Avrupa receives Slivovo Gold Project Study
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TSX-V: AVU
US DTC: AVPMF
FRANKFURT: 8AM
410 – 325 Howe Street, Vancouver, BC Canada V6C 1Z7 T: (604) 687-3520 F: (888) 889-4874
January 13, 2017 NR 1 - 2017
Avrupa receives Slivovo Gold Project Study
Avrupa Minerals Ltd. (AVU:TSXV) is pleased to announce that it has received the
Slivovo Gold Project Study (the “Study”) from its partner on the Project, Byrnecut
International Limited (“Byrnecut”). The study contains detailed geological, geochemical,
and geophysical information about the Slivovo gold deposit, as well as chapters
covering environmental, socia l, metallurgical, mining, infrastructure and surface
facilities, waste management, capital costs, and other studies.
Avrupa is currently evaluating the information contained in the Study and will advise
Byrnecut as to how it will proceed in the joint venture. By delivering the Slivovo Gold
Project Study, Byrnecut has earned into 85% of the J oint Venture entity, Peshter Mining
JSC (“PMJSC”). Avrupa, through its Kosovo subsidiary, now holds 15% of PMJSC. To
reach the 85% shareholder level in PMJSC, B yrnecut spent approximately 4 million
euros at Slivovo.
Since the start of the joint venture in April 2014, Avrupa and Byrnecut have made a gold
discovery at Slivovo, calculated an initial NI 43 -101 indicated resource estimate (See
AVU news release of May 5, 2016), and produced an extensive study of the deposit. As
expected, the Slivovo Study advises that further exploration, particularly drilling, is
necessary to increase the size of the Slivovo gold deposit.
PMJSC has proposed a results -dependent, m ulti-stage drilling program for 2017 and
beyond to potentially increase the amount of contained ounces of gold in the Slivovo
deposit to a level that can sustain a profitable mining operation on the site. PMJSC has
proposed an exploration budget in excess of 5 million euros to accomplish this goal.
After completion of the review of the Study, Avrupa will have the opportunity to choose
to continue to invest in the Slivovo Project at the 15% shareholder level or allow
Byrnecut to carry all future costs to a point where Avrupa would be diluted to a 2% net
smelter royalty. To date, since discovery of the mineralized Slivovo outcrop, Avrupa
has spent approximately 115,000 euros on the Project.
Avrupa is also pleased to report the receipt of Value Added Tax (V AT) return funds for
the years 2011 -2016, as stipulated by the tax laws and regulations of Kosovo. Future
VAT returns should come in on a regular basis, now that the procedure for the returns
has been established. The newly -received tax refunds have been used to complete
certain payments, and will also be used for new exploration in Kosovo. Avrupa wishes
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to thank the Government of Kosovo for their efforts in establishing a working VAT return
system.
Avrupa Minerals Ltd. is a growth -oriented junior explo ration and developme nt
company focused on discovery , using a prospect generator model, of valuable mineral
deposits in politically stable and prospective regions of Europe, including Portu gal,
Kosovo, and Germany.
The Company currently holds nine exploration licenses in three Eur opean countries,
including six in Portugal covering 3,821 km2, two in Kosovo covering 47 km2, and one in
Germany covering 307 km2. Avrupa has three joint ventures, two in Portugal and one in
Kosovo, including:
The Alvalade JV, with Colt Resources, covering one license in the Iberian Pyrite
Belt of southern Portugal, for Zn/Cu-rich massive sulfide deposits;
The Covas JV , with Blackheath Resources, covering one license in northern
Portugal, for intrusion-related W deposits; and
Avrupa’s partner at the Slivovo Gold Project in Kosovo is presently advancing
the Project by funding and operating a pre-feasibility study.
Avrupa is currently upgrading precious and base metal targets to JV -ready status in a
variety of districts on their other licenses, with the idea of attracting potential partners to
project-specific and/or regional exploration programs.
For additional information, contact Avrup a Minerals Ltd. at 1 -604-687-3520 or visit our
website at www.avrupaminerals.com.
On behalf of the Board,
“Paul W. Kuhn”
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W.
Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the
Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43 -101 of the Canadian
Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only
reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news
release.
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.