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Euro Sun Mining Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  66 Wellington Street West, Suite 5300
TD Bank Tower Box 48
Toronto, Ontario
Canada M5K 1E6
Web Site: www.eurosunmining.com
E-mail: info@eurosunmining.com
Contact Person: Scott Moore
Position: President & CEO


Company Data

Traded Market: TSX
Traded Symbol: ESM
Outstanding Shares: 169,121,413
52 Week High: $ 0.62
52 Week Low: $ 0.135
Present Price: Click Here


Introduction

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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. Romania has been a member of the European Union since 2007.

Company Overview

An advanced 10 million ounce project in the European Union

  • Developing a large-scale bulk tonnage open pit mine
  • Long life production profile
  • Significant leverage to Gold and Copper prices
    • 7 million ounces of Gold (Measured & Indicated)
    • 1.4 billion pounds of Copper (Measured & Indicated)
  • Mining License issued and ratified by Romanian State in Nov. 2018; valid for 20 years and renewable
  • Past-producing region – excellent infrastructure in place: rail, power, paved access, skilled labour, and town of 13,000 within 5km of the project
  • Completion of Urbanization Certificate and Bankable Feasibility Study (BFS) in 2020


FLAGSHIP PROJECT

Rovina Valley Gold and Copper Project, West-Central Romania

The Rovina Valley Project covers 27.68 sq. km in west-central Romania, approximately 300 km northwest of the capital city of Bucharest. This historic mining district known as the “Golden Quadrilateral” is one of the largest gold-producing areas in Europe where it is estimated that more that 55 Moz of gold have been produced since the Roman period (ca 2000 yrs. ago).

The Measured & Indicated mineral resources of 10.1 million ounces of gold equivalent are based on three (3) porphyry deposits that define a north-northeast trend over a distance of 7.5 km. The Rovina deposit is the northern-most deposit, followed by the Colnic deposit, and the Ciresata deposit located the furthest south.

Rovina Cu-Au Porphyry Deposit

  • M&I: 1 Moz of Gold, 573 Mlbs of Copper

Colnic Au-Cu Porphyry Deposit

  • M&I: 2.2 Moz of Gold, 302 Mlbs of Copper

Ciresata Au-Cu Porphyry Deposit

  • M&I: 3.8 Moz of Gold, 518 Mlbs of Copper

Updated Measured & Indicated Mineral Resources (2019)

Tonnage

Mt

Au

g/t

Cu

%

Gold

Moz

Copper

Mlb

AuEq*

Moz

AuEq*

g/t

MEASURED

Rovina

32.1

0.36

0.29

0.37

208.5

0.83

0.53

Colnic

29.2

0.65

0.12

0.61

74.3

0.77

0.82

Ciresata

28.5

0.88

0.16

0.81

102.2

1.03

1.13

Total

89.8

0.62

0.19

1.78

385.1

2.63

0.91

INDICATED

Rovina

74.2

0.27

0.22

0.64

364.6

1.44

0.60

Colnic

106.5

0.47

0.10

1.62

227.5

2.12

0.62

Ciresata

125.9

0.74

0.15

3.01

413.4

3.92

0.97

Total

306.6

0.53

0.15

5.26

1,005.5

7.47

0.76

TOTAL M&I

Total

396.4

0.55

0.16

7.05

1,390.6

10.11

0.79

*AuEq determined by using a long-term gold price of US$1,500 per ounce and a copper price of US$ 3.30/lb. Base case cut-off grade used in the table are 0.35 g/t AuEq for the Colnic deposit and 0.25% CuEq for the Rovina deposit, and 0.65 g/t AuEq for the Ciresata deposit.

Project Highlights

  • The Project consists of three distinct deposits, Rovina, Colnic, and Ciresata, which define a north-northeast trend over a distance of 7.5km
  • Rovina and Colnic deposits are amenable to open-pit mining
  • Ciresata deposit is amenable to underground mining
  • 10.11M ounces of gold equivalent in the Measured & Indicated category
  • Mining License ratified by Romania November 2018
  • NI 43-101 PEA completed in February 2019
  • Feasibility Study in 2020
  • Construction ready in 2021
  • Leverage to rising gold and copper prices

Strong Institutional Shareholders

Staged Development Approach

Phase I

PEA Results (Feb 2019): Colnic Only

  • Only ~29% of total mineral resources
  • Average annual production of 139,000 oz AuEq; 12 year mine life
  • CAPEX $339.7M, including $264M for a central plant built for all three deposits
  • AISC of $752/oz

Feasibility Study (2020): Colnic & Rovina

  • Target mine life +18 years
  • Initial CAPEX in line with PEA
  • Substantially increase NPV and IRR
  • Substantially increase Gold & Copper production

Phase II

Ciresata

  • Underground deposit – 3.8 Moz of Au, 515 Mlbs of Cu
  • Technical study to be completed at a later date

Upcoming Catalysts in 2020

Three Major Projects Expected for Completion in 2020

Urbanization Certificate for Project

  • Environmental Impact Assessment
  • Public meetings
  • Targeting completion by end 2020

Urbanization Certificate for Land

  • Re-zoning for mine construction from pastoral or state forests to commercial applications

Bankable Feasibility Study

  • Focused on increased mine life to include both Colnic and Rovina pits in initial plan


Management

Management and Directors

Scott Moore, MBA, President & Chief Executive Officer, Director

Mr. Moore is a business executive with over 30 years of experience in the resource and durable goods sectors. He is the former President and CEO of Dacha Strategic Metals, former Director of Avion Gold and former EVP of Sulliden Gold.

Paul Bozoki, CA, MBA, Chief Financial Officer

Mr. Bozoki has over 20 years of accounting, tax and corporate finance experience in Canada and Europe. He is the former CFO of CD Capital Partners and MAVA Investment Ltd.

Sam Rasmussen, B.Eng., Chief Operating Officer

Mr. Rasmussen has accumulated over 25 years of experience in building and operating large tonnage mines for international miners such as Glencore, Lundin Mining, Freeport McMoRan and Anglo American.

Randall Ruff, B.Sc., M.Sc., Vice President Exploration

Mr. Ruff has over 20 years of experience in mineral exploration. Mr. Ruff is currently based in Brad, Romania, and has worked in Eastern Europe for Euro Sun since 1998.

Brad Humphrey, Vice President Corporate Development

Mr. Humphrey has over 20 years of international mining experience, predominantly as a precious metals analyst.

David Danziger, CA, Director

Danny Callow, P.Eng., MBA, Director

Eva Bellissimo, LLB, Director

Bruce Humphrey, P.Eng., Director

Peter Vukanovich, CPA, Director

Paul Perrow, Director


News Update

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