Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ("Astur Gold"
or the "Company") is pleased to announce that it has filed the
Preliminary Economic Assessment (the "PEA") by Golder Associates on
its 100% owned Salave Gold Project in Asturias, Spain on SEDAR. It
is now available on SEDAR at www.sedar.com as well as on the
Company's website at www.asturgold.com. The summary results of the
PEA can be found in Astur Gold Press Release dated February 16,
2011.
SUMMARY OF PEA RESULTS
The PEA examines three different mining scenarios: an open pit
only scenario ("OP"), an underground only scenario ("UG"), and a
combined open pit and underground scenario ("OP+UG"). Scenarios 1
& 2 consider a large OP with minor UG operation at the end of
life of mine ("LOM"), scenarios 3 & 4 consider an UG operation
only and scenarios 5 & 6 consider and UG operation concurrently
with a small OP. In addition, the Study combines the mining
scenarios with two processing options: a Bio Oxidation scenario
("BOX") and a Pressure Oxidation scenario ("POX"). Below is a
summary table of all 6 scenarios examined in the Study:
TABLE 1: SUMMARY OF OUTCOMES FOR DIFFERENT SCENARIOS
--------------------------------------------------------------------------
NET PAY NPV
SCENARIO MINING OXIDATION LOM INCOME BACK (5%) IRR
--------------------------------------------------------------------------
(years) (US$M) (years) (US$M) (%)
--------------------------------------------------------------------------
1 Large OP POX 18 1195 3.1 576 34%
--------------------------------------------------------------------------
2 Large OP BOX 18 1115 3.0 548 36%
--------------------------------------------------------------------------
3 UG POX 10 714 2.2 391 46%
--------------------------------------------------------------------------
4 UG BOX 10 663 2.0 374 53%
--------------------------------------------------------------------------
5 COMBINED POX 14 902 2.1 486 47%
--------------------------------------------------------------------------
6 COMBINED BOX 14 844 2.0 464 54%
--------------------------------------------------------------------------
CORRECTIONS FOR FEBRUARY 16, 2011 NEWS RELEASE
The February 16, 2011 Press Release contained a minor error
related to the average annual production for the scenarios 5 &
6 that stated a figure 106,500 oz where it should have stated a
higher figure of 110,571 oz. All the annual productions reported in
the February 16 press release refer to gold mined. The production
numbers including the overall plant recovery are in the Table
2.
TABLE 2: PRODUCTION FOR SALAVE UNDER DIFFERENT SCENARIOS
---------------------------------------------------------------------------
Annual average Annual average Total Au
Au mined Au plant recovered Production over
production production entire Life Of Mine
(thousand oz) (thousand oz) (thousand oz)
---------------------------------------------------------------------------
Large OP+POX 108 103 1,848
---------------------------------------------------------------------------
Large OP+BOX 108 98 1,771
---------------------------------------------------------------------------
UG+POX 133 127 1,273
---------------------------------------------------------------------------
UG+BOX 133 122 1,221
---------------------------------------------------------------------------
Combined+POX 111 106 1,479
---------------------------------------------------------------------------
Combined+BOX 111 101 1,418
---------------------------------------------------------------------------
Additionally, TABLE 5: INPUT PARAMETERS FOR PRELIMINARY ECONOMIC
ASSESSMENT of the February, 2011 Press Release contained a minor
spelling mistake resulting in two lines that said "POX + CIL
Recovery" with different numbers. The second "POX + CIL Recovery"
corresponding to the number 94.9% is supposed to be "BOX + CIL
Recovery".
