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Euro Sun Mining Announces Robust Definitive Feasibility Study for the Rovina Valley Gold-Copper Project in Romania
Average annual gold equivalent production of 146,000 ounces over first 10 years at an average AISC of $790/gold equivalent ounce Total initial capex of $399 mil
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" Average annual gold equivalent production of 146,000 ounces over first 10 years at an average AISC of $790/gold equivalent ounce Total initial capex of $399 million Pre-tax Net Present Value of $447 million; IRR of 21.3% at $1,550/oz gold and $3.30/lb copper TORONTO, March 01, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce the positive results of the Definitive Feasibility Study (“DFS”) on the Colnic and Rovina open pits - the initial phase of development of its Rovina Valley Gold and Copper Project (the “Rovina Valley Project”) in Romania. Along with the DFS, the Company is also providing 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. Euro Sun is utilizing a phased development approach for the Rovina Valley Project. The Rovina Valley Project consists of two open pit gold-copper deposits, Colnic and Rovina, and the underground Ciresata gold-copper deposit. The DFS is focused on the exploitation of the two open pit operations. The Ciresata underground deposit is expected to be phased in following the completion of the Colnic and Rovina pits. HIGHLIGHTS Average annual gold equivalent production of 146,000 ounces in year 1-10, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum Average AISC of $790/gold equivalent ounces in years 1-10 Initial capex is expected to be $399 million (including $12.7 million in pre-strip) Pre-Tax NPV5% of $447 million with an IRR of 21.3% and Post-Tax NPV5% of $359 million with an IRR of 19.2% at $1,550/oz gold and $3.30/lb copper Processing 21,000 tonnes per day incorporating simple flotation and dry stack tailings Phase 1 production of over 1.3 million ounces of gold and 400 million lbs of copper (185k tonnes) over 16.8 years Scott Moore, Euro Sun’s CEO states, “The 2021 Definitive Feasibility Study highlights a positive economic project for our initial phase of development at the Rovina Valley Project. An expanded life of mine to almost 17 years coupled with a conservative metal price model has delivered an NPV almost 100% higher than the PEA of 2019. The DFS delivers a much higher degree of confidence in both the capital required to build the project and the operating costs...