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Attendance at the Beaver Creek Precious Metals Summit (virtual) September 15-17, 2020
TORONTO, 14 September 2020 (GLOBE NEWSWIRE) – Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or “Company”) is pleased to provide an update of the company and comment on the existing strategy related to the progression of the Rovina Valley 10 million-ounce Gold Project.
In response to many shareholder questions, we would like to provide an update on recent progressions in Rovina Valley’s allocation so that all investors have a transparent view of the final price of this world-class gold progression allocation.
The past two quarters have noticed significant progress towards a structure resolution for Rovina Valley’s assignment with ongoing paintings on structure permit and similar activities around the process. In addition, the final feasibility study, which is currently being conducted through Senet Pty, continues to progress In June, the Company completed $22. 3 million acquisition financing led through Sprott Capital Partners with BMO Capital Markets. Funds raised from the financing are expected to provide the corporation with the capital it wants to download a structure resolution.
The Company has also made significant adjustments to its governance and corporate design in order to relate to former President Stan Bharti and its commercial bank, Forbes and Manhattan Inc. The Company also moved out of its head and added two new administrators to its board. . The directory now consists of six indefinite administrators and an undefined director.
The Company continues to advance our key progression catalysts, with the two covered deliverables being the building permit and the final feasibility study. Although the company is not anticipating, the global crisis in COVID-19 can have a difficult-to-predict effect on the schedule. Both deliverables are occasions of vital threat relief for Euro Sun and are expected to have a particularly positive effect on the company.
Scott Moore, president and CEO, said; “The last two quarters have been accompanied by significant adjustments for the company; operationally with the addition of senior control to advance licensing and engineering in Rovina Valley; significant investment through global institutional funds of valuable metals; and in terms of governance through the addition of key independent administrators and the relocation of our head office. All these milestones related to an accumulation in the value of gold serve to highlight the enormous prospect of revaluation of Euro Sun ».
The corporate will participate in the Precious Metals Summit that is usually held in Beavercreek, Colorado, but this year is positioning itself practically between September 15 and 17, 2020. Beaver Creek is sometimes one of the busiest mining conferences, specially designed for the junior mining sector. with strong institutional investors, a personal circle of family offices and giant mining companies.
Construction process
The Company wishes to remind investors that the Operating Permit ratified through the Romanian Government the Company to make official requests to the Hunedoara Departmental Council for Urban Planning Certificates. To move to the structure phase, two certificates are required, the land use plan and the technical design of the project.
The Plan Planning Certificate (Land Use) is a documentary procedure that performs a land use replacement across the county to allow long-term application and progression for a replacement category for economic activities. Essentially, a new zoning is needed, from the use of existing land is pastoral and / or state forest until zoning for advertising activities.
To complete this process, Euro Sun has hired MetricSpace, an architectural and urban planning company founded in Cluj-Napoca, Romania, to provide all mandatory documentation and the county’s leading architect. The company won the Hunedoara County Rezoning Urbanization Certificate (PUZ) on June 11, 2020. The corporate handed over all documentation to the county technical committee to approve the opportunity agreement that is a component of the certificate. The public consultation on the zoning plan is expected to take a position in mid-October 2020.
The drawing time certificate is for the technical design of the order, which includes the Rovina Valley Project Environmental Impact Assessment (EIA), as well as other documents. Foreign consultancy ERM, founded in Bucharest, Romania, has been hired. to complete the EIA procedure and evaluate the environmental and social effect of Rovina Valley allocation Multiple sub-studys are being performed or completed as a component of the assignment’s technical design, adding weather and climate criteria, a fundamental traffic examination, a limited vibration examination and blasting examination, a fundamental landscape examination, and a modeling exam. Other technical paintings are also underway, such as water modeling, the addition of geochemistry, surface and groundwater and allocation water supply, air quality and air modeling, noise modeling and biodiversity and forestry studies.
We continue to make progress in drawing up certificates of plans together with all Romanian legislation with the aim of making those certificates completed or almost completed until the end of 2020 so that the company can begin the structure in early 2021.
Final feasibility study
The key moment of delivery for 2020 is the final touch of a final feasibility exam for the Rovina Valley project. The company attributed viability to Senet Pty in Johannesburg, South Africa.
