Erin Files for Exploration License on Boron Property
May 20 2010 - 8:05AM
Marketwired
Erin Ventures Inc. (TSX VENTURE: EV) reports that the licensing
process for the Serbian boron deposit is now underway. It is
anticipated that an exploration license may be granted to Erin
within 90 days (as reported by Erin in a news release on
5-11-2010).
Under Serbian law, a mineral exploration license is granted
exclusively, for a 3 year period. Upon successful completion of the
exploration program, the license holder has the sole right to apply
for an exploitation (mining) license.
Summary of the Piskanja boron property
Piskanja is located in a historical mining region that has good
infrastructure for mining including roads, rail, electric power,
experienced miners, etc., 250 km south of Belgrade, Serbia by good
paved roads.
The Piskanja property has a historical estimate(i) of
approximately seven million tonnes of 39 per cent B2O3 (boron) as
colemanite and ulexite, based upon historic drill data (some of
which was conducted by Erin previously). Evaluation of the
drill-hole data by Erin's technical advisers indicates that the
Piskanja deposit has the potential of hosting additional
significant borate tonnage beyond the historical estimate of seven
million tonnes, based on their observations that the deposit is
open both to the south and the east, as the last drill holes ended
in mineralization.
(i)(A Qualified Person has not done sufficient work to classify
the historical estimate as a current mineral resource. Additional
drilling will be required before this historical estimate could be
raised to a resource status. Erin is not treating the historical
estimate as current mineral resources and the historical estimate
should not be relied upon.)
About boron
Borate minerals and refined borate products are used extensively
worldwide in the manufacture of vitreous products such as
fiberglass insulation, textile fiberglass, borosilicate glass (LCD
screens), ceramic glazes and porcelain enamels. These applications
account for approximately 60 per cent of borate consumption, with
detergents, fire retardants, metallurgy, agriculture, insecticides,
wood preservatives and specialty products accounting for the
remainder. Consumption of borates used in high- technical
applications is expected to increase by 10% in North America and
13% in Europe by 2012. China is the largest consumer of boron,
where consumption has rose by 15 percent per year from 2000 to
2010. Market prices reflect the relative scarcity of borates with
pricesm averaging: US$280/t for colemanite concentrate (40-42
percent B2O3); US$500/t for ulexite (40 percent B2O3); US$550/t for
boric acid; and US$50/kg for anhydrous borax.(i)
(i)Source: US Geological Survey, Report on Boron 2008.
On behalf of the Board of Directors,
Blake Fallis, General Manager
Erin's Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV
The technical information in this release was prepared by James
E Wallis, M.Sc. (Eng), P. Eng. a consultant to the Corporation, who
is a Qualified Person under National Instrument 43-101.
Forward Looking Statements
This release contains forward looking statements. The words
"believe," "expect," "feel," "plan," "anticipate," "project,"
"could," "should" and other similar expressions generally identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of their dates. These forward-looking statements are
subject to a number of risks and uncertainties including, without
limitation, variations in estimated costs, the failure to discover
or recover economic grades of minerals, and the inability to raise
the funds necessary for the continued operations of the Company,
changes in external market factors including commodity prices, and
other risks and uncertainties. Actual results could differ
materially from the results referred to in the forward-looking
statements.
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.
Contacts: Erin Ventures Inc. Blake Fallis General Manager 1-250-
384-1999 or 1-888-289-3746 www.erinventures.com
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