Euro Sun Awards Bankable Feasibility Study for the Rovina Valley Project to SRK Consulting and Ausenco Engineering
TORONTO, ONTARIO--(Marketwired - Sep 14, 2017) - Euro Sun Mining Inc. (TSX:ESM) ("Euro Sun" or the "Company"), is pleased to report that it has awarded the Bankable Feasibility Study contract for its Rovina Valley Gold and Copper Project to SRK Consulting (Canada) Inc. (SRK) and Ausenco Engineering Canada Inc. (Ausenco).
SRK has been selected to provide expertise in geology, mining and financial modeling, and will also oversee the geochemical and geotechnical work, as well as metallurgical test programs. Ausenco will be responsible for completing the design engineering for the project.
G. Scott Moore, President and CEO of Euro Sun Mining, commented, "The award of the feasibility study marks an important milestone as we focus on advancing the development of the Rovina Valley Project. Our technical team will work closely with SRK and Ausenco, two experienced international mining engineering firms, to deliver a mine development scenario that will encompass leading environmental standards without the use of Cyanide. We will continue to target a low capital intensity project that outlines the simple open-cut mining and floatation processing at Rovina without the use of wet tailings impoundment."
About SRK Consulting (Canada) Inc.
SRK Consulting is an independent, international consulting practice providing focused advice and solutions to the earth and water resource industries. They offer specialist services in fields such as due diligence, feasibility studies, permitting, operation optimization, mine waste and water management, and mine closure. They have been involved in a wide range of projects in most areas of the world and across the full spectrum of mineral commodities. Formed in 1974, SRK employs more than 1,400 professionals in over 45 offices on 6 continents.
About Ausenco Engineering Canada Inc.
Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco's experience in gold and copper projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to Rovina Valley.
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.
Qualified Person
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 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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