Astur Gold Commences Definitive Feasibility Study and Provides Technical Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/13 -- Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ("Astur Gold" or the "Company") is pleased to announce that the Company has commenced a Definitive Feasibility Study ("DFS") on the Salave Gold Project in Northern Spain. The DFS will focus on a lower tonnage, higher grade operation with substantially lower capital cost and expected lower operating cost than previously announced in the Preliminary Economic Assessment completed by Golder Associates, dated February 12, 2011. The DFS is expected to be completed by the end of Q1 2014.
"Over the past year, we have been evaluating various options to further optimize development of the Salave deposit. We will move forward with a more detailed, mining scenario focused on a higher-grade, lower tonnage operation with a simpler processing circuit that we expect will significantly reduce CAPEX" stated Cary Pinkowski, CEO & Director of Astur Gold. "In addition, Astur Gold's technical team will submit the required amendment for our Environmental Impact Assessment to the Principality of Asturias in the coming weeks."
The DFS, following internal optimization work completed by the Company and its contractors, will be based upon underground-only mining via open stope mining methods, bulk backfill with development muck and paste fill, and processing via conventional flotation to produce a gold-rich concentrate for shipment to an independent smelter. The exclusion of pressure oxidation, cyanidation, and carbon-in-leach circuits (as previously announced on December 7, 2012) will substantially reduce initial capital costs required for the project.
The Company selected Mine Development Associates to author the DFS and review the resource and reserve estimates at Salave. Stantec Engineering has been engaged to complete the detailed mine plan using the decline access approved by the Commission for Environmental Affairs of the Principality of Asturias in the Declaration of Impact Assessment ("DIA") issued in November 2012. Advanced metallurgical testing is underway at ALS Limited in Kamloops, British Columbia, Canada. Tailings from testing of these samples will be further utilized for geotechnical and paste backfill testing. Mines Group of Reno, Nevada has been selected to design the tailings management facility and Kovits Engineering of Sudbury, Ontario will be responsible for design of the paste fill system.
Astur Gold has completed its geotechnical drilling program and field work for the water studies. Hydrologic studies are currently being finalized by SRK Consulting (U.K.) and the University of Oviedo to address comments outlined by the Confederacion Hidrografica del Cantabrico during the Environmental Impact Assessment ("EIA") approval process. They are working to finalize and expand characterization of the hydrology and geochemistry of the deposit and of the surface hydrology of the basin. The amendment to the EIA containing all the supplement information required will be submitted to the Asturian government in the coming weeks.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant, water discharge, and tailings licenses. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Contacts:
Astur Gold Corp.
Vadim Dubchak
#300-1055 West Hastings Street, Vancouver, B.C., V6E 2E9
604-694-1600
604-694-1663 (FAX)
info@asturgold.com
www.asturgold.com
