Euro Sun Files Definitive Feasibility Study Technical Report for the Rovina Valley Gold-Copper Project

TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce it has filed the National Instrument 43-101 compliant technical report supporting the Definitive Feasibility Study (“DFS”) on the Colnic and Rovina open pits - the initial phase of development of its Rovina Valley Gold and Copper Project (the “Rovina Valley Project”) in Romania (the “Technical Report”). Included in the Technical Report is an updated mineral resource estimate and the maiden mineral reserve statement for the open pit deposits, namely Colnic and Rovina, incorporating feasibility level operating parameters and metal price update for the resources. All amounts are in US dollars unless otherwise indicated.

The Technical Report titled NI 43-101 TECHNICAL REPORT ON THE ROVINA VALLEY PROJECT IN ROMANIA dated April 14, 2021 was prepared by Nicholas Dempers, Principal Process Engineer, New SENET Pty; David Thompson, Principal Mining Engineer DRA Projects (PTY) Ltd; Sivanesan Subramani, B.Sc. Geo, Caracle Creek International Consulting MINRES; Robert Cross, P.Eng., P.Geo. Geological Engineer Klohn Crippen Berger (KCB) (Canada); Carlos Diaz, MASc, B.Eng., KCB Canada; Andrew Hovey, BSc Earth Sciences, RPGEO, KCB, Brisbane; Richard Lawrence B.Sc, Phd, Lawrence Consulting Ltd; Kevin Leahy, BSc (Hons), PhD, CGeol, SiLC Technical Director, Environmental Resource Management Ltd.

The Rovina Valley Project consists of two open pit gold-copper deposits, Colnic and Rovina, and the underground Ciresata gold-copper deposit. The DFS is focused on the exploitation of the two open pit operations. The Ciresata underground deposit is expected to be phased in following the completion of the Colnic and Rovina pits.  

HIGHLIGHTS

• Average annual gold equivalent production of 146,000 ounces in year 1-10, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum
• Average AISC of $790/gold equivalent ounces in years 1-10
• Initial capex is expected to be $399 million (including $12.7 million in pre-strip)
• Pre-Tax NPV5% of $447 million with an IRR of 21.3% and Post-Tax NPV5% of $359 million with an IRR of 19.2% at $1,550/oz gold and $3.30/lb copper
• Processing 21,000 tonnes per day incorporating simple flotation and dry stack tailings
• Phase 1 production of over 1.3 million ounces of gold and 400 million lbs of copper (185k tonnes) over 16.8 years

Scott Moore, Euro Sun’s CEO states, “With the filing of the NI 43-101 compliant study, Euro Sun can now begin detailed project finance discussions with international banks and credit funds as well as off-take agreements with smelters to optimize the funding package for our initial phase of development at the Rovina Valley Project. We have initiated our Strategic Environmental Assessment this month and look forward to providing ongoing updates on the advancement in permitting relating to all associated approvals required to begin construction.”