(via TheNewswire)
Vancouver BC - TheNewswire - April 15th, 2020 - Eros Resources Corp. (TSXV:ERC)("Eros" or the "Company") is pleased to announce that the Bureau of Land Management (the "BLM") has provided a Finding of No Significant Impact ("FONSI") on the Environmental Assessment ("EA") of Eros' Bell Mountain Gold Project in Nevada.
The Finding of No Significant Impact in the Decision Record of the EA is a key step in advancing the Bell Mountain Gold Project toward production, and a significant milestone for Eros in general. This ruling ensures that our proposed mine operations at the Bell Mountain site can proceed without significant environmental hurdles and, when combined with the Record of Decision from the Department of the Navy confirming that the Bell Mountain property will not be encumbered by the Fallon Naval Air Station expansion, amounts to an extremely positive 1st quarter for Eros.
Mr. Ron Netolitzky, President and CEO of Eros, stated: "We are very pleased with the advances made in permitting and are excited about the proposed operations at our Bell Mountain Gold Project. I thank our technical team in Nevada, along with our consultants, for their work."
The Bell Mountain Gold Project is located 86 kilometres (54 miles) southeast of Fallon in Churchill County, Nevada.Eros submitted its Bell Mountain Mine Plan of Operations ("MPO") to the Carson City Field Office of the BLM on August 18, 2018 and has been aggressively pursuing permits for full mining development and operations.
The Environmental Assessment of the Eros' MPO, undertaken by the BLM and its environmental specialists in accordance with the National Environmental Policy Act, concluded with a FONSI datedMarch 26th, 2020, meaning the voluntary design features and environmental protection measures as outlined by Eros in the MPO are considered to adequately mitigate and/or protect natural resources and habitat and prevent significant impacts to public land.
A copy of the Environmental Assessment and other related documents are available on-line at: https://go.usa.gov/xd2Ja. The applicable news release published by BLM, can be accessed at: https://www.blm.gov/press-release/blm-approves-bell-mountain-mine-project
About Bell Mountain
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.
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.
On Behalf of the Board of Directors of Eros Resources Corp.
Ronald K. Netolitzky
President & CEO
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.
This news release includes certain forward-looking statements or information that could cause actual results to differ materially from Eros' plans or expectations. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding metallurgical results and outcomes, any updated technical report, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, that Eros may lose or abandon its property interests or may fail to receive necessary licences and permits, availability of capital and financing and general economic, market or business conditions.
The forward-looking statements included in this news release are made as of the date hereof and Eros disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
EROS Resources Corp.
Suite 420 - 789 West Pender Street
Vancouver, British Columbia,
Canada, V6C 1H2
T: 604-688-8115
w: www.erosresourcescorp.com
For more information, please contact:
Lubica Keighery
VP Corporate Development
c: 778-889-5476
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