Euro Sun Receives Key Approval for the Rovina Valley Project From Romanian Government
15 Juni 2021 - 4:37PM
Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the
“Company”) is pleased to announce the issuance of the
“Avizul de Oportunitate” by the County Council of
Hunedoara County, Romania.
This approval is a significant
milestone in the permitting process and is required under Romanian
legislation to continue to advance the Rovina Valley
Project.
With the issuance of the Avizul de Oportunitate,
(approximate translation: opportunity opinion and/or permit), the
Company is now approved to proceed to the next stage of permitting
for the Rovina Valley Project, namely the Planul Urbanistic Zonal
(“PUZ”) or Certificate of Urbanism for Land. The
PUZ process takes the existing pastoral or forest lands and
re-zones the required area for commercial activity. The definitive
feasibility study, filed on April 14th, 2021, provided the
necessary engineering details required for the submittal of the
approximately 3,000 page application and ultimately approval of the
permit.
As announced on April 5th, 2021 the Company
officially initiated the Strategic Environmental Assessment
(“SEA”) with the Environmental Protection Agency
of Hunedoara County (“EPA”). The legislated
eighteen-day period for public comment on initiation of the SEA has
passed with no comments received by the EPA. The Company and the
EPA are now working towards receiving the agreements and/or
opinions from all the administrative authorities for the
environmental opinion on the PUZ and preparing for public
consultations expected to occur in Q3 2021.
Scott Moore, Euro Sun’s CEO states, “We are
pleased to see continued ongoing support by the Romanian state as
they deliver approvals as required to move the Rovina Valley
Project towards our construction start. Investor perception of
Romania as a potentially unfriendly jurisdiction to mining is
clearly not accurate as these approval milestones continue to
demonstrate. Our Definitive Feasibility Study has outlined a
generational asset that brings the highest environmental
stewardship along with significant economic benefits directly to
our local communities and to the County as a whole. The milestone
permit now allows the company to proceed with the PUZ taking us
another step closer to 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 info@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, 2019 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 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 (“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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