Astur Gold Submits Initial Documentation for Environmental Impact Assessment at Salave
July 07 2011 - 7:00AM
Marketwired
Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ("Astur Gold"
or the "Company") announces the submission of initial documentation
towards an Environmental Impact Assessment ("EIA") for the Salave
gold project. This marks the initiation of environmental activities
that will support environmental, industrial and mine permitting at
Salave.
Documentation will be reviewed by the General Directorate of
Mines and Energy of the Principality of Asturias and a response is
expected to help guide the EIA process. Submission of a complete
mine plan to the new administration in Asturias is expected to
follow in September.
Cary Pinkowski, CEO & Director commented, "We are very
pleased with the progress towards development of the Salave project
and look forward to working with the new government of Asturias to
bring Salave into production."
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, containing a NI 43-101 compliant
mineral resource estimate of 1,683,000 oz 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 Au in the Inferred category (3,770,000 tonnes
grading 2.8 g/t Au). The mineral resource was estimated by Scott
Wilson RPA in the NI 43-101 report, "Technical Report on Salave
Gold Deposit, Spain", dated March 5, 2010 available on SEDAR.
Salave is also subject to a Preliminary Economic Assessment
("PEA") by Golder Associates titled, "Preliminary Economic
Assessment on the Salave Gold Project, Asturias Region, Spain",
dated February 12, 2011 available on SEDAR. 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 shows 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 results 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.
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 Corp. Vadim Dubchak 604-694-1600
604-694-1663 (FAX) info@asturgold.com www.asturgold.com
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