Erin Ventures Inc. [TSX-Venture: EV] reports that the licensing process for the Serbian boron deposit is now underway. It is anticipated that an exploration license may be granted to Erin within 90 days (as reported by Erin in a news release on 5-11-2010).
Under Serbian law, a mineral exploration license is granted exclusively, for a 3 year period. Upon successful completion of the exploration program, the license holder has the sole right to apply for an exploitation (mining) license.
Summary of the Piskanja boron property
Piskanja is located in a historical mining region that has good infrastructure for mining including roads, rail, electric power, experienced miners, etc., 250 km south of Belgrade, Serbia by good paved roads.
The Piskanja property has a historical estimate* of approximately seven million tonnes of 39 per cent B2O3 (boron) as colemanite and ulexite, based upon historic drill data (some of which was conducted by Erin previously). Evaluation of the drill-hole data by Erin’s technical advisers indicates that the Piskanja deposit has the potential of hosting additional significant borate tonnage beyond the historical estimate of seven million tonnes, based on their observations that the deposit is open both to the south and the east, as the last drill holes ended in mineralization.
*[A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource. Additional drilling will be required before this historical estimate could be raised to a resource status. Erin is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.]
Borate minerals and refined borate products are used extensively worldwide in the manufacture of vitreous products such as fiberglass insulation, textile fiberglass, borosilicate glass (LCD screens), ceramic glazes and porcelain enamels. These applications account for approximately 60 per cent of borate consumption, with detergents, fire retardants, metallurgy, agriculture, insecticides, wood preservatives and specialty products accounting for the remainder. Consumption of borates used in high- technical applications is expected to increase by 10% in North America and 13% in Europe by 2012. China is the largest consumer of boron, where consumption has rose by 15 percent per year from 2000 to 2010. Market prices reflect the relative scarcity of borates with prices averaging: US$280/t for colemanite concentrate (40-42 percent B2O3); US$500/t for ulexite (40 percent B2O3); US$550/t for boric acid; and US$50/kg for anhydrous borax.*
*Source: US Geological Survey, Report on Boron 2008.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin‘s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a consultant to the Corporation, who is a Qualified Person under National Instrument 43-101.
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
Forward Looking Statements
This release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.