Euro Sun Mining Inc. announce the completion of the ratification process of its exploitation permit and mining license for the Rovina Valley Project in Romania. Euro Sun’s mining license was signed by the Prime Minister of Romania at the weekly meeting of the Romanian government on November 9, 2018, as press released through the Government of Romania website.
The fully approved mining license for the Rovina Valley Project will now be published in the Official Monitor of the Romanian Government.
Stan Bharti, Chairman of Euro Sun stated; “The importance of this ratification cannot be overstated. Romania has now demonstrated an open and willing embrace for mining investment, one that is sure to attract significant interest not only in the Rovina Valley project but for mining investment globally in Romania. I would like to thank all the Government of Romania officials involved for approving this important milestone.”
G. Scott Moore, President and CEO stated; “We are very pleased to see the process to ratify our mining license come to a successful conclusion. We would like to thank the National Agency for Mineral Resources for their support of this important project for Euro Sun and for Romania. As the first non-state-owned entity to have a ratified mining license, we are committed to developing the Rovina Valley Project as an example of responsible mining to the highest environmental standards, and in the process, provide meaningful economic impact to our local community partners and to the Romanian state.”
The Company will now undertake the Environmental and Social Impact Assessment and will also continue the Feasibility Study accelerating the Rovina Valley Project towards a construction decision.
The Preliminary Economic Assessment in 2010 outlined a robust project with an average annual gold production of 196,000 ounces over 19 years with the first five years of production averaging 238,000 oz annually. In addition, the PEA indicated that the Rovina Valley Project would produce 49.4 million pounds annually. Production was based on a production rate of approximately 45,000 tonnes per day.
The Feasibility Study will evaluate a scalable, phased approach targeting higher grade zones of the deposit. The phases will begin with the exploitation of the Colnic deposit, with the other deposits to follow, at an initial throughput of approximately 15,000 – 25,000 tonnes per day. The Company believes this phased approach better manages upfront capital costs, better mitigates project risk and is anticipated to deliver improved economics over the 2010 PEA.
The Company also announces that Guy Charette has resigned from the Company’s board of directors effective immediately. Mr. Charette has been a director since 2003. The Company thanks Mr. Charette for his contributions.