499 4,742,361
    Inferred 15 92,158 31.39 15.00 0.029 0.327 0.195 44,448,039 84,746 663,311 396,532

    Table 2. Silver equivalent calculation variables: metal prices, estimated recovery through a standard flotation mill with separate zinc and lead circuits, estimated away from property smelting and refining charges*.

    Silver Equivalents Calculation Variables
    % Metal Estimated smelter
    Metal Metal Price Recovery and refining charges
    Ag $ 20.00 85.0 $ 0.024/g
    Au $ 1,250.00 18.0 $ 0.00/g
    Zn $ 0.94 81.0 $ 0.32/lb
    Pb $ 0.95 80.0 $ 0.42/lb

    * Costs used to define the resource shell include $6.00/t process cost, $0.75/t G&A, $1.75/t mining cost and the estimated TCRC costs.

    "We are pleased with the Company's progress at Cordero, which has advanced quickly from our original discovery in 2009 through four accelerated drill programs to reach the present resource estimate" states Ron Tremblay, President and CEO of Levon Resources Ltd. "The new resource estimate includes a 57% increase in the indicated silver resource over the Company's June 2012 resource estimate" ("Cordero Project June 2012 Mineral Resource Update" dated July 31, 2012 as amended May 10, 2013 prepared by Independent Mining Consultants, Inc. "IMC"). "The resource estimate includes data from holes in the Porphyry Zone and also the Phase 4 drill results from the Aida claim acquired in 2013, which consolidated 100% ownership of the district" (news release April 30, 2014). "The resource expansion across the claim confirms our projections. Owning the entire Cordero district with this large scale discovery is a major accomplishment for our team and Levon shareholders".

    Resource Calculations

    The Cordero updated resource estimate is tabulated within a revised open pit geometry and was developed from 244 drill holes encompassing 118,937 meters of core drilling, including the latest 41 holes (21,168 m) drilled at the Cordero Project since the Company's announcement of its previous resource estimate in June, 2012. The September 03, 2014 resource remains open to expansion through step out delineation and infill drilling, on strike and beneath the modeled open pit.

    The updated Cordero resource estimate presented in this press release was prepared under the direction of Herb Welhner (SME registered member #3434330), Vice President of IMC, who is a qualified person under NI 43-101. IMC has utilized updated metal price projections, estimated metallurgical recoveries, production and processing cost estimates from M3 Engineering & Technology ("M3"), Tucson, Arizona. M3 has revised the prices and costs from their 2012 PEA study ("NI 43-101 Technical Report Preliminary Economic Assessment Chihuahua, Mexico", Issue Date: 8 May 2013, Effective Date: 12 March 2012) filed under Levon's profile at www.sedar.com) to include the recent pre-feasibility stage metallurgical results that improve metal recoveries (Table 2).

    Levon expects to file a technical report with respect to the updated resource estimate within 45 days.

    Vic Chevillon, Levon's Vice President and Director said "Cordero is a major discovery and a novel porphyry silver, gold, zinc, and lead type system from its alteration and metal zoning patterns. Additional upside potential exists proximal to the resource for contact replacement deposits, in areas yet to be delineated on the margins of the resource. There is also a younger porphyry controlled zinc system in the southwest, and younger porphyry copper and molybdenite mineralization in the northeast part of the resource that has been intersected in deep holes (1,200 m) beneath the presently modeled open pit. At this stage in the discovery, we are pursuing additional metallurgical test work within the new resource to further improve recoveries from early production benches and optimize a start -up operation."

    Metallurgy

    The latest metallurgical testing designed and managed by M3, and conducted by ALS Metallurgy, Vancouver, B.C., was a pre-feasibility scale study to optimize mill reagents in the modeled standard flotation mill. The mill has separate circuits for zinc and lead. The recoveries were improved over initial metallurgical testing, and gold is now included in the resource estimate.

    Qualified Person

    Vic Chevillon, AIPG QPG # 11054, the Company's VP, Exploration, Director and a qualified person as such term is defined in NI 43-101 of the Canadian Securities Administrators has reviewed and approved this news release.

    Mr. Chevillon has verified the data disclosed in this news release and no limitations were imposed on his verification process. Other than as described below and in the Company's annual filings (which are available at www.sedar.com), there are no known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources at this point in time.

