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Euro Sun Mining Files Updated Definitive Feasibility Study for the Rovina Valley Gold-Copper Project
TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed a technical report
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed a technical report pursuant to National Instrument 43-101 supporting the Updated 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 (the “Technical Report”). Included in the updated DFS is an updated mineral reserve and resource estimate for the open pit deposits, namely Colnic and Rovina, incorporating current metal prices and operating parameters. All amounts are in US dollars unless otherwise indicated. Key Highlights Include (summary table set out in Table 1): Pre-Tax NPV increased 41% to $630 million, with an IRR of 22.7%, based on $1,675/oz gold and $3.75/lb copper Estimated to produce 1.47Moz of gold and 403Mlbs of copper over the life of the project at an AISC of $787/gold equivalent ounce Approximately 43 million tonnes or 19% less waste material expected to be mined resulting in a 1.45:1 strip ratio over LOM The updated study incorporates the most current cost and capital expenditure data, with initial CAPEX of $448 million The Rovina Valley Project incorporates dry stack tailings and is a cyanide free operation Scott Moore, Chief Executive Officer Euro Sun Mining Inc. comments, “Filing of the full DFS is a key milestone for one of Europe’s largest undeveloped Copper-Gold projects. The substantially improved economics are based upon conservative long term commodity prices and include the full impact from cost escalation since the original study. With operating after-tax cashflows anticipated to be of more than US$1 billion and a highly competitive AISC of US$787 gold equivalent ounce oz, this is clearly a high-quality project. We continue to advance methodically along the permitting path and look forward to providing further positive updates throughout 2022.” The optimized and updated DFS for the Rovina Valley Project continues to focus on responsible mining procedures including, dry stacking, continuous revegetation, and a cyanide free processing facility. The enhanced project benefits from positive geotechnical study results, reducing waste removal and strip ratios, driving a 9% increase in gold production and a 41% increase in pre-tax N...