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Euro Sun Mining Provides Corporate Update on Rovina Valley Gold-Copper Project
TORONTO, April 08, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to provide a corporate update and comment o
About this update from Euro Sun Mining Inc.
[{"type":"text","content":" TORONTO, April 08, 2019 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to provide a corporate update and comment on the current strategy regarding development of the ten million gold equivalent ounce Rovina Valley Project (“RVP”). In response to many questions from shareholders regarding the Preliminary Economic Assessment (“PEA”) released on February 20th, 2019, and subsequently filed on SEDAR on April 1st, 2019, we would like to review the approach being taken for development at RVP so that all investors have a clear understanding of the ultimate value of this world class gold development project. The PEA outlines a robust project producing on average 108,000 oz of gold and 13.3 million lbs of copper per year for 12 years (139,000 Aueq ounces per annum) in Phase One of development exploiting the Colnic deposit initially. Colnic currently hosts ONLY 29% of the exploitable resources at RVP. Initial CAPEX for Colnic is estimated at US$339 million. This is primarily allocated at US$33 million for capitalized pre-stripping and US$264 million for the 7.2 million ton per annum processing plant. As the project will be built with dry stack tailings, not wet tailings, the sustaining CAPEX will be quite low for operations of this size. Typically, significant sustaining capital is allocated to tailings dam lifts throughout the life of mine, which are not the case in a dry stack operation. RVP has been designed to be one of the most environmentally responsible gold projects globally due to the lack of a wet tailings facility and without the use of cyanide anywhere in the project. In order to meet these strict standards the decision for dry stack tailings with no cyanide was undertaken by both the Company and the Government of Romania. The Company would have a lower capital budget and lower operating costs if a traditional wet tailings facility were to be built. Using cyanide in a closed circuit would have generated higher recoveries and therefore higher tax revenues for the Government. G. Scott Moore stated: “Rovina is a clear example of a project that’s meets today’s investor mandate for Environmental Social Governance (“ESG”) companies in which to invest. A conscientious decision was made by both Euro Sun and Romania to make this a better environmentally and socially respon...