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Euro Sun Mining Announces Positive Results for Preliminary Economic Assessment for the Initial Phase of Development at the Rovina Valley Gold-Copper Project
TORONTO, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce the results of the Preliminary E
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" TORONTO, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce the results of the Preliminary Economic Assessment (“PEA”) for the exploitation of the COLNIC open pit; the initial phase of development of its Rovina Valley gold and copper project (the “Rovina Valley Project”). The Company is applying a staged, multi phase development approach for the Rovina Valley Project. The Rovina Valley Project consists of the COLNIC and ROVINA gold-copper deposits amenable to open-pit development and the CIRESATA gold-copper deposit suitable for underground development. The PEA considers the COLNIC mineral deposit only but does include the processing facilities which will also be used in treating both ROVINA and CIRESATA deposits. Sequencing for the ROVINA open pit and CIRESATA underground mine will be undertaken in a separate study at a later date. The Company is also pleased to provide an updated mineral resource estimate for the Rovina Valley Project incorporating current metal prices and operating parameters. All amounts are in US dollars unless otherwise indicated. PEA HIGHLIGHTS Average annual gold equivalent production of 139,000 ounces COLNIC production of 1,675,000 Gold Equivalent ounces (1,301,000 ounces Au) over 12 years Avg. AISC of $752/oz (net of copper credit) Processing rate of 20,000 tonnes per day incorporating flotation and dry stack tailings deposition Pre-Tax NPV5% of $218.1 million with an IRR of 15.4% and Post-Tax NPV5% of $168.8 million with an IRR of 13.5% at $1,325/oz gold and $3.10/lb copper Initial capital costs of $339.7 million (total CAPEX of $352 million) Average metallurgical recoveries of 82% for gold and 89% copper without utilizing cyanide Scott Moore, Euro Sun’s CEO states, “The 2019 PEA highlights a positive economic project for our initial phase of development at the Rovina Valley Project. Colnic is an at surface open pit deposit containing only 28.6% of the total measured and indicated resources at the Rovina Valley Project. Colnic will form the foundation of a multi-decade operation with the expectation of bringing the Rovina pit on-line using pre-installed infrastructure followed by the Ciresata deposit.” Table 1: Preliminary Economic Assessment Highlights Base Case Assumptions Gold price ...