Eros Resources Corp. Provides Corporate and Exploration Update ON the Bell Mountain GOLD Project IN Nevada
NEWS RELEASE
October 27th, 2020
EROS RESOURCES CORP. PROVIDES CORPORATE AND EXPLORATION UPDATE ON
THE BELL MOUNTAIN GOLD PROJECT IN NEVADA
Vancouver
BC,
October
27th,
2020
–
Eros
Resources
Corp.
(TSX-V:
“ERC,”
“Eros,”
or
the
“Company”)
is
pleased
to
announce
the
appointment
of
Welsh
Hagen
Associates
to
lead
the
exploration
efforts
at
the
Bell
Mountain
Gold
Project
in
Nevada.
Welsh
Hagen
has
been
directly
involved
with
the
engineering
and
advancement
of
the
Bell
Mountain
property
since
Eros
commenced
operations
in
Nevada
and
will
be
responsible
for
maintaining
corporate
stewardship
of
all
Nevada
operations for Eros.
New
BMEC
management
from
the
Welsh
Hagen
team
includes
John
Welsh,
President
and
Director,
Douglas
Willis,
Vice
President-Exploration,
and
Caren
Idzinga,
Secretary.
Management
from
the
Eros
team
includes
Ronald
Netolitzky,
Chief
Executive
Officer
and
Director,
and
Andrew
Davidson,
Treasurer
and
Director.
BMEC
will
maintain
a
corporate
presence
at
the office of Welsh Hagen Associates at 250 S. Rock Blvd., Suite 118, Reno, NV 89502 (Tel: 775-853-7776).
Welsh
Hagen
is
assuming
the
role
formerly
held
by
Mr.
Jeffrey
L.
Wilson,
who
is
retiring
at
the
end
of
October
2020.
Eros
wishes
to
thank
Mr.
Wilson,
whose
efforts
have
been
instrumental
in
steering
the
Bell
Mountain
Gold
Project
successfully
through the permitting process.
Soil Geochemical Survey Samples Collected and Submitted for Analysis
As
previously
reported,
Eros
has
initiated
a
soil
geochemical
survey
to
identify
drill
targets
in
order
to
expand
the
existing
resource
model
at
Bell
Mountain
gold
focused
project.
We
are
pleased
to
report
that
the
soil
samples
have
been
collected
and
have now been submitted to the lab for analysis.
Eros
collected
1,000
soil
samples
on
a
200
ft
x
200
ft
sample
grid.
Where
bedrock
was
present,
rock-chip
samples
were
collected.
Certified
reference
material,
blanks,
duplicates,
and
second-lab
check
assays
are
part
of
the
quality
control
and
assurance
program.
The
samples
will
guide
determination
of
drill
targets
by
anomalous
gold
in
soil
and
favorable
geology
(silicification) where present. Reverse-circulation exploration drilling will test targets as warranted.
About Bell Mountain - A Gold Focused Project in Advanced Stages of The Permitting Process
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.
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.
The
current development project is Bell Mountain, Nevada.
In
addition,
the
Company
plans
to
make
strategic
investments
with
a
global
focus
on
a
diverse
commodity
base.
EROS
managements’ expertise supports this strategy.
For further information, please contact:
EROS Resources Corp.
Ron Netolitzky
President and Chief Executive Officer
Phone: 604-688-8115
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