DGAP-News: ASTUR GOLD CORP. SUBMITS SALAVE PROJECT APPLICATION
(firmenpresse) - DGAP-News: Astur Gold Corp. / Key word(s): Miscellaneous
ASTUR GOLD CORP. SUBMITS SALAVE PROJECT APPLICATION
04.10.2011 / 16:06
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Vancouver, BC - October 3, 2011: Astur Gold Corp. (TSX-V: AST, Frankfurt:
CDC) ('Astur Gold' or the 'Company') has submitted the Exploitation Project
Application (the 'Application') to the General Directorate of Mines of the
Principality of Asturias as a statutory requirement for the development of
its Salave Gold Project in northern Spain. The Application contains a
comprehensive review of the technical aspects of the project, including the
planning and design of the mine, processing, waste and tailings facilities,
as well as a full review of financial feasibility, hydrogeological,
geotechnical, archeological, health and safety studies done to date. The
Application marks the commencement of the process to obtain full technical
project permitting.
In preparing the Application, Astur Gold has proceeded with engineering
studies for an underground mine combined with a pressure oxidation and CIL
processing plant. This Application was prepared by the Company's technical
team in Oviedo with the help of Asturias based partners: Golder Associates
Global Ibérica (mine design and geotechnical studies), University of Oviedo
(hydrogeological modeling), Vaciero (legal aspects), and Msarqueo
(archeological and cultural studies). Most contractors were from Asturias
and that priority will be given to local Asturian companies and employees
in the future.
Astur Gold will continue in the permitting process through the preparation
of detailed engineering for the mine, processing plant, power lines, waste
and tailings facilities. The results of these studies will be submitted in
due course, as per regulatory requirements. The Company also plans to
initiate a Bankable Feasibility Study before year end.
Astur Gold had previously submitted the Initial Document for an
Environmental Impact Study (see July 7, 2011 Press Release) and has started
field work necessary for the EIS under the supervision of Congeo. This
process runs concurrently with the technical Exploitation Project
Application and both are components of the permitting process.
The complete Environmental Impact Study is scheduled to be submitted in the
first quarter of 2012 along with necessary reclamation and waste management
documentation.
Cary Pinkowski, CEO&Director commented, 'I would like to thank our
employees, consultants, and contractors who prepared this mine application.
We are very proud that the work was completed in Asturias and will continue
to ensure that the project benefits the region.'
ABOUT ASTUR GOLD
Astur Gold (TSX-V: AST, FWB: CDC) is developing its 100% owned Salave Gold
Project in Asturias (northern Spain) comprising 3,198 hectares. Salave is
one of the largest undeveloped gold deposits in Western Europe with a NI
43-101 compliant mineral resource estimate by Scott Wilson RPA
containing1,683,000 oz of gold 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 of gold in the
Inferred category (3,770,000 tonnes grading 2.8 g/t Au). Drilling to date
totals 64,377m in 430 holes (235 diamond drill holes) and previous
metallurgical tests indicate gold recoveries in the order of 90% are
possible.
The Company is focused on bringing Salave into production as soon as
possible. An underground mining plan using pressure oxidation processing
(POX) has an estimated pre-tax NPV5% of US$391 Million, IRR of 46%, and
capital expenditure payback of 2.2 years using $1,100/oz gold price
(Preliminary Economic Assessment by Golder Associates, February 12, 2011).
Sensitivity analysis demonstrates the following outcomes to changes in gold
price:
Au Price Pre-tax NPV 5% IRR (%)
(US$/Ounce) (US$M)
1.000$ 300$ 38%
1.100$ 391$ 46%
1.250$ 529$ 57%
1.400$ 667$ 68%
1.500$ 759$ 75%
Astur Gold is advancing Salave towards production and growing the
partnership with the people of Asturias in developing economic prosperity
for the region. The region boasts excellent infrastructure and industrial
skilled labour due to a long history of mining that will help support
future mine development.
ON BEHALF OF THE BOARD
Signed 'Cary Pinkowski'
Cary Pinkowski, Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Vadim Dubchak
#300-1055 West Hastings Street,
Vancouver, B.C.
V6E2E9
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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141222 04.10.2011
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