VANCOUVER, BC, Nov. 3, 2021 /CNW/ - EROS Resources Corp. ("EROS"
or the "Company") (TSXV: ERC) is pleased to announce that its
wholly-owned subsidiary Bell Mountain Exploration Corp. (BMEC) has
received a Water Pollution Control Permit (WPCP) from the Nevada
Bureau of Mining Regulation and Reclamation (BMRR) for the Bell
Mountain Mine Project (gold and silver) in Churchill County, Nevada.
Summary:
- Nevada State BMRR has issued a Water Pollution Control
Permit for the Bell Mountain Mine Project
- The Permit is one of the Major Permits required to move the
project forward
- Previous Environmental Assessment resulted in Finding of No
Significant Impact (FONSI) and Record of Decision from the Federal
Bureau of Land Management
The WPCP was received October 28,
2021 following a 14-month review process which was extended
due to Covid-19 delays encountered by BMRR. The submission of the
initial permit application was previously announced by EROS on
Aug. 31, 2020. A WPCP is required to
operate a mine in the State of
Nevada and is only issued to an operator following extensive
technical review by BMRR to ensure that the operation will not
result in degradation of the waters of the State.
The WPCP is an integral part of an ongoing permitting process,
which has included approval of a Plan of Operations and
Environmental Assessment by the Federal Bureau of Land Management
(BLM) with a Finding of No Significant Impact and Record of
Decision in 2019 and confirmation from the U.S. Navy that they are
committed to work with BMEC in accommodating mine development
adjacent to the Fallon Naval Air Station Bravo 17 training
range.
Mr. Ron Netolitzky, President and
CEO of EROS, states "This is a major milestone in the
development of the Bell Mountain Mine Project. I would like
to thank the BMEC Team and their consultants, Welsh Hagen
Associates of Reno, Nevada and
Stantec for their diligent work in preparing the Permit Application
and associated environmental background documentation. As we
continue to advance additional permit applications, we are also
planning additional exploration programs to enhance the resource at
Bell Mountain as we look ahead toward a potential production
decision."
About Bell Mountain - A Gold Focused Project in Advanced
Stages of the Permitting Process
Eros' 100% owned Bell Mountain Gold Project is located near
Fallon, Nevada. Highlights of the
Preliminary Economic Assessment that was completed in 2017
(See Eros' press release of
October 11, 2017) and which has not
been updated for current gold and silver pricing, include:
- Pre-tax net present value ("NPV" @ 5% and internal rate of
return ("IRR") of $17.6 million and
41.4% respectively, along with a payback period of 1.7 years, using
a USD $1,300/oz price of gold and a
USD $17.50/oz price of silver.
- After tax NPV @ 5% and IRR of $9.3M and 24.7% respectively, with a payback
period of 2.7 years.
- 4 year mine life, with total production of 60,056 ounces of
gold and 408,498 ounces of silver, before expansion based on
renewed exploration.
- Life of mine cash cost of $759
per produced ounce, net of by-product silver and including royalty
payments totaling $2.56 million.
Qualified Person
Mr. John D. Welsh, PE of Reno,
Nevada, is President of Bell Mountain Exploration Corp., a
wholly owned subsidiary of Eros. Mr. Welsh is a "Qualified Person"
within the context of National Instrument 43-101, is responsible
for the preparation of this news release and has read and approved
its technical aspects.
About EROS
Eros Resources Corp. is a Canadian public company listed on the
Toronto Venture Exchange. The Company's business objective is the
identification, acquisition and exploration of advanced-stage
projects with a North American focus. In addition, the Company
plans to make strategic investments with a global focus on a
diverse commodity base. EROS managements' expertise supports this
strategy.
Forward Looking Statements
This release contains forward-looking statements. All
statements, other than statements of historical fact that address
activities, events or developments that we believe, expect or
anticipate will or may occur in the future are forward-looking
statements. These forward-looking statements reflect our current
expectations or beliefs based on information currently available to
us. Forward-looking statements in this release include, without
limitation, statements with respect to: the closing of the Private
Placement and the use of proceeds from the Private Placement.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause our actual results to differ
materially from those discussed in the forward-looking statements
and, even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, us. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things, delays in obtaining or
failure to obtain required approvals to complete the Private
Placement; and other risks related to our business. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
we disclaim any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although we believe that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be put on such
statements due to their inherent uncertainty.
Neither the 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.
EROS Resources
Corp.
Suite
420 - 789 West Pender
Street
Vancouver, British
Columbia,
Canada, V6C
1H2
T:
604-688-8115
w: www.erosresourcescorp.com
SOURCE Eros Resources Corp.