    About Levon Resources

    Levon is a well-funded gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico.

    For further information, contact the Company IR Direct at 604-682-2991604-682-2991, or main office number 604-682-3701604-682-3701.

    ON BEHALF OF THE BOARD

    Ron Tremblay, President and Chief Executive Officer
     
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    Levon (LVN.TO) to Present at 4th Annual Euro Pacific Global Investment Conference

    Levon (LVN.TO) to Present at 4th Annual Euro Pacific Global Investment Conference


    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 8, 2014) - Levon Resources Ltd. ("Levon" or "the Company") (TSX:LVN)(FRANKFURT:L09)(BERLIN:L09)(OTCQX:LVNVF) is pleased to announce that the Company will join Peter Schiff and Euro Pacific Capital for the 4th annual Euro Pacific Global Investment Conference on September 9, 2014 at the Sofitel Hotel in New York. Euro Pacific has assembled a group of senior executives from global companies who will offer insights into their own firms as well as their analysis of trends in their respective industries. This year's event includes firms with market capitalizations ranging from $10 million to over $7 billion in the energy, mining, and transportation sectors. Levon's CEO, Mr. Ron Tremblay will be presenting at 9:30 AM on Tuesday, September 9
     
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    mickymoose99 Member

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    Levon Resources Ltd.(TSX:LVN) Acquires 9.9% of Pershing Gold

    Levon Resources Ltd.(TSX:LVN) Acquires 9.9% of Pershing Gold



    TSX Trading Symbol: LVN Berlin & Frankfurt: LO9 OTCQX: LVNVF

    VANCOUVER, Oct. 15, 2014 /PRNewswire/ - Levon Resources Ltd. (the Company) TSX:LVN, USOTCQX: LVNVF is pleased to announce it has agreed to make an investment into Pershing Gold Corporation ("Pershing") in the amount of US $9.85 million, acquiring 35,178,572 shares of common stock of Pershing, representing an approximate 9.9% interest in Pershing. The transaction is expected to close on or about October 17, 2014. Pershing's common stock is traded on the OTCQB under the symbol PGLC.

    The common shares have not been registered under the United States Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction, including in the United States, in which such offer, solicitation or sale would be unlawful.

    About Levon Resources Ltd.

    Levon is a gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico
     
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    mickymoose99 Member

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    Levon Resources Ltd.(TSX:LVN) Announces a USD $1 Million Private Placement

    Levon Resources Ltd.(TSX:LVN) Announces a USD $1 Million Private Placement



    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2014) - Levon Resources Ltd. (the Company) (TSX:LVN)(OTCQX:LVNVF)(BERLIN: LO9)(FRANKFURT:LO9) is pleased to announce it is undertaking a USD $1 million private placement (the "Placement").

    A total of 4,400,000 common shares of Levon will be issued in the Placement at a price of CAD $0.25 per share. To Levon's knowledge, no new insiders of Levon will be created as a result of the Placement. Completion of the Placement is subject to the approval of the Toronto Stock Exchange.

    The common shares to be sold in the Placement have not been registered under the United States Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction, including in the United States, in which such offer, solicitation or sale would be unlawful.

    About Levon Resources Ltd.

    Levon is a gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico.

    ON BEHALF OF THE BOARD

    Ron Tremblay, President and Chief Executive Officer
     
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    Levon Resources Ltd. (TSX:LVN) (OTCQX:LVNVF) Announces Definitive Agreement to Acqui

    Levon Resources Ltd. (TSX:LVN) (OTCQX:LVNVF) Announces Definitive Agreement to Acquire SciVac Ltd.




    VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 20, 2015) - Levon Resources Ltd. ("Levon") (TSX:LVN)(OTCQX:LVNVF)(BERLIN:LO9)(FRANKFURT:LO9) and SciVac Ltd. ("SciVac") announced today that they have entered into an arrangement agreement pursuant to which Levon will acquire 100% of the issued and outstanding ordinary shares of SciVac by way of a court-approved plan of arrangement (the "Arrangement").

