-- Posted Monday, 15 August 2011 | | Disqus
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/15/11)- Astur Gold Corp. (TSX-V: AST.V)(Frankfurt: CDC.F) (ATRGF.PK) ("Astur Gold" or the "Company") announces success in securing additional concessions totaling 2765 contiguous hectares surrounding its Salave deposit. The Exploration Permit granted by the General Directorate of Mines and Energy of the Principality of Asturias allows Astur Gold to explore for additional gold resources in the area surrounding the Salave deposit. The Company has committed to invest at least EUR570,000 over the next 3 years to maintain the property in good standing. This increases the total mineral rights area owned by the Company in Asturias to 3198 hectares and includes the area under consideration for operations and processing of the planned mine.
Cary Pinkowski, CEO & Director, commented, "We are pleased to have obtained these concessions surrounding Salave. It substantially expands our project area and includes the land we are evaluating for the processing plant and tailings area. This is a significant step toward increasing activities related to mine development and possible expansion of the resource. We are fulfilling our commitment to our supporters in Asturias awaiting jobs and economic growth resulting from the success this project."
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 tests 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. Astur Gold is advancing Salave towards production and cultivating an enduring partnership with the people of Asturias in developing economic prosperity for the region.
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.
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.com
www.asturgold.com
-- Posted Monday, 15 August 2011 | Digg This Article
| Source: GoldSeek.com
