Canadian development-stage mining company Euro Sun Mining has secured exploitation permit and mining license for the Rovina Valley project in Romania.
One of the largest mineral deposits in the European Union, the Rovina Valley project comprises Colnic and Rovina, two surface porphyry deposits, and Ciresta, an underground deposit.
The Rovina Valley project hosts mineral resources of 7.2 million ounces of gold and 1.4 billion pounds of copper in 406 million tons at 0.55 gold gm per ton and 0.16% of contained copper.
The fully approved mining license for the Rovina Valley project, signed by the Romanian Prime Minister, will be published in the Official Monitor of the Romanian Government.
Euro Sun chairman Stan Bharti said: “The importance of this ratification cannot be overstated. Romania has now demonstrated an open and willing embrace for mining investment, one that is sure to attract significant interest not only in the Rovina Valley project but for mining investment globally in Romania.”
Euro Sun president and CEO Scott Moore said: “As the first non-state-owned entity to have a ratified mining license, we are committed to developing the Rovina Valley project as an example of responsible mining to the highest environmental standards, and in the process, provide meaningful economic impact to our local community partners and to the Romanian state.”
The company will now carry out the Environmental and Social Impact Assessment (ESIA) and continue the Feasibility Study to expedite the Rovina Valley project.
The Preliminary Economic Assessment (PEA) conducted in 2010 projected an average annual gold production of 196,000 ounces over 19 years, with the first five years averaging 238,000 oz annually.
According to the PEA, the Rovina Valley project is expected to produce 49.4 million pounds annually, based on a production rate of approximately 45,000 tons per day.
The Feasibility Study will assess a scalable, phased approach to target higher grade zones of the deposit. The phased approach will begin with the exploitation of the Colnic deposit, at an initial throughput of 15,000-25,000 ton per day.
The company said that the phased approach will better manage upfront capital costs, mitigate project risk and deliver improved economics over the 2010 PEA.