EURO SUN PROVIDES CORPORATE UPDATE ON ROVINA VALLEY - Seite 2

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.

Definitive Feasibility Study

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 expenditures.

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.