Euro Sun's Rovina Valley Project Mining Licence Endorsed by the Romanian National Agency for Mineral Resources; Ratification Process Initiated With Required Ministers for Licence Approval
- Ratification process expected to take approximately 90 days
- Environmental Impact Assessment to begin immediately after licence ratification
TORONTO, ONTARIO--(Marketwired - Aug. 3, 2017) - Euro Sun Mining Inc. (TSX:ESM) ("Euro Sun" or the "Company"), reports that the Romanian National Agency for Mineral Resources ("NAMR") has issued an official notice to the Company announcing that the ratification process related to the mining licence of its Rovina Valley Project granted in May,2015, has been initiated. NAMR has completed their review and recommendations in the form of an explanatory memorandum following the successful public audience held at their offices on June 26, 2017 (see press releases from June 14 and June 26, 2017, for details), which will be forwarded to the required ministers for endorsement.
An excerpt from the official translation of the notice issued by the President of NAMR, Mr. Aurel Gheorghe, states, "…please be informed that following an analysis of the proposals raised in the public debate of June 26, 2017, in connection with the draft Government Decision on the approval of the Concession License under discussion, the Explanatory Memorandum has been finalized, which will be posted on the website of the National Agency for Mineral Resources in the course of the next week.
Following the lapse of the 30 statutory days after the posting date, the Licence and the Explanatory Memorandum will be forwarded for endorsement to the competent institutions, in view of approving License no. 18174/2015 by Government Decision, according to the applicable legislation."
The Mining Licence for the exploitation of the Company's Rovina Valley Project requires the signatures of the Minister of Economy, Minister of Environment, Minister of Justice and Minister of Finance. Once these signatures are obtained, the Mining Licence will be sent to the Secretary General of Parliament and to the Prime Minister for final signatures, before being published in the official government Gazette.
Scott Moore, President and CEO of Euro Sun Mining, stated, "We are very pleased to see the process to ratify our mining license begin, following our successful public audience in June. Once ratification is completed we will progress with the initiation of our Environmental Impact Study. We would like to thank NAMR for their support of this important project for Euro Sun and for Romania. As the first non-state-owned entity to have been issued a Mining Licence, 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."
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. The property hosts 10.84 million gold equivalent ounces (7.19 million ounces of gold grading 0.55 g/t and 1,420 million pounds of copper grading 0.16%), making it the second largest gold deposit in Europe.
The scientific and technical information pertaining to the metallurgical studies presented in this press release has been reviewed and approved by Joseph C. Milbourne, Vice President Technical Services for Euro Sun, who is a Qualified Persons as defined by National Instrument 43-101.
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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