DGAP-News: ASTUR GOLD ENTERS INTO JOINT VENTURE WITH SILVER SWAN FOR LA CODOSERA PROPERTY
(firmenpresse) - DGAP-News: Astur Gold Corp. / Key word(s): Joint Venture
ASTUR GOLD ENTERS INTO JOINT VENTURE WITH SILVER SWAN FOR LA CODOSERA
PROPERTY
28.03.2012 / 13:21
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Vancouver, BC - Astur Gold Corp. (TSX-V: AST, Frankfurt: CDC) ('Astur Gold'
or the 'Company') is pleased to announce that it has entered into a legally
binding Joint Venture Agreement with ASX-listed Silver Swan Group Limited
(ASX: SWN) ('Silver Swan') allowing Silver Swan to earn up to an 80%
interest in Astur Gold's La Codosera gold property by incurring AUD$3M in
exploration expenditures.
Under the terms of the Joint Venture Agreement, Silver Swan will earn an
initial 51% interest by incurring AUD$1.5M in exploration expenditures
within a period of 3.5 years, including a minimum expenditure commitment of
AUD$500,000 to be spent within the first 14 months. Following the initial
earn-in, Silver Swan may earn an additional 29% interest (80% total) in La
Codosera by incurring further expenditures of AUD$1.5M within 5 years.
Silver Swan will also issue to Astur Gold up to AUD$1,000,000 worth of
Silver Swan shares in two $500,000 tranches, conditional upon Silver Swan
achieving Indicated JORC Resources of 500,000oz gold and 1,000,000oz gold
respectively. The value of the issued shares will be calculated based on
the 10-day VWAP of Silver Swan.
'This joint venture allows Astur Gold to focus our engineering, social
licensing, and permitting expertise on developing our cornerstone asset
Salave, while still maintaining exposure to the upside potential of La
Codosera. We look forward to working with Silver wan to unlock value at La
Codosera,' stated Astur Gold President and CEO Cary Pinkowski.
La Codosera comprises five mineral permits covering an area of 1,851
hectares, located 40km from the provincial capital of Badajoz of the
Extremadura region of eastern Spain. The Extremadura region is known as a
leader in mining industry support and is one of the most famous historic
gold districts in Spain. The area was mined by the Romans approximately
2,000 years ago and the workings are considered contemporaneous with other
Roman mining operations including Astur Gold's flagship Salave project in
the Asturias region in northern Spain.
Silver Swan's Work Program
Silver Swan will commence exploration activities at La Codosera in April.
An initial programme of geological and structural mapping will put
particular emphasis on the vein systems and the inter-relationships between
each of the prospect areas in an attempt to establish controls on
mineralization and define mineralization along strike. A drill program will
follow.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias,
northern Spain. Salave is one of the largest undeveloped gold deposits in
Western Europe. The Company submitted an application for an underground
mine permit to the government of Asturias in September 2011, and are
currently conducting underground mine planning and an Environmental Impact
Study. The Company is building a partnership with the people of Asturias to
generate sustainable economic benefits for the region while balancing the
needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT: Vadim Dubchak #300-1055West
Hastings Street, Vancouver, B.C., V6E 2E9
Tel: +1 604-694-1600
Fax: +1 604-694-1663
info(at)asturgold.com
www.asturgold.com
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. 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.
End of Corporate News
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