Euro Sun Mining Announces Mining License for the Rovina Valley Project Fully Approved by Romanian Government
TORONTO, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce the completion of the ratification process of its exploitation permit and mining license for the Rovina Valley Project in Romania. Euro Sun’s mining license was signed by the Prime Minister of Romania at the weekly meeting of the Romanian government on November 9, 2018, as press released through the Government of Romania website.1
The fully approved mining license for the Rovina Valley Project will now be published in the Official Monitor of the Romanian Government.
Stan Bharti, Chairman of Euro Sun stated; “The importance of this ratification cannot be overstated. Romania has now demonstrated an open and willing embrace for mining investment, one that is sure to attract significant interest not only in the Rovina Valley project but for mining investment globally in Romania. I would like to thank all the Government of Romania officials involved for approving this important milestone.”
G. Scott Moore, President and CEO stated; “We are very pleased to see the process to ratify our mining license come to a successful conclusion. We would like to thank the National Agency for Mineral Resources for their support of this important project for Euro Sun and for Romania. As the first non-state-owned entity to have a ratified mining license, we are committed to developing the Rovina Valley Project as an example of responsible mining to the highest environmental standards, and in the process, provide meaningful economic impact to our local community partners and to the Romanian state.”
The Company will now undertake the Environmental and Social Impact Assessment (ESIA) and will also continue the Feasibility Study accelerating the Rovina Valley Project towards a construction decision.
The Preliminary Economic Assessment (PEA) in 2010 outlined a robust project with an average annual gold production of 196,000 ounces over 19 years with the first five years of production averaging 238,000 oz annually. In addition, the PEA indicated that the Rovina Valley Project would produce 49.4 million pounds annually. Production was based on a production rate of approximately 45,000 tonnes per day.
The Feasibility Study will evaluate a scalable, phased approach targeting higher grade zones of the deposit. The phases will begin with the exploitation of the Colnic deposit, with the other deposits to follow, at an initial throughput of approximately 15,000 - 25,000 tonnes per day. The Company believes this phased approach better manages upfront capital costs, better mitigates project risk and is anticipated to deliver improved economics over the 2010 PEA.
The Company also announces that Guy Charette has resigned from the Company’s board of directors effective immediately. Mr. Charette has been a director since 2003. The Company thanks Mr. Charette for his contributions.
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About Rovina Valley
The Rovina Valley Project is one of the largest mineral deposits in the European Union and consists of three porphyry deposits: Colnic and Rovina, two at surface deposits and Ciresta, an underground deposit. The Rovina Valley Project hosts measured and indicated mineral resources of 7.2 million ounces of gold and 1.4 billion pounds of copper in 406 million tonnes at 0.55 gold grams per tonne and 0.16% of contained copper.
The scientific and technical information pertaining to the metallurgical studies presented in this press release has been reviewed and approved by Randall Ruff, Vice President Exploration for Euro Sun, who is a Qualified Persons as defined by National Instrument 43-101.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
Caution regarding forward-looking information: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the development of the Rovina Valley Project, the ESIA and the feasibility study for the Rovina Valley Project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.