EURO SUN PROVIDES CORPORATE UPDATE ON ROVINA VALLEY
Euro Sun Mining Inc.
(“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
The Company is also pleased to report it has
filed its 2019 annual financial statements and MD&A along with
the 2019 Annual Information Form on time despite the relief by the
regulators to allow for a delay in regulatory filings. These
documents can be found on the company website as well as on The
System for Electronic Document Analysis and Retrieval (“SEDAR”) at
In response to many questions from shareholders,
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 Company has two key milestones in progress
for completion or substantial completion in 2020. The two
targeted deliverables include the Construction Permit and the
Definitive Feasibility Study. The current global COVID-19 crisis
may have an impact on timing that currently is hard to predict, but
we are confident that any delays may be minimal. These deliverables
are significant risk reduction events for Euro Sun and should have
a materially positive effect on the Company.
Construction Permit Process
The Exploitation License ratified by the
Romanian Government allows the Company to make official requests to
the County Council of Hunedoara for Certificates of Urbanism. In
order to advance to the construction phase there are two
certificates required, the Area Land Use Plan and the Project
The Certificate of Urbanism for Plan (Land Use)
is a documentary process that results in a change of land
assignment by the county to permit utility and future development
for a category change for economic activities. Essentially, a
re-zoning is required from the current land use being pastoral
and/or state forest to zoning for commercial activities. In
order to complete this process, Euro Sun has engaged MetricSpace,
an architectural and urban planning firm based in Cluj-Napoca,
Romania to provide all the necessary documentation and support to
the chief architect of the county.
The second Certificate of Urbanism is for the
Project Technical Design. This would mainly include the
Environmental Impact Assessment of the RVP, among other
documentation. International consultancy firm ERM, based in
Bucharest Romania has been contracted to complete the EIA and ESIA
process for Rovina.
The culmination of these two Certificates of
Urbanism is the issuance of a Construction Permit.
The second key deliverable for 2020 will be the
completion of a Definitive Feasibility Study for the Rovina Valley
Project. The Company issued a formal request for proposal to
several global engineering firms which have subsequently been
received. We are currently evaluating said proposals and expect to
award the contract shortly. After internal model evaluations the
Definitive Feasibility Study will now include the Rovina open pit
sequentially to the Colnic pit in the Life of Mine plan. This
will result in a significantly more production of both gold and
copper and a longer mine life without affecting initial capital
In order to ensure success in our business plan
this year we have made project levels additions in Romania, Euro
Sun is pleased to announce the appointment of two new key engineers
for the Rovina Valley Project. Daniel Maguran has joined Euro
Sun as Project Manager for the Rovina Valley Project Definitive
Feasibility Study and will eventually take on EPCM work.
Daniel brings a wide range of experience to Euro Sun in Senior
Project Management roles including DRA, Tata Steel and BBA.
Daniel holds a B.Sc. and M.Sc. in Mechanical Engineering, both from
the from the University of Timisoara in Romania.
Sorin Mihai is the geological, resource and
hydrological engineer for the RVP. He has worked extensively
in Romania on dewatering and mining projects and most recently was
a senior advisor for the National Agency for Mineral Resources
(NAMR) in Bucharest. He holds a B.Sc. in Geology and a
Ph.D. in Geosciences, both from the University of Bucharest.
The Company also would like to thank Mr. Michael
Barton who is stepping off the board effective immediately due to
his workload as portfolio manager with Orion Mine Finance. We would
like to thank Mr. Barton for his efforts as a director and look
forward to maintaining our relationship with Orion as we advance
our project towards financing and construction.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company
focused on the exploration and development of its 100%-owned Rovina
Valley gold and copper project located in west-central Romania,
which hosts the second largest gold deposit in Europe.
For further information about Euro Sun Mining,
or the contents of this press release, please contact Investor
Relations at email@example.com
Caution regarding forward-looking
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the Company’s development approach
to the RVP, permitting advancements, timing of the delivery of the
Definitive Feasibility Study, appointment of engineers.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including risks inherent in the mining
industry and risks described in the public disclosure of the
Company which is available under the profile of the Company on
SEDAR at www.sedar.com and on the Company's website
at www.eurosunmining.com. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.