Astur Gold Submits Salave Project Application
October 03 2011 - 11:53AM
Marketwired
Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or
the "Company") has submitted the Exploitation Project Application
(the "Application") to the General Directorate of Mines of the
Principality of Asturias as a statutory requirement for the
development of its Salave Gold Project in northern Spain. The
Application contains a comprehensive review of the technical
aspects of the project, including the planning and design of the
mine, processing, waste and tailings facilities, as well as a full
review of financial feasibility, hydrogeological, geotechnical,
archeological, health and safety studies done to date. The
Application marks the commencement of the process to obtain full
technical project permitting.
In preparing the Application, Astur Gold has proceeded with
engineering studies for an underground mine combined with a
pressure oxidation and CIL processing plant. This Application was
prepared by the Company's technical team in Oviedo with the help of
Asturias based partners: Golder Associates Global Iberica (mine
design and geotechnical studies), University of Oviedo
(hydrogeological modeling), Vaciero (legal aspects), and Msarqueo
(archeological and cultural studies). Most contractors were from
Asturias and that priority will be given to local Asturian
companies and employees in the future.
Astur Gold will continue in the permitting process through the
preparation of detailed engineering for the mine, processing plant,
power lines, waste and tailings facilities. The results of these
studies will be submitted in due course, as per regulatory
requirements. The Company also plans to initiate a Bankable
Feasibility Study before year end.
Astur Gold had previously submitted the Initial Document for an
Environmental Impact Study (see July 7, 2011 Press Release) and has
started field work necessary for the EIS under the supervision of
Congeo. This process runs concurrently with the technical
Exploitation Project Application and both are components of the
permitting process.
The complete Environmental Impact Study is scheduled to be
submitted in the first quarter of 2012 along with necessary
reclamation and waste management documentation.
Cary Pinkowski, CEO & Director commented, "I would like to
thank our employees, consultants, and contractors who prepared this
mine application. We are very proud that the work was completed in
Asturias and will continue to ensure that the project benefits the
region."
ABOUT ASTUR GOLD
Astur Gold (TSX VENTURE:AST)(FRANKFURT:CDC) is developing its
100% owned Salave Gold Project in Asturias (northern Spain)
comprising 3,198 hectares. Salave is one of the largest undeveloped
gold deposits in Western Europe with a NI 43-101 compliant mineral
resource estimate by Scott Wilson RPA containing 1,683,000oz 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). Drilling to date
totals 64,377m in 430 holes (235 diamond drill holes) and previous
metallurgical tests indicate gold recoveries in the order of 90%
are possible.
The Company is focused on bringing Salave into production as
soon as possible. An underground mining plan using pressure
oxidation processing (POX) has an estimated pre-tax NPV5% of US$391
Million, IRR of 46%, and capital expenditure payback of 2.2 years
using $1,100/oz gold price (Preliminary Economic Assessment by
Golder Associates, February 12, 2011). Sensitivity analysis
demonstrates the following outcomes to changes in gold price:
Au Price Pre-tax IRR
(US$/oz) NPV5%(US$M) (%)
$1,000 $300 38%
$1,100 $391 46%
$1,250 $529 57%
$1,400 $667 68%
$1,500 $759 75%
Astur Gold is advancing Salave towards production and growing
the partnership with the people of Asturias in developing economic
prosperity for the region. The region boasts excellent
infrastructure and industrial skilled labour due to a long 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.comwww.asturgold.com
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