    "I am excited to announce this transaction with SciVac, as I believe it will generate tremendous value for Levon shareholders," stated Ron Tremblay, President and Chief Executive Officer of Levon. "In a difficult market for resource issuers, we have chosen to preserve capital while seeking to identify alternatives to create shareholder value. The acquisition of SciVac gives Levon ownership of Sci-B-Vac™, a commercial stage, potentially best in class hepatitis B vaccine which could address a significant market opportunity. Levon shareholders will also maintain an interest in Levon's existing business and assets by receiving shares of a newly formed company which will hold Levon's existing resource assets."

    Pursuant to the Arrangement, Levon shareholders will receive one new common share of Levon (each a "New Levon Share") and 0.5 of a common share (each, a "Spinco Share") of 1027949 BC Ltd., a newly formed exploration company ("Spinco") in exchange for each common share of Levon (each a "Levon Share") held by them. Upon closing of the Arrangement, Levon shareholders will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares. In addition to acquiring all of the issued and outstanding shares of SciVac, Levon will retain CAD $27 million in cash. All other assets and liabilities of Levon will be transferred to or will be assumed by Spinco. At the closing of the Arrangement, Levon expects that in addition to holding all of Levon's mineral properties, including Levon's flagship Cordero Project, SpinCo will have approximately $20.1M in working capital, including approximately $3M in cash, a $1.1M convertible debenture as well as 35,178,572 shares of Pershing Gold Corporation with current estimated value of $16M. SpinCo will also hold a $2M Mexican value added tax receivable that Levon expects will be recovered. The total of 22.1M represents approximately 48% of Levon's working capital as at December 31, 2014.

    "SciVac is pleased to announce this transaction with Levon in furtherance of our goal of expanding market opportunities for SciVac products in development, including Sci-B-Vac, our third-generation hepatitis B vaccine," said Dr. Curtis Lockshin, Chief Executive Officer for SciVac. "Sci-B-Vac has already been approved in several countries, including Israel, where it has been provided to hundreds of thousands of newborn children. We intend to pursue marketing approvals for Sci-B-Vac in the United States and other territories worldwide, initially focused on at-risk populations such as End-Stage Renal Disease and HIV patients. In addition, we believe the transaction will permit SciVac to cultivate a pipeline of other therapeutics, utilizing novel treatment approaches in various disease areas with unmet needs."

    SciVac is currently a privately owned company, of which approximately 45% of the shares are owned by OPKO Health, Inc. (NYSE:OPK). OPKO's CEO and Chairman, Dr. Phillip Frost, commented, "This transaction with Levon presented an opportunity to unlock meaningful value for OPKO shareholders via OPKO's ownership interest in SciVac. SciVac is a commercial-stage biotech leader in protein engineering whose flagship product, Sci-B-Vac, is a superior next generation hepatitis B vaccine. Sci-B-Vac has received approval for use in ten countries including Israel, where it captures half the market for neonatal hepatitis B vaccinations, and is offered to adults who do not respond to competing hepatitis B vaccines. It appears positioned to expand the billion dollar global hepatitis B vaccine market upon successful completion of the FDA approval process."

    The board of directors of Levon has unanimously approved the transaction and all directors and officers of Levon, collectively holding approximately 10.08% of the number of Levon Shares and 76.94% of the number of options to purchase Levon Shares (the "Levon Options") anticipated to be entitled to vote at a special meeting to consider the Arrangement, have agreed to vote in favour of the Arrangement.

    Arrangement Details

    The Arrangement will be effected by way of a court-approved plan of arrangement and will require the approval of at least 2/3 of the votes cast by Levon's shareholders and optionholders at a special meeting expected to take place in April 2015 (the "Meeting"). The transaction is also subject to applicable regulatory approvals, including approval of the TSX, and the satisfaction of certain closing conditions customary in transactions of this nature.

    The Arrangement will result, through a series of transactions, in:
    •Levon shareholders receiving one New Levon Share and 0.5 of a Spinco Share for each Levon share currently held by them;
    •holders of SciVac Shares receiving that number of New Levon Shares representing 68.4% of the issued and outstanding New Levon Shares in exchange for the acquisition by Levon of all of the issued and outstanding SciVac Shares;
    •the change of Levon's name to "SciVac Inc."; and
    •the change of Spinco's name to "Levon Resources Ltd."

    Holders of outstanding Levon stock options may exercise their options until the effective time of the Arrangement, at which time they will be cancelled.

