LION ENERGY SELLS REMAINING IRON ORE ASSETS

Mar 04, 2011, 17:01 ET from Lion Energy Corp.

TSX.V - LEO

VANCOUVER, March 4 /PRNewswire/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSXV: LEO) wishes to announce that its treasury recently received the sum of $1,700,000 from the private sale of 8.5 million common shares of Northern Iron Corp. ("NIC"), a private company registered in Ontario.  No commissions or finders' fees were payable in connection with the transaction.

The NIC shares were originally acquired by the Company in March 20 2010, as consideration for the assignment to NIC of all of the Company's right, title and interest in and to the El Sol property located in the Red Lake Mining District of Northern Ontario. See the Company's February 25 and October 20, 2010 news releases filed on SEDAR.

The Company's investment in iron ore-related assets comes to an end following the disposition of the NIC shares.

About the Company: Lion Energy Corp. is a well-financed, Canadian oil and gas exploration company with interests four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia.

On behalf of the Board,

LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer

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 NEWS RELEASE

This release includes certain statements that may be deemed "forward-looking statements".  All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements.  Forward-looking statements in this news release include statements regarding the Company's intentions or plans, whether of a corporate or exploratory nature. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, political, market or business conditions. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner.   Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements.  The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulatory policies.

SOURCE Lion Energy Corp.