Erin Ventures Inc. [TSXV: EV] (“Erin”) announces the following updates to certain previously announced ongoing activities, regarding its boron assets in Serbia.
Potential Strategic Partner
Further to Erin’s news release dated March 22, 2017, Erin is pleased to report that the potential strategic partner mentioned in that release has now completed an extensive and intensive due diligence assessment of Erin’s Piskanja boron project. This assessment was conducted over the past several months, drawing upon both the potential partner’s internal expertise, as well as that of independent industry experts which they retained to aid in the analysis. The assessment has concluded that Piskanja is a project of merit, leading both Erin and the potential partner to conclude that a working relationship may be of interest, subject to mutually beneficial economic and strategic parameters being agreed upon.
This prospective partner meets Erin’s criteria as a suitable partner because of its ability to provide capital required to advance the Piskanja project towards production, as well as mining expertise, and boron-specific expertise (including boron derivatives). Due to the nature of the boron market, Erin believes that its best course of action to effectively penetrate the market in a timely manner while maximizing returns to shareholders, is to secure strategic partners who are well established in various facets of the tightly controlled boron industry – from production, to sales, to the manufacture of boron-derivative products.
Pobrdje Boron Mine Commercial Agreement
Further to Erin’s news release dated February 28, 2017, Erin is pleased to report that progress is being made regarding the consummation of a commercial agreement between Erin and the management of the government-owned Pobrdje Boron Mine, located in close proximity to Erin’s Piskanja project. The terms of the agreement have been agreed upon, subject to formalization of the documentation, and the vetting and final approval by the requisite Serbian authorities.
As previously reported, this transaction would aid in the de-risking of the development of Erin’s Piskanja boron project by generating positive cash flow that could contribute materially towards the capex required to construct a mine at Piskanja, thereby helping to reduce the dilution to Erin’s shareholders. Additionally, the Pobrdje project would be an important pilot project for Erin, allowing for the development of market share, worker training, and the gain of technical expertise in the mining and processing of boron.
There can be no assurance given that either of these proposed agreements will be successfully consummated. However, the interested parties understand the benefit to all the various stakeholders involved, and are working earnestly to complete these transactions.
Erin will release further information on these matters if, as, and when binding agreements have been signed.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures Inc.
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 the Erin website at www.erinventures.com or the Company filed documents at www.sedar.com.
Piskanja is Erin’s wholly owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31 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).
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 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 director of 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.