Euro Sun receives key approval for Rovina Valley project from Romanian government
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TORONTO, June 15, 2021 (GLOBE NEWSWIRE) – Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce the issuance of “Avizul de Oportunitate” by the County Council of Hunedoara County, Romania. This approval is an important step in the authorization process and is required under Romanian law to continue moving the Rovina Valley project forward.
With the issuance of the Avizul de Oportunitate, (approximate translation: notice of opportunity and / or permit), the Company is now authorized to proceed to the next stage of authorization for the Rovina Valley project, namely the Planul Urbanistic Zonal (“PUZ”) Or Land Town Planning Certificate. The PUZ process takes existing pastoral or forest land and re-zones the area required for commercial activity. The final feasibility study, filed on April 14, 2021, provided the technical details necessary for the submission of the application of approximately 3,000 pages and, ultimately, the approval of the permit.
As announced on April 5, 2021, the Company officially launched the Strategic Environmental Assessment (“SEA“) with the Hunedoara County Environmental Protection Agency (“EPA“). The eighteen-day statutory period for public comment on the launch of the EES has passed without any comments being received by the EPA. The Company and the EPA are now working to receive the agreements and / or opinions of all administrative authorities for the environmental notice on the PUZ and to prepare the public consultations expected in the third quarter of 2021.
Scott Moore, CEO of Euro Sun, says: “We are delighted to see the continued support of the Romanian state as it issues the required approvals to move the Rovina Valley project forward towards the start of our construction. Investors’ perception of Romania as a potentially hostile mining jurisdiction is clearly not accurate, as these approval stages continue to demonstrate. Our definitive feasibility study has highlighted a generational asset that brings the highest environmental stewardship as well as significant economic benefits directly to our local communities and the county as a whole. The stage permit now allows the company to proceed with the PUZ, bringing us a little closer to construction.
About Euro Sun Mining Inc.
Euro Sun is a TSX listed mining company focused on the exploration and development of its 100% owned Rovina Valley gold and copper project in west-central Romania, home to the second largest gold deposit in Europe.
For more information on Euro Sun Mining, or the content of this press release, please contact Investor Relations at [email protected]
Caution regarding forward-looking information:This press release contains statements that 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 the business. business and future operating performance. Forward-looking information is often identified by the words “could”, “would”, “could”, “should”, “should”, “intention”, “plan”, “anticipate”, “believe”, “estimate”. “,” Expect “or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and directions for production, all-in sustaining cost, capital expenditures, cost savings , the economics of the project (including net present value) and other information contained in the feasibility study; as well as references to other possible events, future price of gold and copper, estimate of mineral reserves and mineral resources, making estimates of mineral reserves and mineral resources, timing and amount estimated future production, production costs, capital expenditures, costs and timing of project development and mining and processing activities, additional capital requirements, government regulation of mining operations and risks environmental.
Investors are cautioned that forward-looking information is not based on historical facts but rather reflects management’s expectations, estimates or projections regarding future results or events based on management’s opinions, assumptions and estimates believed to be reasonable at the time. date the declarations are made. Although the Company believes that the expectations reflected in this forward-looking information are reasonable, such information involves risks and uncertainties, and such information should not be relied upon because unknown or unforeseeable factors could have material adverse effects on the Company. the future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties relating to the combined activities of the Company and to market conditions, in particular (1) the absence of significant disruptions affecting the operations of the Company, whether due to events extreme weather and other natural or related disasters, interruptions, interruptions of supply, power cuts, damage to equipment or the like; (2) obtaining permits, development, operation and production for the Rovina Valley project being in line with societal expectations; (3) Romania’s political and legal developments are in line with current expectations; (4) certain price assumptions for gold and copper; (5) the prices of diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the estimates of the Company’s mineral reserves and mineral resources; and (7) labor and material costs increase on a basis consistent with the Company’s current expectations. This information is subject in its entirety to the caveats and information on risk factors contained in documents filed by the Company with Canadian securities regulators, including the Company’s annual information form, financial statements and the related MD&A for the year ended December 31, 2019 filed with the securities regulators of certain provinces of Canada and available at www.sedar.com.
If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking information prove to be incorrect, actual results could differ materially from those described herein as intended, planned, anticipated, believed, estimated. or expected. Although the Company has attempted to identify risks, uncertainties and important factors that could cause actual results to differ materially, there may be others that could cause results not to be as anticipated. , estimated or planned. The Company does not intend and assumes no obligation to update this forward-looking information, except as required by applicable law.
The Company has 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 (“VAN“). These non-GAAP financial measures have no standardized meaning. Accordingly, these financial measures are intended to provide additional information and should not be viewed in isolation or as a substitute for performance measures prepared in accordance with International Financial Reporting Standards (“IFRS“). AISC is a common financial performance measure in the mining industry, but does not have a standard definition under IFRS. AISC includes cash operating costs, net smelter royalties, overheads, sustaining capital expenditures, sustaining exploration expenditures and capitalized stripping costs. Other companies may calculate these measures differently and should not be viewed in isolation or as a substitute for performance measures prepared in accordance with IFRS.
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Source: Euro Sun Mining Inc.