Qualified Person
The Study, including a new mineral resource estimate for a
proposed underground operation at the Salave Gold project has been
prepared by Golder Associates Global Iberica S.L.U. (Golder), Under
the direction if its Managing Director Dr. Arturo Gutierrez del
Olmo, European Engineer, and under the direct supervision of Sergio
Tenorio, European Geologist, Qualified Person (QP) under National
Instrument 43-101. Utilizing the underground mining parameters and
updated economic factors defined in the Study, Golder has revised
and reported an underground resource based on the report "Technical
Report on the Salave Gold Deposit, Spain", dated February 25, 2010
and authored by Hrayr Agnerian, of Scott Wilson RPA Inc. of
Toronto, Canada (reference Astur Gold Press Release April 21,
2010). For the purpose of the re-evaluation, Golder has considered
the geostatistics and block model generated for the preparation of
the aforementioned Technical Report. Golder relies on, but does not
guarantee, the validity of the block model. The Q.P., Sergio
Tenorio has reviewed and approved the contents of this release.
ABOUT GOLDER ASSOCIATES
Golder Associates is an employee-owned company with
international expertise in ground engineering, earth and
environmental services. Its areas of expertise include oil and gas,
mining, manufacturing, power, and transportation. Golder Associates
has over 7,000 employees, operating from 160 offices located
throughout Europe, Africa, Asia, Australasia, North America, and
South America.
ABOUT ASTUR GOLD
The Company is developing its 100% owned Salave Gold Project in
northern Spain. Salave is one of the largest undeveloped gold
deposits in Western Europe. The property has a NI 43-101 compliant
mineral resource estimate containing 1,683,000 oz of gold grading
2.92 g/t Au in the Measured & Indicated category (2,155,000
tonnes grading 3.88 g/t Au Measured and 15,790,000 tonnes grading
2.79 g/t Au Indicated) with an additional 338,000 oz of gold in the
Inferred category (3,770,000 tonnes grading 2.8 g/t Au).
There is excellent exploration potential at Salave, with four of
the principal high grade zones of mineralization open at depth.
Additional exploration areas to the west have also yet to be
tested. Previous metallurgical tests indicate gold recoveries in
the order of 90% are possible. The project is currently affected by
land usage regulations that would affect OP but not UG mining. The
region boasts excellent infrastructure and a history of mining that
will help support future mine development. Astur Gold is advancing
Salave towards production and cultivating an enduring partnership
with the people of Asturias in developing economic prosperity for
the region.
Salave is subject to NI 43-101 report, "Technical Report on
Salave Gold Deposit, Spain", dated February 25, 2010 as well as
"Preliminary Economic Assessment on the Salave Gold Project,
Asturias Region, Spain" dated February 12, 2011. Both documents are
available on SEDAR and the Company's website.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer and Director
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address estimated
resource quantities, grades and contained metals, possible future
mining, exploration and development activities, are forward-looking
statements. In particular, Preliminary Economic Assessments are
preliminary in nature, including Inferred Mineral Resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as Mineral Reserves, and there is no certainty that the
findings of the Preliminary Assessment will be realized. Although
the Company believes the expectations expressed in the Preliminary
Economic Assessment and other forward-looking statements are based
on reasonable assumptions, such statements should not be in any way
construed as guarantees of future performance and actual results or
developments may differ materially from those in the forward
looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices for metals, the conclusions of detailed feasibility
and technical analyses, lower than expected grades and quantities
of resources, mining rates and recovery rates and the lack of
availability of necessary capital, which may not be available to
the Company on terms acceptable to it or at all. The Company is
subject to the specific risks inherent in the mining business as
well as general economic and business conditions. For more
information on the Company, Investors should review the Company's
annual Form 20-F filing with the United States Securities
Commission and its home jurisdiction filings that are available at
www.sedar.com.
Information Concerning Estimates of Measured, Indicated and
Inferred Resources This news release also uses the terms 'indicated
resources' and 'inferred resources'. Astur Gold Corp. advises
investors that although these terms are recognized and required by
Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects), the U.S. Securities and Exchange
Commission does not recognize them. Investors are cautioned not to
assume that any part or all of the mineral deposits in these
categories will ever be converted into reserves. In addition,
'inferred resources' have a great amount of uncertainty as to their
existence, and economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, or economic studies except for Preliminary
Assessment as defined under 43-101. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Astur Gold Corporation Vadim Dubchak 604-694-1600
604-694-1663 (FAX) info@asturgold.com www.asturgold.com
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