Erin Granted License for Serbian Boron Property
August 31 2010 - 8:30AM
Marketwired
Erin Ventures Inc. (TSX VENTURE: EV) is pleased to report that it
has been granted an exploration license for the Piskanja boron
deposit in Serbia, by the Serbian Ministry of Mining and Energy.
The license covers an area of approximately 3 square kilometres,
and includes the entire known historical mineralized area along
with a substantial amount of previously unexplored ground. This
development signals the return of the entire license area
previously held by Erin Ventures.
Under Serbian law, a mineral exploration license is granted
exclusively, for a 3 year period (extendable at the request of the
license holder). Upon successful completion of the exploration
program, the license holder has the sole right to apply for an
exploitation (mining) license.
Erin is planning an exploration program on the Piskanja deposit,
which has a historical estimate of approximately seven million
tonnes grading 39 per cent B2O3 (boron), with a goal of
establishing a NI43-101 compliant resource. 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.
Discussions are underway with interested potential strategic
partners regarding both the development of the project and the
eventual sale of boron.
Additionally, Erin is continuing with its US$15 million legal
action against EPS (the National Power Corporation of Serbia)
regarding alleged breaches by EPS in the now defunct joint venture
it formed with Erin in 1997, for the development of the Piskanja
property (as reported by Erin in its news release dated June 22,
2009).
Summary of the Piskanja boron property
The Piskanja property has a historical estimate of approximately
seven million tonnes of 39 per cent B2O3 (boron) as colemanite and
ulexite, based upon historic drill data (some of which was
completed by Erin). 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, based on their observations that the
deposit is open both to the south and the east, as the last drill
holes ended in mineralization.
Piskanja is located in a historical mining region that has good
infrastructure for mining including roads, rail, electric power,
experienced miners, support services, etc., 250 km south of
Belgrade, Serbia by good paved roads.
About boron
-- Boron is a critically important industrial mineral. World production of
boron minerals reached an estimated 4.35 million metric tons in 2008.
-- Market prices reflect the relative scarcity of borates with prices
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.
-- 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 risen by 15 percent
per year from 2000 to 2010.
-- Borate minerals and refined borate products are used extensively
worldwide in the manufacture of vitreous products such as fiberglass
insulation, textile fiberglass, borosilicate glass (e.g. 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.
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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