Astur Gold Files Lawsuit to Challenge Denial of Approval for Salave Underground Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 10, 2015) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") announces that its wholly owned subsidiary Exploraciones Mineras del Cantábrico S.A. ("EMC") has filed a lawsuit before the Asturias Superior Court of Justice, challenging the recent resolution (the "Resolution") of the Ministry of Economy and Employment of the Principality of Asturias (the "Ministry"), dated February 10, 2015 and published in the Official Bulletin of Asturias (BOPA) on February 18, 2015. The Resolution did not grant approval for the proposed underground mine submitted by EMC for its Salave Gold Project ("Salave"). The initial legal action initiated by EMC seeks to challenge this ruling and provide Astur Gold and EMC sufficient time to consider their legal options to recover all historical costs that have been incurred at Salave and projected lost profits from the proposed mine operation.
The Company's proposed development plan has always recognized the importance of the environmental considerations and regrets that the development of Salave has been halted. However, Astur Gold remains committed to its belief that the project can be developed in a responsible manner using best environmental practises.
The Ministry based its decision on a non-binding negative report related to water quality projections by the Cantabrian Hydrographic Confederation ("CHC"). The CHC's reports on Salave have been repeatedly questioned for their lack of rigor and analysis, not only by the Company and specialized independent consultants, but also by the Geological Survey of Spain, which did not find any significant objections to the proposed underground mining project at Salave that could not be remedied with appropriate corrective measures.
Astur Gold's Chief Executive Officer and President Douglas Turnbull stated: "We are extremely disappointed with the Ministry's decision. Astur Gold and EMC have invested considerable financial resources to advance Salave as a modern, environmentally responsible gold mining operation. Our activities to date have resulted in the creation of desperately needed jobs in the region and a positive decision approving a new underground mine has the potential to create future economic opportunities including significant employment and tax revenue for Tapia de Casariego and the Principality of Asturias."
Astur Gold further announces that it has amended its Loan Facility Agreement with RMB Resources to ensure the Company has funding for approved activities moving forward.
ABOUT ASTUR GOLD
Astur Gold Corp. is proposing the development of its 100% owned Salave Gold Project in Asturias, northern Spain. Salave is one of the largest undeveloped gold deposits in Western Europe. The Company will continue to work towards building a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social harmony and community development.
ON BEHALF OF THE BOARD
Douglas Turnbull, 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.
Contact
Astur Gold Corp.
Douglas Turnbull
President & CEO
604-694-1600
info@asturgold.com
www.asturgold.com
