Location & Access
The Rovina Valley Project covers 27.68 km² in west-central Romania, approximately 300 km northwest of the capital city of Bucharest. This historic mining district known as the “Golden Quadrilateral” is one of the largest gold-producing areas in Europe where it is estimated that more that 55 Moz of gold have been produced since the Roman period (ca 2000 yrs ago).
The Rovina Valley property is accessible year-round via a paved two-lane highway from the historic gold mining town of Brad followed by secondary paved roads which pass through the town of Criscior and onward to the village of Bucureşci.
The Measured & Indicated mineral resources of 10.84 million ounces of gold equivalent (see details related to the mineral resource HERE) are based on three (3) porphyry deposits that define a north-northeast trend over a distance of 7.5 km. The Rovina Porphyry is the northern-most deposit, followed by the Colnic Porphyry, and the Ciresata Porphyry located the furthest south.
A preliminary economic assessment (PEA) for the Rovina Valley Project, completed in April 2010, projects a mine operation with average annual gold production of 196,000 oz over 19 years at cash costs of $379/oz Au. The project demonstrated a pre-tax NPV (8% disc.) of $316 million and an IRR of 15.7% ($900/oz Au and $2.25/lb Cu – base case). See Technical Report for further detail, including assumptions and parameters. Technical Report (2010)
In May 2015, a Mining Licence was granted to SAMAX Romania srl (100% owned by Euro Sun Mining) for the Rovina Valley Project. This licence secures the mineral tenure and allows the Company to begin the permitting process. Euro Sun Mining is pleased to be the first company in Romania without a state partner to obtain a Mining License for metals.
In addition to initiating permitting activities, including environmental baseline studies, surface rights registration, and advancement of the Environmental Impact Assessment, Euro Sun Mining is also developing project scale trade-off studies to optimize the mine operation presented in the PEA in 2010.