Euro Sun Reports Positive Developments Related to the Mining Licence Ratification for Its Rovina Valley Project, Romania
TORONTO, ONTARIO--(Marketwired - Oct. 30, 2017) -
INVESTOR CONFERENCE CALL TO BE HOSTED ON THURSDAY, NOVEMBER 2, 2017, AT 11:00 A.M. ET
Euro Sun Mining Inc. (TSX:ESM) ("Euro Sun" or the "Company") is pleased to report positive developments related to the ratification of its wholly owned gold and copper Rovina Valley Project (the "Project") in Romania. The National Agency for Mineral Resources ("NAMR") today has publicly issued documents related to the Rovina Valley Project, including the draft government approval and a substantiation note for the mining licence approval.
Furthermore, following the recent implementation of improved transparency policies, NAMR will be publishing all documents related to the mining licence, including the Company's environmental reform plan, the technical report related to environmental reclamation, as well as the social impact study and the social impact assistance plan.
The new president of NAMR has expressed full support for the Project, and the signatory stage of the mining licence ratification is expected to begin following a designated 10-day commentary period. No further public audiences are to be held.
Scott Moore, President and CEO of Euro Sun stated: "In a recent meeting held with the new President of NAMR, the agency acknowledged the importance of the Rovina Valley Project for Romania and indicated their willingness to support the project and work diligently to expedite its development. We feel very positive about the increased transparency in the permitting process and the issuance of all key documents relating to approval of the Mining Licence by NAMR. We will be meeting all ministers in the coming weeks to ensure a smooth and rapid completion of the process."
Investor Conference Call Details
Euro Sun invites you to participate in a conference call to be held Thursday, November 2, 2017 at 11:00 a.m. Eastern Time to discuss the recent news regarding the permitting advancements as well as to provide a general corporate update. The call will be hosted by Stan Bharti, Chairman, Scott Moore, President and CEO and Brad Humphrey, Vice-President of Corporate Development. A question and answer period will follow the call.
|Date: Thursday, November 2, 2017|
|Time: 11:00 a.m. ET|
|Local and International: 1-647-427-2311|
|North American Toll Free: 1-866-521-4909|
|Participation code: 2895027|
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.
*Notes Related to the Mineral Resource Estimate: Gold equivalent ounces ("AuEq") are determined by using a gold price of US$1,370/oz and a copper price of US$3.52/lb. These prices are the three-year trailing average as of July 10, 2012. Metallurgical recoveries are not taken into account for AuEq. Base case cut-off used in the table are 0.35 g/t AuEq for the Colnic deposit and 0.25% CuEq for the Rovina deposit, both of which are amenable to open-pit mining and 0.65 g/t AuEq for the Ciresata deposit which is amenable to underground bulk mining. For the Rovina and Colnic porphyries, the resource is an in-pit resource derived from a Whittle Shell Model using gross metal values of $1,350/oz Au price and $3.00/lb Cu price, net of payable amounts after smelter charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina and US$2.27/Ib Cu for Colnic). Rounding of tonnes as required by reporting guidelines may result in apparent differences between tonnes, grade, and contained metal content.
The mineral resources stated in this press release have been reviewed and approved by Mr. Pierre Desautels, P.Geo. Principal Resource Geologist of AGP, who served as the independent Qualified Person as defined by National Instrument 43-101, responsible for preparing the Mineral Resource Estimate and Technical Report dated August 30, 2012.
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 permitting advancements. 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.