-- Posted Thursday, 7 July 2011 | | Disqus
VANCOUVER, BRITISH COLUMBIA -- Astur Gold Corp. (TSX-V:AST - News) (Frankfurt:CDC - News) ("Astur Gold" or the "Company") announces the submission of initial documentation towards an Environmental Impact Assessment ("EIA") for the Salave gold project. This marks the initiation of environmental activities that will support environmental, industrial and mine permitting at Salave.
Documentation will be reviewed by the General Directorate of Mines and Energy of the Principality of Asturias and a response is expected to help guide the EIA process. Submission of a complete mine plan to the new administration in Asturias is expected to follow in September.
Cary Pinkowski, CEO & Director commented, "We are very pleased with the progress towards development of the Salave project and look forward to working with the new government of Asturias to bring Salave into production."
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 March 5, 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 results 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.
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.
-- Posted Thursday, 7 July 2011 | Digg This Article
| Source: GoldSeek.com
