June 16 (SeeNews) - Canada's Euro Sun Mining said that it has received a key approval from relevant Romanian authorities, taking the company a step closer to obtaining an exploitation permit for its Rovina Valley gold and copper project.
With the issuance of an opportunity permit by Hunedoara county council, the company is now approved to proceed to the next stage of permitting for the project, namely the certificate of urbanism for land, PUZ, which takes the existing pastoral or forest lands and re-zones the required area for commercial activity, the company said in a press release on Tuesday.
"Our Definitive Feasibility Study has outlined a generational asset that brings the highest environmental stewardship along with significant economic benefits directly to our local communities and to the county as a whole. The milestone permit now allows the company to proceed with the PUZ taking us another step closer to construction," Euro Sun CEO Scott Moore said.
In March, Euro Sun announced that it estimates a robust gold and copper output and total initial capital expenditures (CAPEX) of $399 million (329 million euro) at Rovina Valley, following positive results of the definitive feasibility study which uncovered a potential average annual gold equivalent production of 146,000 ounces over the first ten years, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum.
Toronto-listed Euro Sun is a mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
($= 0.8249 euro)