Astur Gold Expands Salave Concessions by Over 600%
August 15 2011 - 7:46AM
Marketwired
Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ("Astur Gold"
or the "Company") announces success in securing additional
concessions totaling 2765 contiguous hectares surrounding its
Salave deposit. The Exploration Permit granted by the General
Directorate of Mines and Energy of the Principality of Asturias
allows Astur Gold to explore for additional gold resources in the
area surrounding the Salave deposit. The Company has committed to
invest at least EUR570,000 over the next 3 years to maintain the
property in good standing. This increases the total mineral rights
area owned by the Company in Asturias to 3198 hectares and includes
the area under consideration for operations and processing of the
planned mine.
Cary Pinkowski, CEO & Director, commented, "We are pleased
to have obtained these concessions surrounding Salave. It
substantially expands our project area and includes the land we are
evaluating for the processing plant and tailings area. This is a
significant step toward increasing activities related to mine
development and possible expansion of the resource. We are
fulfilling our commitment to our supporters in Asturias awaiting
jobs and economic growth resulting from the success this
project."
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.
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.
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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