Euro Sun Receives Approval to Initiate Strategic Environmental Assessment
TORONTO, May 10, 2021 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that the company has been officially notified by the
Environmental Protection Agency of Hunedoara County (“EPA”) that following a meeting of the Special Committee set up at Hunedoara County level, on 27.04.2021 (as provided for in Article 10(2), of
H.G. No 1076/2004); the required eighteen-day public comment period on the initiation of the Strategic Environmental Assessment (“SEA”) has passed; no comments were received; and the SEA is
approved to move forward. The Company published the notification in the public press on May 10th, 2021.
The Company and the EPA are now working towards receiving the agreements and opinions from all the administrative authorities required for approval of the Planul Urbanistic Zonal (“PUZ”) or Certificate of Urbanism for Land forming part of the SEA process. The Company and the EPA are also preparing for public consultations which are expected to occur in Q3 2021.
Scott Moore, Euro Sun’s CEO states, “All aspects of ESG principles are key to success of the Rovina Valley Project. This approval is an important milestone in the SEA process. We believe that our frequent public communications and presence in the local community has played an important role. Environmental stewardship is a key factor to the success of Rovina Valley Project with a life of mine design from extraction to rehabilitation with minimal impact utilizing the highest global standards for mining processing, tailings management with DRY-Stacking and utilizing Zero Cyanide. We are pleased the EPA is continuing to advance the project in line with Romanian legislation and we look forward to a collaborative effort on the successful outcome of the SEA process.”
Scott Moore continued to highlight, “The Rovina Valley project economics are highly levered to the rise in metal prices for both Copper and Gold. The Definitive Feasibility Study utilized a conservative base case metal prices of $3.30 a pound for copper and $1,550 per ounce for gold. Spot copper prices have risen 40% to over $4.70 a pound and gold is up 18% to over $1,830 an ounce. The result of this rise in copper and gold prices increases the Net Present Value5 of the project approximately 125% from US$447 million to US$1.0 Billion further demonstrating the opportunity for investors to participate in the de-risking of Euro Sun as we continue to achieve permitting success.”