Euro Sun Receives Key Approval FOR the Rovina Valley Project from Romanian Government
News Release
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EURO SUN RECEIVES KEY APPROVAL FOR THE ROVINA VALLEY
PROJECT FROM ROMANIAN GOVERNMENT
TORONTO, June 15, 2021 -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”)
is pleased to announce the issuance of the “Avizul de Oportunitate” by the County Council of
Hunedoara County , Romania. This approval is a significant milestone in the permitting
process and is required under Romanian legislation to continue to advance the Rovina
Valley Project.
With the issuance of the Aviz ul de Oportunitate, ( approximate translation: opportunity opinion
and/or permit), the Company is now approved to proceed to the next stage of permitting for the
Rovina Valley Project, namely the Planul Urbanistic Zonal (“PUZ”) or Certificate of Urbanism for
Land. The PUZ process takes the existing pastoral or forest lands and re-zones the required area
for commer cial activity . The definitive feasibility study, filed on April 14 th, 2021 , provided the
necessary engineering details required for the submittal of the approximately 3 ,000 page
application and ultimately approval of the permit.
As announced on April 5 th, 2021 the Company officially initiated the Strategic Environmental
Assessment (“SEA”) with the Environmental Protection Agency of Hunedoara County (“EPA”).
The legislated eighteen-day period for public comment on initiation of the SEA has passed with
no comments received by the EPA. The Company and the EPA are now working towards
receiving the agreements and/or opinions from all the administrative authorit ies for the
environmental opinion on the PUZ and preparing for public consultations expected to occur in Q3
2021.
Scott Moore, Euro Sun’s CEO states, “We are pleased to see continued ongoing support by the
Romanian state as they deliver approvals as required to move the Rovina Valley Project towards
our construction start. Investor perception of Romania as a potentially unfriendly jurisdiction to
mining is clearly not accurate as these approval milestones continue to demonstrate. Our
Definitive Feasibility Study has outlined a generational asset that brings the highest environmental
stewardship along with significant economic benefits directly to our local communities and to the
County as a whole. The milestone permit now allows the company to proceed with the PUZ taking
us another step closer to construction.”
News Release
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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]
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 contained 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, 2019 filed with the
securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
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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, estimated or expected. Although
the Company has attempted to identify important risks, uncertainties and factors which could
cause actual result s 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 has 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 m eaning. 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 comm on
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 capitalised 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 .