    On completion of the Arrangement, Spinco will own and operate the existing business of Levon and Levon will own and operate the existing business of SciVac. Levon shareholders who receive New Levon Shares and Spinco Shares under the Arrangement will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares.

    After taking into consideration, among other things, the terms of the Arrangement, the unanimous recommendation of a special committee of Levon directors established to review the Arrangement and discussions with its legal and financial advisors, Levon's board of directors has unanimously concluded that the Arrangement is in the best interests of Levon and has approved the Arrangement. Levon's board of directors intends to recommend in the management information circular to be mailed in connection with the Meeting that Levon's shareholders and optionholders vote in favour of the Arrangement.

    Subject to SciVac's right to match, Levon's board of directors may terminate the arrangement agreement in favour of an unsolicited superior proposal upon payment of a US$1 million break fee to SciVac.

    Advisors

    Levon's legal counsel is Stikeman Elliott LLP and Dorsey & Whitney LLP. Cassel Salpeter & Co., LLC is Levon's financial advisor.

    About Levon Resources Ltd.

    Levon is a gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico.

    About SciVac Ltd.

    SciVac Ltd., headquartered in Rehovot Israel, is in the business of developing, producing and marketing biological products for human healthcare. SciVac's flagship product Sci-B-Vac is a recombinant 3rd generation hepatitis B vaccine. SciVac also offers contract development and manufacturing services to the life sciences and biotechnology markets.

    ON BEHALF OF THE BOARD

    Ron Tremblay, President and Chief Executive Officer
     
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    mickymoose99 Member

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    Levon Resources Ltd.(TSX: LVN) (FRANKFURT: LO9) (OTCQX: LVNVF) Announces Definitive

    Levon Resources Ltd.(TSX: LVN) (FRANKFURT: LO9) (OTCQX: LVNVF) Announces Definitive Agreement to Acquire SciVac Ltd.




    VANCOUVER, BC--(Marketwired - March 20, 2015) - Levon Resources Ltd. ("Levon") (TSX: LVN) (FRANKFURT: LO9) (OTCQX: LVNVF) and SciVac Ltd. ("SciVac") announced today that they have entered into an arrangement pursuant to which Levon will acquire 100% of the issued and outstanding ordinary shares of SciVac by way of a court-approved plan of arrangement (the "Arrangement").

    "I am excited to announce this transaction with SciVac, as I believe it will generate tremendous value for Levon shareholders," stated Ron Tremblay, President and Chief Executive Officer of Levon. "In a difficult market for resource issuers, we have chosen to preserve capital while seeking to identify alternatives to create shareholder value. The acquisition of SciVac gives Levon ownership of Sci-B-Vac™, a commercial stage, potentially best in class hepatitis B vaccine which could address a significant market opportunity. Levon shareholders will also maintain an interest in Levon's existing business and assets by receiving shares of a newly formed company which will hold Levon's existing resource assets."

    Pursuant to the Arrangement, Levon shareholders will receive one new common share of Levon (each a "New Levon Share") and 0.5 of a common share (each, a "Spinco Share") of 1027949 BC Ltd., a newly formed exploration company ("Spinco") in exchange for each common share of Levon (each a "Levon Share") held by them. Upon closing of the Arrangement, Levon shareholders will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares. In addition to acquiring all of the issued and outstanding shares of SciVac, Levon will retain CAD $27M in cash. All other assets and liabilities of Levon will be transferred to or will be assumed by Spinco. At the closing of the Arrangement, Levon expects that in addition to holding all of Levon's mineral properties, including Levon's flagship Cordero Project, SpinCo will have approximately $20.1M in working capital, including approximately $3M in cash, a $1.1M convertible debenture as well as 35,178,572 shares of Pershing Gold Corporation with current estimated value of $16M. SpinCo will also hold a $2M Mexican value added tax receivable that Levon expects will be recovered. The total of $22.1M represents approximately 48% of Levon's working capital as at December 31, 2014.

