VANCOUVER, BC, Aug. 31, 2020 /CNW/ - EROS Resources
Corp. ("EROS" or the "Company") (TSXV: ERC) is
pleased to announce progress in its permitting process for the Bell
Mountain Mine (gold and silver) in Churchill County, Nevada.
Summary:
- Application for the Water Pollution Control Permit
submitted
- The permit is one of the most important documents required
to move the project forward
- Previous Environmental Assessment resulted in Finding of No
Significant Impact (FONSI)
Bell Mountain Exploration Corp. (BMEC), a Nevada corporation wholly owned by EROS, has
recently submitted a Water Pollution Control Permit Application
(WPCPA) to the Nevada Bureau of Mining Regulation and Reclamation
(BMRR).
According to the BMRR, facilities utilizing chemicals for
processing ores in Nevada are
generally required to meet a zero discharge performance standard.
Water Pollution Control Permits are issued to an operator by the
BMRR to ensure operation of the facility will not result in
degradation of waters of the State. This is a major permit issued
by the State of Nevada.
The large permit application document was prepared by Welsh
Hagen Associates of Reno, Nevada.
As required by Nevada Administrative Code, the document includes an
Assessment of Area of Review, Meteorological Report, Engineering
Design Report (including detail design sheets), Fluid Management
Plan, Proposed Operating Plans, Monitoring Plan, Emergency Response
Plan, and Tentative Plan for Permanent Closure. The BMRR review
process normally takes 180 days for completion of new
applications.
The aforementioned WPCPA submission for the Bell Mountain Mine
is part of a continuing permit process which has included an
approved Mine Plan of Operations, an
Environmental Assessment with a Finding of No Significant Impact
and a Decision Record approving advancement of the project. The
Principal Deputy of the U.S. Navy has also confirmed in a letter
that they are committed to work with BMEC in accommodating mine
development adjacent to the Fallon Naval Air Station.
Mr. Ron Netolitzky, President and
CEO of EROS, states "The Company is very pleased with the
progress made in the permitting process of the Bell Mountain.
We are excited about moving the Bell Mountain gold/silver project
forward. We firmly believe the scale of the Bell Mountain Mine can
be further increased with additional exploration work on the
property in the near term, and that's what we plan to do. I
thank our technical team in Nevada, along with our consultants, for their
diligent and tireless work."
About Bell Mountain Project
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.
Furthermore, Eros is planning to reinstate the exploration
activities in a near future, with the purpose of further expanding
the current resource base.
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.
Forward Looking Statements
This release contains forward-looking statements. All
statements, other than statements of historical fact that address
activities, events or developments that we believe, expect or
anticipate will or may occur in the future are forward-looking
statements. These forward-looking statements reflect our current
expectations or beliefs based on information currently available to
us. Forward-looking statements in this release include, without
limitation, statements with respect to: the closing of the Private
Placement and the use of proceeds from the Private Placement.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause our actual results to differ
materially from those discussed in the forward-looking statements
and, even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, us. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things, delays in obtaining or
failure to obtain required approvals to complete the Private
Placement; and other risks related to our business. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws,
we disclaim any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although we believe that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be put on such
statements due to their inherent uncertainty.
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.
EROS Resources
Corp.
|
Investor
Inquiries:
|
Suite 420 - 789 West
Pender
Street
Vancouver, British
Columbia,
T:
604-688-8115
w:
www.erosresourcescorp.com
|
Lubica
Keighery
VP Corporate
Development
lubica@erosresourcescorp.com
c:
778-889-5476
|
SOURCE Eros Resources Corp.