Erin Ventures Inc. [TSX-V: EV] announces that it has retained SRK Consulting (UK) Limited (“SRK) to prepare a Preliminary Economic Assessment (“PEA”) on Erin’s 100% owned Piskanja boron project in Serbia. Piskanja is a high-grade boron deposit with a NI 43-101 compliant mineral resource of 5.6 million indicated tonnes (with a mean grade of 30.8% B2O3), in addition to 6.2 million inferred tonnes (with a mean grade of 28.8% B2O3).
The PEA will establish, within limits, the potential mining and processing parameters at Piskanja, along with the estimated associated capital expenditures, operating costs and revenues. The PEA will be based upon Erin’s recently released Mineral Resource Estimate and Technical Report, which was authored by SRK Exploration Services. Erin expects the PEA to be completed during the second quarter of 2014.
Specifically, SRK will complete the following tasks:
- Review the geotechnical characteristics of the hangingwall, footwall and ore horizons themselves, and develop geotechnical design parameters for underground development to a PEA level.
- Develop a preliminary underground mine design and schedule.
- Review the metallurgical test-work completed to date and derive mineral processing assumptions based on this.
- Determine likely tailings/waste management requirements.
- Review likely water management requirements.
- Determine the potential environmental and social impacts of any operations and make recommendations with regards to environmental and social data collection as required.
- Estimate likely infrastructure requirements.
- Estimate potential capital and operating costs for the Project.
- Develop a technical economic model reflecting all the above.
- Comment on the justification for progressing the Project to higher confidence levels (pre-feasibility/bankable feasibility), and scope the work required to be done as part of this.
- Prepare a PEA based on all of the above and according to the standards set by the OSC.
The PEA will be authored by a team of 11 of SRK’s specialists in the fields of borate geology, resource estimation, mining, mineral processing, mining infrastructure, geotechnics, financial modelling, water management, and environmental and social impact assessment.
SRK is an associate company of the international group holding company SRK Consulting (Global) Limited. The SRK Group comprises over 1,600 staff, offering expertise in a wide range of resource engineering disciplines with 50 offices located on six continents. The SRK Group has a demonstrated track record in undertaking independent assessments of resources and reserves, project evaluations and audits, Mineral Experts’ Reports, Competent Persons’ Reports, Mineral Resource and Ore Reserve Compliance Audits, Independent Valuation Reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies and financial institutions worldwide. The SRK Group has also worked with a large number of major international mining companies and their projects, providing mining industry consultancy service inputs.
On behalf of the Board of Directors,
Blake Fallis, CFO
About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin’s shares are traded on the TSX Venture Exchange under the symbol “EV”. For detailed information please see Erin’s website at www.erinventures.com or the Company’s filed documents at www.sedar.com.
Piskanja is a high-grade boron deposit with a NI 43-101 compliant mineral resource of 5.6 million indicated tonnes (30.8% B2O3), in addition to 6.2 million inferred tonnes (28.8% B2O3).
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
645 Fort Street, Suite 203
Victoria, BC V8W 1G2
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 and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, 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 press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the timing of future mineral resource estimates and the PEA, estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and future production and is based on current expectations that involve a number of business risks and uncertainties. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, as well as those factors discussed in the section entitled “Risks of the Business” in the Company’s most recent regulatory filings which are posted on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities law. These and other factors made in public disclosures and filings by the Company should be considered carefully.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. “Inferred Resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.