116 0 Kommentare EURO Ressources invests US$7.15M to acquire silver stream on Orezone gold's Bombore project

NEWS RELEASE

Paris: EUR

EURO RESSOURCES INVESTS US$7.15M TO ACQUIRE
SILVER STREAM ON OREZONE GOLD’S BOMBORÉ PROJECT

Paris, France, March 1, 2021: EURO Ressources S.A. (“EURO” or “the Company”) (Paris: EUR) is pleased to announce today that it has entered into a binding letter of intent with Orezone Gold Corporation (“Orezone”) to acquire 50% of the payable silver production (the “Silver Stream”) on Orezone’s Bomboré Project (“Bomboré”), located in Burkina Faso, West Africa for US$7,150,000.

Bomboré is one of the largest undeveloped gold deposits in Burkina Faso. The 2019 Feasibility Study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life. Assay data and metallurgical studies suggest there is a silver component to the Bomboré deposit, with EURO’s review of assay data indicating that the silver to gold ratio is approximately 1:1.

The Silver Stream entitles EURO to receive 50% of payable silver production over the life of mine. The agreement also includes a minimum guaranteed delivery obligation in favour of EURO of 37,500 ounces of silver per annum, until delivery of 375,000 ounces of payable silver.

Transaction Highlights

Expanded Asset Base and with Near Term Cash Flow: Orezone is fully funded for Bomboré construction with the first gold-pour scheduled for Q3 2022.
Long Life, Low Cost Operation: The 2019 Feasibility Study outlined a 13.3 year operation at Bomboré producing a total of approximately 1.6 Moz of gold at an AISC (All-In Sustaining Cost) of US$ 730/oz with AISC of US$ 672/oz in the first ten years. Historic assay data indicated a silver to gold ratio of approximately 1:1. EURO will receive 50% of the payable silver production at Bomboré over the life of mine.
Exploration & Expansion Potential: EURO will benefit from the future expansion of the Bomboré project, which has been designed by Orezone to accommodate future throughput expansion. Significant exploration potential exists around Bomboré, which comprises several mining exploration permits totaling approximately 14,934 hectares, which has the potential to extend mine life beyond the 13.3 years outlined in the 2019 Feasibility Study.