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Euro Sun Mining Files 43-101 Technical Report on Initial Phase of Development at the Rovina Valley Gold-Copper Project
TORONTO, April 02, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed the National Instr
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" TORONTO, April 02, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed the National Instrument 43-101 compliant Technical Report for the Preliminary Economic Assessment (“PEA”) for the exploitation of the COLNIC open pit; the initial phase of development of its Rovina Valley Project. The technical report also includes an updated Resource Estimate for the Rovina Valley Project utilizing updated cost parameters and metal prices. The Technical Report, dated April 1, 2019 and having an effective date of February 20, 2019, supports the scientific and technical disclosure included in the press release dated February 20, 2019. The Technical Report titled, “Rovina Valley Project Preliminary Economic Assessment, NI 43-101, Rovina Valley, Romania” was prepared by Mr. Pierre Desautels, P.Geo, Principal Resource Geologist with AGP Mining Consultants Inc.; Gordon Zurowski, P.Eng, Principal Mine Engineer with AGP Mining Consultants Inc.; and Neil Lincoln, P.Eng, independent metallurgical consultant, who are all independent “qualified persons” as defined by National Instrument 43-101. The Technical Report is available on SEDAR at www.sedar.com and on the Company’s website at www.eurosunmining.com. The Company is applying a staged, multi phase development approach for the Rovina Valley Project (“RVP”). The RVP consist of the COLNIC and ROVINA open pit deposits and the CIRESATA underground mine. The PEA considers the COLNIC mineral deposit only but does include the processing facilities which will also be used in treating both CIRESATA and ROVINA material. Sequencing for the ROVINA Open Pit and CIRESATA underground mine will be undertaken in a separate study at a later date. 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 (7.2 Mtpa) incorporating flotation and dry stack tailings deposition Pre-Tax NPV5% of $218.1 million and 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 (...