Astur Gold Adds Josh Crumb to the Board of Directors
May 11 2011 - 5:00AM
Marketwired
Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ("Astur Gold"
or the "Company") is pleased to announce the appointment of Mr.
Joshua Crumb to the Company's Board of Directors.
Mr. Crumb's most recent role was Senior Metals Strategist at
Goldman Sachs, where he analyzed commodity market dynamics,
investment strategies, and corporate risk management programs in
the Global Economics, Commodities and Strategies research division
in London. Mr. Crumb holds a Bachelor of Science degree in
Engineering and Master of Science in Mineral Economics from the
Colorado School of Mines. Mr. Crumb also held various positions
within the Lundin group of companies, serving as Director of
Corporate Development at Lundin Mining, and Special Project Analyst
for group chairman Lukas Lundin.
"Josh has exceptional mining expertise and market vision. We
value his background in corporate development and his recent
successes with the leading commodity markets firm; we will leverage
this strategic insight as Astur Gold becomes a gold producer",
commented Cary Pinkowski, CEO.
Josh Crumb remarked: "I am confident in the company's strategy
to develop the high grade Salave deposit, creating value for
shareholders and enabling all stakeholders to benefit from this
extraordinary gold market environment. I also look forward to
working with such an accomplished group of management and
directors, who are essential assets for unlocking the value of the
Salave deposit and growing the company through acquisition and
discovery of high value resources."
Astur Gold has granted Mr. Crumb options to purchase 300,000
common shares in the Company, exercisable at a price of $1.75 per
share for a period of 3 years.
Furthermore, Mr. Paul Conibear is stepping down from the Board
of Directors of the Company. Astur Gold thanks Mr. Conibear for his
contribution to the Company.
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 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). Salave is subject
to NI 43-101 report, "Technical Report on Salave Gold Deposit,
Spain", dated March 5, 2010 available on SEDAR.
Salave is also subject to NI 43-101 report, "Preliminary
Economic Assessment on the Salave Gold Project, Asturias Region,
Spain", by Golder Associates dated February 12, 2011. The PEA
investigates three mining methods and two processing options using
a base case gold price of US$1,100 per ounce and throughput rate of
1.1 million tonnes per year. It yields an NPV ranging from US$374
Million to US$576 Million using a 5% discount rate; IRR ranging
from 34% to 54%; and pre-production capital expenditure payback
period ranging from 2.0 to 3.1 years.
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 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.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer and Director
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under
the Company's control which may cause actual results, performance
or achievements of the Company to be materially different from the
results, performance or expectation implied by these forward
looking statements.
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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