News out Erin Ventures and Temas Resources Commission an Updated PEA and Advance the Licensing Process on the Piskanja Boron Project
Victoria, B.C., October 7, 2021
Erin Ventures Inc. (“Erin”) [TSXV: EV] is pleased to report that it and its strategic partner, Temas Resources Corp. (“Temas”) [CSE: TMAS], have jointly commissioned an updated Preliminary Economic Assessment (PEA) for the Piskanja Boron Project. It is anticipated that the updated PEA should be complete over the next 90 days.
In conjunction with the production of an updated PEA, Erin’s subsidiary Balkan Gold, which holds Erin’s rights to Piskanja, is continuing with the activities and studies required to complete a Geological Elaborate for submission to the Serbian Mining Ministry. The approval of the Elaborate results in the issuance of a “Certificate of Reserves” by the Mining Ministry, as the first of two steps in the approval process for receiving a Mineral Exploitation License. A Serbian compliant Geological Elaborate is of similar scope, content, and confidence level as a CIM compliant PEA. It is anticipated that the Elaborate will be submitted for approval during Q1/22.
The budgeted expenditures for the completion of the PEA and the Elaborate will be funded by Temas as its initial contribution towards earning an interest in Piskanja. Pursuant to the terms of an agreement, Erin has provided Temas with the irrevocable right and option to earn up to a 50% undivided interest in its Piskanja Borate Project. As total consideration for the option, Temas will incur up to €10,500,000 in work expenditures towards the development of Piskanja.
About Piskanja Boron Property
The Piskanja boron deposit, located in Serbia, has an indicated mineral resource of 7.8 million tonnes (averaging 31.0 per cent B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6 per cent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (“CIM Standards”), as disclosed in Erin’s report titled, “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 - Amended February 28 2019” - prepared by SRK Consulting (UK) Ltd. The responsible persons for the Updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail Tsypukov who are both full time employees of SRK, Qualified Persons in accordance with CIM Standards, and independent of Erin and Balkan Gold.
On behalf of the Board of Directors
Tim Daniels