EROS Resources Corp. Moves Forward with the Permitting Process on Bell Mountain
EROS Resources Corp. Moves Forward with
the Permitting Process on Bell Mountain
VANCOUVER, BC
,
Aug. 31, 2020
/CNW/ -
EROS Resources Corp.
("
EROS
" or the "
Company
")
(TSXV: ERC) is pleased to announce progress in its permitting process for the Bell Mountain Mine
(gold and silver) in
Churchill County, Nevada
.
Summary:
Application for the Water Pollution Control Permit submitted
The permit is one of the most important documents required to move the project
forward
Previous Environmental Assessment resulted in Finding of No Significant Impact (FONSI)
Bell Mountain Exploration Corp. (BMEC), a
Nevada
corporation wholly owned by EROS, has
recently submitted a Water Pollution Control Permit Application (WPCPA) to the Nevada Bureau of
Mining Regulation and Reclamation (BMRR).
According to the BMRR, facilities utilizing chemicals for processing ores in
Nevada
are generally
required to meet a zero discharge performance standard. Water Pollution Control Permits are
issued to an operator by the BMRR to ensure operation of the facility will not result in degradation of
waters of the State. This is a major permit issued by the
State of Nevada
.
The large permit application document was prepared by Welsh Hagen Associates of
Reno, Nevada
.
As required by Nevada Administrative Code, the document includes an Assessment of Area of
Review, Meteorological Report, Engineering Design Report (including detail design sheets), Fluid
Management Plan, Proposed Operating Plans, Monitoring Plan, Emergency Response Plan, and
Tentative Plan for Permanent Closure. The BMRR review process normally takes 180 days for
completion of new applications.
The aforementioned WPCPA submission for the Bell Mountain Mine is part of a continuing permit
process which has included an approved
Mine Plan
of Operations, an Environmental Assessment
with a Finding of No Significant Impact and a Decision Record approving advancement of the project.
The Principal Deputy of the U.S. Navy has also confirmed in a letter that they are committed to work
with BMEC in accommodating mine development adjacent to the Fallon Naval Air Station.
Mr.
Ron Netolitzky
, President and CEO of EROS, states
"The Company is very pleased with the
progress made in the permitting process of the Bell Mountain. We are excited about moving the
Bell Mountain gold/silver project forward. We firmly believe the scale of the Bell Mountain Mine
can be further increased with additional exploration work on the property in the near term, and
that's what we plan to do. I thank our technical team in
Nevada
, along with our consultants, for
their diligent and tireless work."
About Bell Mountain Project
Eros' 100% owned Bell Mountain Gold Project is located near
Fallon, Nevada
. Highlights of the
Preliminary Economic Assessment that was completed in 2017 (
See Eros'
press release of
October
11, 2017
) and which has not been updated for current gold and silver pricing, include:
Pre-tax net present value ("NPV" @ 5% and internal rate of return ("IRR") of
$17.6 million
and
41.4% respectively, along with a payback period of 1.7 years, using a USD
$1,300
/oz price of
gold and a USD
$17.50
/oz price of silver.
After tax NPV @ 5% and IRR of
$9.3M
and 24.7% respectively, with a payback period of 2.7
years.
4 year mine life, with total production of 60,056 ounces of gold and 408,498 ounces of silver,
before expansion based on renewed exploration.
Life of mine cash cost of
$759
per produced ounce, net of by-product silver and including
royalty payments totalling
$2.56 million
.
For further details, please refer to
www.sedar.com
Eros has engaged McClelland Laboratories in
Reno, NV
to estimate capital and operating costs
(±20%) for the Bell Mountain Gold Project. Subsequent data will be used to update the present
economic model.
Furthermore, Eros is planning to reinstate the exploration activities in a near future, with the purpose
of further expanding the current resource base.
Eros operates in the
USA
through its 100% owned subsidiary Bell Mountain Mining Corp., a
Nevada
corporation based in
Carson City Nevada
.
Qualified Person
Mr.
Jeffrey Wilson
of
Carson City, Nevada
, is a consulting geologist to Eros. Mr. Wilson is a
"Qualified Person" within the context of National Instrument 43-101, is responsible for the
preparation of this news release and has read and approved its technical aspects.
About EROS
Eros Resources Corp. is a Canadian public company listed on the Toronto Venture Exchange. The
Company's business objective is the identification, acquisition and exploration of advanced-stage
projects with a North American focus. In addition, the Company plans to make strategic investments
with a global focus on a diverse commodity base. EROS managements' expertise supports this
strategy.
Forward Looking Statements
This release contains forward-looking statements. All statements, other than statements of
historical fact that address activities, events or developments that we believe, expect or anticipate
will or may occur in the future are forward-looking statements. These forward-looking statements
reflect our current expectations or beliefs based on information currently available to us. Forward-
looking statements in this release include, without limitation, statements with respect to: the closing
of the Private Placement and the use of proceeds from the Private Placement. Forward-looking
statements are subject to a number of risks and uncertainties that may cause our actual results to
differ materially from those discussed in the forward-looking statements and, even if such actual
results are realized or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on, us. Factors that could cause actual results or events to
differ materially from current expectations include, among other things, delays in obtaining or
failure to obtain required approvals to complete the Private Placement; and other risks related to
our business. Any forward-looking statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, we disclaim any intent or obligation to
update any forward-looking statement, whether as a result of new information, future events or
results or otherwise. Although we believe that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be put on such statements due to their inherent
uncertainty.
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.
EROS Resources Corp.
Investor Inquiries:
Suite 420 - 789 West Pender Street
Vancouver, British Columbia,
T: 604-688-8115
w:
www.erosresourcescorp.com
Lubica Keighery
VP Corporate Development
c: 778-889-5476
SOURCE
Eros Resources Corp.
View original content:
http://www.newswire.ca/en/releases/archive/August2020/31/c6680.html
%SEDAR: 00006156E
For further information:
please contact: EROS Resources Corp., Ron Netolitzky, President and
Chief Executive Officer, Phone: 604-688-8115
CO: Eros Resources Corp.
CNW 07:30e 31-AUG-20