    "SciVac is pleased to announce this transaction with Levon in furtherance of our goal of expanding market opportunities for SciVac products in development, including Sci-B-Vac, our third-generation hepatitis B vaccine," said Dr. Curtis Lockshin, Chief Executive Officer for SciVac. "Sci-B-Vac has already been approved in several countries, including Israel, where it has been provided to hundreds of thousands of newborn children. We intend to pursue marketing approvals for Sci-B-Vac in the United States and other territories worldwide, initially focused on at-risk populations such as End-Stage Renal Disease and HIV patients. In addition, we believe the transaction will permit SciVac to cultivate a pipeline of other therapeutics, utilizing novel treatment approaches in various disease areas with unmet needs."

    SciVac is currently a privately owned company, of which approximately 45% of the shares are owned by OPKO Health, Inc. (NYSE: OPK). OPKO's CEO and Chairman, Dr. Phillip Frost, commented, "This transaction with Levon presented an opportunity to unlock meaningful value for OPKO shareholders via OPKO's ownership interest in SciVac. SciVac is a commercial-stage biotech leader in protein engineering whose flagship product, Sci-B-Vac, is a superior next generation hepatitis B vaccine. Sci-B-Vac has received approval for use in ten countries including Israel, where it captures half the market for neonatal hepatitis B vaccinations, and is offered to adults who do not respond to competing hepatitis B vaccines. It appears positioned to expand the billion dollar global hepatitis B vaccine market upon successful completion of the FDA approval process."

    The board of directors of Levon has unanimously approved the transaction and all directors and officers of Levon, collectively holding approximately 10.08% of the number of Levon Shares and 76.94% of the number of options to purchase Levon Shares (the "Levon Options") anticipated to be entitled to vote at a special meeting to consider the Arrangement, have agreed to vote in favour of the Arrangement.

    Arrangement Details

    The Arrangement will be effected by way of a court-approved plan of arrangement and will require the approval of at least 2/3 of the votes cast by Levon's shareholders and optionholders at a special meeting expected to take place in April 2015 (the "Meeting"). The transaction is also subject to applicable regulatory approvals, including approval of the TSX, and the satisfaction of certain closing conditions customary in transactions of this nature.
    The Arrangement will result, through a series of transactions, in:
    •Levon shareholders receiving one New Levon Share and 0.5 of a Spinco Share for each Levon share currently held by them;
    •holders of SciVac Shares receiving that number of New Levon Shares representing 68.4% of the issued and outstanding New Levon Shares in exchange for the acquisition by Levon of all of the issued and outstanding SciVac Shares;
    •the change of Levon's name to "SciVac Inc."; and
    •the change of Spinco's name to "Levon Resources Ltd."

    Holders of outstanding Levon stock options may exercise their options until the effective time of the Arrangement, at which time they will be cancelled.

    On completion of the Arrangement, Spinco will own and operate the existing business of Levon and Levon will own and operate the existing business of SciVac. Levon shareholders who receive New Levon Shares and Spinco Shares under the Arrangement will hold 100% of the issued and outstanding Spinco Shares and 31.6% of the issued and outstanding New Levon Shares, with the former holders of SciVac Shares holding the remaining 68.4% of the issued and outstanding New Levon Shares.

    After taking into consideration, among other things, the terms of the Arrangement, the unanimous recommendation of a special committee of Levon directors established to review the Arrangement and discussions with its legal and financial advisors, Levon's board of directors has unanimously concluded that the Arrangement is in the best interests of Levon and has approved the Arrangement. Levon's board of directors intends to recommend in the management information circular to be mailed in connection with the Meeting that Levon's shareholders and optionholders vote in favour of the Arrangement.

    Subject to SciVac's right to match, Levon's board of directors may terminate the arrangement agreement in favour of an unsolicited superior proposal upon payment of a US$1 million break fee to SciVac.

    Advisors

    Levon's legal counsel is Stikeman Elliott LLP and Dorsey & Whitney LLP. Cassel Salpeter & Co., LLC is Levon's financial advisor.

    About Levon Resources Ltd.

    Levon is a gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico.

    About SciVac Ltd.

    SciVac Ltd., headquartered in Rehovot Israel, is in the business of developing, producing and marketing biological products for human healthcare. SciVac's flagship product Sci-B-Vac is a recombinant 3rd generation hepatitis B vaccine. SciVac also offers contract development and manufacturing services to the life sciences and biotechnology markets.

    ON BEHALF OF THE BOARD
    Ron Tremblay
    President and Chief Executive Officer
     
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