Euro Sun Receives Approval to Initiate Strategic Environmental Assessment
News Release
1
EURO SUN RECEIVES APPROVAL TO INITIATE STRATEGIC
ENVIRONMENTAL ASSESSMENT
TORONTO, May 10th, 2021 -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the
“Company”) is pleased to announce that the company has been officially notified by the
Environmental Protection Agency of Hunedoara County (“EPA”) that following a meeting of the
Special Committee set up at Hunedoara County level, on 27.04.2021 (as provided for in Article
10(2), of H.G. No 1076/2004); the required eighteen-day public comment period on the initiation
of the Strategic Environmental Assessment (“SEA”) has passed; no comments were received;
and the SEA is approved to move forward. The Company published the notification in the public
press on May 10th, 2021.
The Company and the EPA are now working towards receiving the agreements and opinions from
all the administrative authorities required for approval of the Planul Urbanistic Zonal (“ PUZ”) or
Certificate of Urbanism for Land forming part of the SEA process. The Company and the EPA are
also preparing for public consultations which are expected to occur in Q3 2021.
Scott Moore, Euro Sun’s CEO states, “All aspects of ESG principles are key to success of the
Rovina Valley Project. This approval is an important milestone in the SEA process. We believe
that our frequent public communications and presence in the local community has played an
important role. Environmental stewardship is a key factor to the success of Rovina Valley Project
with a life of mine design from extraction to rehabilitation with minimal impact utilizing the highest
global standards for mining processing, tailings management with DRY -Stacking and utilizing
Zero Cyanide. We are pleased the EPA is continuing to advance the project in line with Romanian
legislation and we look forward to a collaborative effort on the successful outcome of the SEA
process.”
Scott Moore continued to highlight, “The Rovina Valley project economics are highly levered
to the rise in metal prices for both Copper and Gold. The Definitive Feasibility Study utilized a
conservative base case metal prices of $3.30 a pound for copper and $1,550 per ounce for gold.
Spot copper prices have risen 40% to over $4.70 a pound and gold is up 18% to over $1,830 an
ounce. The result of this rise in copper and gold prices increases the Net Present Value 5 of the
project approximately 125% from US$447 million to US $1.0 Billion further demonstrating the
opportunity for investors to participate in the de-risking of Euro Sun as we continue to achieve
permitting success.”
News Release
2
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and
development of its 100%-owned Rovina Valley gold and copper project located in west-central
Romania, which hosts the second largest gold deposit in Europe.
For further information about Euro Sun Mining, or the contents of this press release, please
contact Investor Relations at [email protected] , or Brad Humphrey , VP Corporate
Development at [email protected]
Caution regarding forward-looking information:
This press release contains statements which constitute “forward-looking information” within the
meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs
and current expectations of the Company with respect to future business activities and operating
performance. Forward-looking information is often identified by the words “may”, “would”, “could”,
“should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions
and includes information regarding the Company’s estimates, expectations, forecasts and
guidance for production, all -in sustaining cost, capital expenditures, cost savings, project
economics (including net present value) and other information contained in the feasibility study;
as well as references to other possible events, the future price of gold and copper, the estimation
of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource
estimates, the timing and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of the project and mining and processing
activities, requirements for additional capital, government regulation of mining operations, and
environmental risks.
Investors are cautioned that forward- looking information is not based on historical facts but
instead reflect management’s expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of management considered reasonable
at the date the statements are made. Although the Company believes that the expectations
reflected in such forward-looking information are reasonable, such information involves risks and
uncertainties, and undue reliance should not be placed on such information, as unknown or
unpredictable factors could have material adverse effects on future results, performance or
achievements of the Company. This forward -looking information may be affected by risks and
uncertainties in the combined business of the Company and market conditions, including (1) there
being no significant disruptions affecting the Company’s operations whether due to extreme
weather events and other or related natural disasters, labor disruptions, supply disruptions, power
disruptions, damage to equipment or otherwise; (2) permitting, development, operations and
production for the Rovina Valley Project being consistent with the Company’s expectations; (3)
political and legal developments Romania being consistent with current expectations; (4) certain
price assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies
being approximately consistent with current levels; (6) the accuracy of the Company’s mineral
reserve and mineral resource estimates; and (7) labor and materials costs increasing on a basis
consistent with the Company’s current expectations. This information is qualified in its entirety by
cautionary statements and risk factor disclosure c ontained in filings made by the Company with
the Canadian securities regulators, including the Company’s annual information form, financial
statements and related MD&A for the financial year ended December 31, 2020 filed with the
securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
News Release
3
Should one or more of these risks or uncertainties materialize, or should assumptions underlying
the forward-looking information prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed, es timated or expected. Although
the Company has attempted to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that cause results not to be as
anticipated, estimated or intended. The Company does not intend, and does not assume any
obligation, to update this forward-looking information except as otherwise required by applicable
law.
The Company may have included certain non-GAAP financial measures in this press release,
such as all-in sustaining costs (“AISC”) per ounce of gold sold, net present value (“NPV”). These
non-GAAP financial measures do not have any standardised meaning . Accordingly, these
financial measures are intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared in
accordance with International Financial Reporting Standards (“ IFRS”). AISC is a common
financial performance measure in the mining industry but has no standard definition under
IFRS. AISC includes operating cash costs, net -smelter royalty, corporate costs, sustaining
capital expenditure, sustaining exploration expenditure and capit alised stripping costs. Other
companies may calculate these measures differently and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with IFRS.
The TSX does not accept responsibility for the adequacy or accuracy of this news release .