Erin Ventures Releases Amended Resource Estimate Report For Its Serbian Boron Project
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ERIN VENTURES INC. (“Erin”)
NEWS RELEASE
Erin Ventures Releases Amended Resource Estimate
Report For Its Serbian Boron Project
March 1, 2019
Erin Ventures Inc. [TSXV: EV] [OTCQB: ERVFF] is pleased to announce the release of an amended
mineral resource estimate report titled, “Mineral Resource Estimate Update On The Piskanja Borate
Project, Serbia, October 2016 - Amended February 28 2019” (the “ Report”), for Erin’s 100% owned
Serbian boron property. The Report was authored by SRK Consulting (UK) Ltd (“SRK”) independent of
Erin, and has been prepared in accordance with Canadian Securities Administrators’ National Instrument
43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
The effective date of SRK’s mineral resource statement contained within the Report is July 19, 2016, and
was prepared in conformity with the Canadian Institute of Mining (CIM) "Estimation of Mineral
Resource and Mineral Reserves Best Practices Guidelines".
In summary, in producing the mineral resource statement, the Qualified Persons (the “ Authors”) at SRK
have:
• Modelled the borate horizons in 3D;
• Composited the sample data into 1m intervals and undertaken a statistical analysis of the assay
data in each mineralised domain;
• Evaluated the composited assay data for the presence of high-grade outliers from histograms;
• Undertaken geostatistical analyses to determine appropriate interpolation algorithms;
• Created a block model with block dimensions of 10x10x2 m;
• Undertaken a Quantitative Kriging Neighbourhood Analysis (QKNA) to test the sensitivity of the
interpolation parameters;
• Interpolated borate grades into the block model;
• Visually and statistically validated the interpolated block grades relative to the original sample
results; and
• Reported an MRE according to CIM Standards.
Upon consideration of data quality, drill hole spacing and the interpreted continuity of grades controlled
by the deposit, the Authors variously classified portions of the deposit in the Indicated and Infer red
Mineral Resource categories.
The Authors applied basic economic considerations to restrict the Mineral Resource to material that it
considered had reasonable prospects for economic extraction by underground mining methods.
The updated MRE for the Project is presented below.
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SRK Mineral Resource Statement as at July 19, 2016 for the Piskanja
Deposit prepared in accordance with CIM Standards
Mineral Resource
Category1
Cut-off
(B2O3)
Tonnage, Mt
B2O3
Grade, %
Contained
B2O3, Mt3
Indicated 12% 7.8 31.0 2.4
Inferred2 12% 3.4 28.6 1.0
1Mineral Resources are not Mineral Reserves as they have no demonstrated economic viability. SRK and
Erin are not aware of any factors (environmental, permitting, legal, title, taxation, socio -economic,
marketing, political, or other relevant factors) that have materially affected the Mineral Resource
Estimate.
2The quantity and grade of reported Indicated and Inferred Mineral Resources in this estimation are
uncertain in nature. There has been insufficie nt exploration to report these Mineral Resources in the
Measured category and it is uncertain if further exploration will result in upgrading a part of these to this
category in due course or if further technical work will enable them to reported as Mineral Reserves.
3Contained metal figures and totals may differ due to rounding of figures.
Report Conclusions
The infill drilling and database verification work completed in 2016 added further confidence to the
geological model and borate grade distributions and enabled the production of an updated MRE which is
similar in quantum, but is now more robust, than that previously produced.
Comparison to Previous Estimates:
In comparison to the previous 2013 MRE for the Project, which was also reported at a cut -off grade of
12% B2O3 but above a minimum mining thickness of 1.0 m, this updated MRE (which is reported above
a minimum mining thickness of 1.2 m) has more borate in the Indicated category (2.4Mt compared to 1.7
Mt) and less borate in the Inferred category (1.0Mt compared to 1.8 Mt). These changes are primarily due
to some previously reported Inferred material being upgraded in to the Indicated category though there is
also a slight reduction in B2O3 content for the Project as a whole from 3.5 Mt to 3.4 Mt (-4%) mainly as
a result of a 6% reduction in tonnage. This change is primarily due to the 2015 infill drilling which has
shown some of the thicker zones to be less continuous than previously assumed but also enabled the
higher grade zones to be better del ineated, which has reduced the tonnage slightly but at the same time
slightly improved the grade (namely a global 2% increase in grade compared to the previous estimate).
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Piskanja Mineralisation Model, looking north
SRK Mineral Resource Classification
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The Report describing the details of the resource estimate will be available under Erin's profile on
SEDAR at www.sedar.com , and on the Company's website www.erinventures.com. The full report
contains more information with respect to the key assumptions, parameters, methods and risks of
determination associated with the Mineral Resource Estimate.
On behalf of the Board of Directors,
Blake Fallis, General Manager
Qualified Persons
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P.
Eng., a director of Erin, who is a Qualified Person under National Instrument 43-101.
The responsible persons for the updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail
Tsypukov who are both full time employees of SRK and Qualified Persons in accordance with the CIM
Definition Standards on Mineral Resources and Reserves (CIM S tandards) and independent of Erin
Ventures. Dr Mikhail Tsypukov visited the Project between 17th and 19th of October 2018.
About Erin Ventures Inc.
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in
Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange
under the symbol "EV" and OTCQB Venture Market und er the symbol “ERVFF”. For detailed
information please see Erin's website at www.erinventures.com or the Company's filed documents at
www.sedar.com.
For further information, please contact: Erin’s Public Quotations
Erin Ventures Inc. Canada USA
Blake Fallis, General Manager TSX Venture: EV OTCQB: ERVFF
Phone: 1-250- 384-1999 or 1-888-289-3746 Europe
www.erinventures.com Berlin: EKV
Neither the 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.
Forward Looking Statements: This release contains forward looking statements. The words "believe," "expect," “feel,” "plan,"
"anticipate," “project,” “could,” “shoul d” and other similar expressions generally identify forward -looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a
number of risks and uncertainties inc luding, without limitation, variations in estimated costs, the failure to discover or recover
economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including
commodity prices, and other risks and un certainties. Actual results could differ materially from the results referred to in the
forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward -looking
information. These and other factors made in public disclosures and filings by the Company should be considered carefully and
readers should not place undue reliance on the Company's forward -looking information. The Company does not undertake to
update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance
with applicable securities laws.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. "Inferred Resources" have a great
amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or
any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reser ves.
U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and
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Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferre d
mineral resource is economically or legally mineable.