The final feasibility examination in accordance with National Instrument 43-101 will come with research on: geology and resources, mines and reserves, geochemistry, hydrogeology, geotechnical, remediation plant, waste control facility, infrastructure, schedule, workforce, cost of capital, operating costs, revenue and monetary research.
After internal evaluations of the model, the DFS will now come with the Rovina open cut sequentially in the Colnic Tagus in the Mine Life plan, resulting in much larger gold and copper production due to a longer mine life without affecting the initial capital. Expenses.
In case of feasibility, the company has designated Klohn Crippen Berger (KCB), Canada, as a geotechnical contractor, who will provide all geotechnical knowledge for the two open pit wells, adding the characterization of well wall stability and drying requirements. for plant site, shredder, truck shop, fuel tank, processing facilities, cable conveyor foundations, bypass tunnel around Colnic Pit, low grade garage stack, office/warehouse buildings, waste co-deposit domain drilling program and all geotechnical reports and interpretations. KCB will also design the co-tank installation, adding the geotechnical characteristics of the sterile rock and filtration cake mixture, detailed stacking plan and overall design, detailed design of internal drainage systems, perimeter berms and control of runoff/drain solutions.
DFS Update:
Mining and geology
Gap Analysis Report Provided
Completed, presented and selected mining design engagement studies
Small optimization completed
Geological completed
Process and metallurgy
Gap Analysis Report Provided
Block FlowChart (BFL) for procedure and completed waste
Completed Process FlowCharts (PFDs)
Description of the finished process
Completed Process Design Criteria (PDC)
Completed procedure paint requirements
Mass and water completed
HAZOP 1 completed
Development of the List of Mechanical Equipment (MEL)
Disciplinary engineering (infrastructure, civil, mechanical, electrical)
(general infrastructure location plan) reflecting completed infrastructure and plant locations
The characteristics of the cable conveyor and the characteristics of the rail conveyor shall be concluded
Tunnel vs water diversion completed
Layout of published infrastructure
The road and direction of the raw water pipes are complete.
Site connections and power source: ongoing commitment to a local contractor
Vegetable terraces have and continue
Document on terms and situations and design criteria for finishing.
Fuel tank: publication scope for visitor review
The Company still expects the DFS to be completed until the end of 2020 with the submission of technical report NI 43-101 in early 2021. Unforeseen delays due to the Covid-19 pandemic may have an effect on this calendar.
About Euro Sun Mining Inc.
Euro Sun is a mining company listed on the Toronto Stock Exchange and aims to explore and progress its 100 percent Rovina Valley gold and copper allocation in central-west Romania, which is home to Europe’s largest gold deposit.
To learn more about Euro Sun Mining or the content of this press release, tap Investor Relations at info@eurosunmining. com
Warning related to forward-looking information:
This press release comprises “forward-looking data” within the meaning of applicable Canadian securities law. The forward-looking data includes, but is not limited to, the Company’s expectation that the budget obtained from the June financing will be sufficient to provide the Company with a construction decision; the delivery of the building permit and the final feasibility examination are occasions of threat relief for Euro Sun; public consultation calendar on the urban zoning plan; schedule for delivery of city planning certificates; the time of the start of construction; schedule for the finishing touch of the final feasibility review. Forward-looking data is subject to known and unknown threats, uncertainties, and other points that could possibly cause the Company’s actual effects, point of activity, functionality, or achievements to be very different from those expressed or implied. through such prospective data, adding the threats inherent to the mining industry and the threats described in the Company’s public disclosure that will be held under the Company’s profile on SEDAR at www. sedar. com and on the website of the Company. Company at www. eurosunmining. com. Although the company has attempted to identify the points in the shades that can also cause the actual effects to differ greatly from those contained in the forward-looking data, it is possible that there are other points that will cause the actual effects to differ greatly from those contained in the future. looking for data. planned, estimated or planned. No assurance can be given that such data will turn out to be accurate, as actual effects and long-term occasions may also differ dramatically from those expected in such statements. Consequently, readers deserve not to place undue reliance on forward-looking data. The Company does not adopt updating forward-looking data, in accordance with applicable securities laws.
Tsx accepts not because of the suitability or accuracy of this press release