Euro Sun Mining Concludes Successful Meetings with Romanian Ministries and Issues Promissory Note

TORONTO, March 01, 2024 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that, through its wholly owned Romanian subsidiary SAMAX Romania S.R.L. (“SAMAX”), it has successfully concluded meetings with the Romanian Ministry of Economy (December 2023) and the Romanian Ministry of Environment, Water and Forests (January 2024).

Represented by Mr. Grant Sboros (CEO of Euro Sun) and Mr. Sorin Halga (General Director of SAMAX), the meetings held in Bucharest have discussed various aspects of Euro Sun’s permitting submission and the ability of the Euro Sun to support the long-term economic aspirations of Romania’s Hunedoara region.

In the meeting at the Ministry of Economy, the focus was on how Romania was working to implement the changes contained within the European Commission’s recently adopted Critical Raw Materials Act in the next two to three months. The meeting also examined how Romania, with its abundance of natural resources and extended border, was being identified as being at the forefront to aid and benefit in the eventual rebuild of Ukraine. The Rovina Valley Project was considered important in this regard.

In the successful engagement with the honourable minister, Mr. Mircea Fechet, Minister of Environment, Water and Forests, a full commitment of support was given to get the Rovina Valley Project into production. Once a follow-up meeting requested by this ministry is concluded, then a meeting with the Prime Minister of Romania was deemed appropriate.

Mr. Grant Sboros Chief Executive Officer of Euro Sun Mining commented, “We are extremely thankful for these fruitful engagements with the honorable ministers, and deeply humbled by the support given. Our talks have highlighted the significant role that our Rovina Valley Project will play in Romania’s economic future, aligned to the demands set out in the European Commission’s Critical Raw Materials Act. The recognition of our ability to support the long-term economic aspirations of Romania, whilst enabling critical mineral security for Europe was also viewed as exciting.”

US$125,000 Promissory Note

Euro Sun is pleased to announce that it has issued a convertible promissory note (the “Note”) to John Robins and James Paterson (the “Lenders”) providing for a principal amount of US$125,000 (the “Principal Amount”) and maturing on February 22, 2025. The Note bears interest at 6% per annum, compounded monthly, and is secured against all of the assets and property of the Company pursuant to a general security agreement. The Principal Amount and all interest accrued thereon is convertible into common shares of the Company (the “Conversion Shares”) at a price of $0.035 per Conversion Share.