REPEAT - Euro Sun Receives Approval to Initiate Strategic Environmental Assessment
May 10 2021 - 6:30AM
Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the
“Company”) is pleased to announce that the company has
been officially notified by the Environmental Protection Agency of
Hunedoara County (“EPA”) that following a meeting of the Special
Committee set up at Hunedoara County level, on 27.04.2021 (as
provided for in Article 10(2), of H.G. No 1076/2004); the required
eighteen-day public comment period on the initiation of the
Strategic Environmental Assessment (“SEA”) has passed; no comments
were received; and the SEA is approved to move forward. The Company
published the notification in the public press on May 10th, 2021.
The Company and the EPA are now
working towards receiving the agreements and opinions from all the
administrative authorities required for approval of the Planul
Urbanistic Zonal (“PUZ”) or Certificate of
Urbanism for Land forming part of the SEA process.
The Company and the EPA are also preparing for public consultations
which are expected to occur in Q3 2021.
Scott Moore, Euro Sun’s
CEO states, “All aspects of ESG
principles are key to success of the Rovina Valley Project. This
approval is an important milestone in the SEA process. We believe
that our frequent public communications and presence in the local
community has played an important role. Environmental stewardship
is a key factor to the success of Rovina Valley Project with a life
of mine design from extraction to rehabilitation with minimal
impact utilizing the highest global standards for mining
processing, tailings management with DRY-Stacking and utilizing
Zero Cyanide. We are pleased the EPA is continuing
to advance the project in line with Romanian legislation and we
look forward to a collaborative effort on the successful outcome of
the SEA process.”
Scott Moore continued to
highlight, “The Rovina Valley project economics are highly
levered to the rise in metal prices for both Copper and Gold. The
Definitive Feasibility Study utilized a conservative base case
metal prices of $3.30 a pound for copper and $1,550 per ounce for
gold. Spot copper prices have risen 40% to over $4.70 a pound and
gold is up 18% to over $1,830 an ounce. The result of this rise in
copper and gold prices increases the Net Present Value5 of the
project approximately 125% from US$447 million to US$1.0 Billion
further demonstrating the opportunity for investors to participate
in the de-risking of Euro Sun as we continue to achieve permitting
success.”
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 info@eurosunmining.com , or Brad Humphrey, VP
Corporate Development at bhumphrey@eurosunmining.com
Caution regarding forward-looking
information:This press release contains statements which
constitute “forward-looking information” within the meaning of
applicable securities laws, including statements regarding the
plans, intentions, beliefs and current expectations of the Company
with respect to future business activities and operating
performance. Forward-looking information is often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and includes information regarding the Company’s
estimates, expectations, forecasts and guidance for production,
all-in sustaining cost, capital expenditures, cost savings, project
economics (including net present value) and other information
contained in the feasibility study; as well as references to other
possible events, the future price of gold and copper, the
estimation of mineral reserves and mineral resources, the
realization of mineral reserve and mineral resource estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, costs and timing of the
development of the project and mining and processing activities,
requirements for additional capital, government regulation of
mining operations, and environmental risks.
Investors are cautioned that forward-looking
information is not based on historical facts but instead reflect
management’s expectations, estimates or projections concerning
future results or events based on the opinions, assumptions and
estimates of management considered reasonable at the date the
statements are made. Although the Company believes that the
expectations reflected in such forward-looking information are
reasonable, such information involves risks and uncertainties, and
undue reliance should not be placed on such information, as unknown
or unpredictable factors could have material adverse effects on
future results, performance or achievements of the Company. This
forward-looking information may be affected by risks and
uncertainties in the combined business of the Company and market
conditions, including (1) there being no significant disruptions
affecting the Company’s operations whether due to extreme weather
events and other or related natural disasters, labor disruptions,
supply disruptions, power disruptions, damage to equipment or
otherwise; (2) permitting, development, operations and production
for the Rovina Valley Project being consistent with the Company’s
expectations; (3) political and legal developments Romania being
consistent with current expectations; (4) certain price assumptions
for gold and copper; (5) prices for diesel, electricity and other
key supplies being approximately consistent with current levels;
(6) the accuracy of the Company’s mineral reserve and mineral
resource estimates; and (7) labor and materials costs increasing on
a basis consistent with the Company’s current expectations. This
information is qualified in its entirety by cautionary statements
and risk factor disclosure contained in filings made by the Company
with the Canadian securities regulators, including the Company’s
annual information form, financial statements and related MD&A
for the financial year ended December 31, 2020 filed with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com.
Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking information prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although the Company
has attempted to identify important risks, uncertainties and
factors which could cause actual results to differ materially,
there may be others that cause results not to be as anticipated,
estimated or intended. The Company does not intend, and does not
assume any obligation, to update this forward-looking information
except as otherwise required by applicable law.
The Company may have included certain non-GAAP
financial measures in this press release, such as all-in sustaining
costs (“AISC”) per ounce of gold sold, net present
value (“NPV”). These non-GAAP financial measures
do not have any standardised meaning. Accordingly, these financial
measures are intended to provide additional information and should
not be considered in isolation or as a substitute for measures of
performance prepared in accordance with International Financial
Reporting Standards (“IFRS”). AISC is a common
financial performance measure in the mining industry but has no
standard definition under IFRS. AISC includes operating cash costs,
net-smelter royalty, corporate costs, sustaining capital
expenditure, sustaining exploration expenditure and capitalised
stripping costs. Other companies may calculate these measures
differently and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
IFRS.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.
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