Astur Gold Adds Mr. Michael Surratt to Advisory Board
September 02 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.
Michael Surratt to the Company's Advisory Board.
Mr. Surratt was the Founder, President, and CEO of Mercator
Minerals Ltd. (TSX: ML) from its inception in 1998 until his
retirement in June 2011, during which time he was responsible for
growing Mercator Minerals from a junior exploration company into a
strong intermediate base metals producer with a market cap of over
$800 million. He directed construction of the 50,000 ton per day
Mineral Park copper-molybdenum mine, and led the acquisitions of
both the El Pilar copper project and the El Creston molybdenum
project in Mexico. Prior to founding Mercator, Mr. Surratt held
positions as President and CEO of Aurex Resources, Director and VP
Operations at Miramar Mining, and VP Development for Santa Fe
Gold.
In regards to mine operations, Mr. Surratt has an extensive
background as both open pit and underground mine manager including
over 15 years experience of numerous underground mining methods
such as cut and fill, shrink stoping, sub level, room and pillar,
shaft sinking, and underground development. He has extensive
experience with underground gold mining and autoclave ore
processing while serving as General Manager of the Con Mine in the
Northwest Territories, where he was responsible for the redesign,
start up, and operation of the Con mine autoclave - one of the
highest temperature and pressure autoclaves processing refractory
gold ores in the world at that time. Michael holds a B.Sc. in
Geology and is a current member of the Prospectors and Developers
Association of Canada.
"Mike has an exceptional mining background in underground mining
and autoclave operations. We anticipate that his expertise in mine
development will be of great value to the Company as Astur Gold
becomes a leading European gold producer," commented Cary
Pinkowski, CEO of Astur Gold.
Astur Gold has granted Mr. Surratt options to purchase 125,000
common shares in the Company, exercisable at a price of $2.00 per
share for a period of 3 years.
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 February 25, 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 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
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. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
Contacts: Astur Gold Corp. Vadim Dubchak 604-694-1600
604-694-1663 (FAX) info@asturgold.com www.asturgold.com
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