Euro Sun Granted New Prospecting Permit in Romania
TORONTO, ONTARIO--(Marketwired - Oct. 18, 2016) - Euro Sun Mining Inc., (TSX:ESM) ("Euro Sun" or the "Company") is pleased to announce that it has obtained a new prospecting permit from Romania's National Agency for Mineral Resources for the Stanija area, located approximately 3 kilometres east of its Rovina Valley Mining Licence, in west-central Romania. The Stanija property covers 42 square kilometres in the highly prolific Golden Quadrilateral mining district in the South Apuseni mountains. The permit is valid for three years and exploration work will begin immediately.
Extensive exploration activities were conducted in the Stanija area after the modern mining law became effective, in 1998; initially from 2000 to 2004 by European Goldfields, and again by Euro Sun's subsidiary, SAMAX Romania SRL, in 2007. Based on results from this historical work, Euro Sun has already identified several exploration targets within the two target areas.
Stanija Western Target
Previous exploration work has intersected porphyry-style gold-copper mineralization in surface trenches, underground works, outcrop rock chip sampling, and RC and DDH drilling. Three areas within this western target will be subject to detailed geological mapping and rock chip sampling this quarter.
Stanija Eastern Target
Samax Romania SRL, European Goldfields and the Romanian State mining company had conducted extensive exploration within this target area which indicates porphyry-style mineralization at depth and mineralized epithermal vein-style mineralization at near surface. Euro Sun will conduct discrete soil geochemistry on these target areas with detailed surface mapping, rock chip sampling, and additional geophysics.
G. Scott Moore, President and CEO of Euro Sun Mining stated, "The granting of this new prospecting permit by the Romanian Government clearly demonstrates that the country is supportive to new mining projects. We have been in continuous dialogue with the government since taking over management in May of 2016 and feel we are well aligned with respect to the ratification of our mining licence, as well as our commitment to developing a sustainable long-life mining asset in Romania. In addition, the prospectivity of the Stanija area is enhanced by its proximity to our Rovina Valley Project for which a feasibility study is planned in 2017."
Figure 1 - Stanija Prospecting Permit Location is available at the following link : http://media3.marketwire.com/docs/1072978_fig1.pdf
Recent Corporate Developments
In September 2016, Euro Sun successfully re-launched the Rovina Valley Project with a new brand identity and website. The Company graduated to the Toronto Stock Exchange on September 12, 2016 under its new ticker symbol, ESM. In parallel with the TSX listing, the Company implemented a share consolidation, resulting in approximately 50 million shares outstanding.
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. Forward-looking information includes, without limitation, statements regarding the election of directors. 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.
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