Sep 16 2013
Astur Gold Corp. ("Astur Gold" or the "Company") announces that, as a result of a review by the British Columbia Securities Commission ("BCSC"), it is issuing the following news release to clarify certain technical disclosure previously made by the Company.
The Company's February 16, 2011 news release titled "Astur Gold Reports Positive Preliminary Economic Assessment for Salave Gold Project" (the news release) disclosed the initial Preliminary Economic Assessment ("PEA") for the Salave gold project without including cautionary language required by NI 43-101 in equal prominence and in its correct form. In particular, the news release did not adequately explain the preliminary nature of a PEA, and its limitation with regard to establishing mineral reserves and economic viability. A preliminary feasibility or feasibility study is required to qualify a reserve estimate and establish economic viability and the Salave project has not reached this stage of analysis. The full and correct cautionary statements required by NI 43-101 for a PEA are set out below:
"The Preliminary Economic Assessment is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the Preliminary Economic Assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability."
Elsewhere, the news release states that the Preliminary Economic Assessment results "strongly demonstrate the technical and economic viability of the project" and "Clearly, the project will generate robust profitability". Such disclosure is contrary to the Preliminary Economic Assessment stage of the project and contradicts the above cautionary language. Accordingly, the Company wishes to retract such statements and advises that such statements should not be relied upon.
In those instances where the Company has amended, retracted or clarified previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
The Company is also preparing an amended report to correct items of non-compliance in its February 12, 2011 technical report titled "Preliminary Economic Assessment on the Salave Gold project, Asturias Region, Spain" by Golder Associates Iberica S.L.U. In the event that there are material changes to resource estimates or the PEA resulting from amendments to the report, Astur Gold will promptly announce the changes. The company expects to file its amended PEA report before the middle of October.
Astur Gold is in the process of conducting a Feasibility Study ("FS") as announced in the Company's June 26, 2013 news release. The Company will announce the results of its FS upon completion.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant, water discharge, and tailings licenses. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Signed "Cary Pinkowski"
Cary Pinkowski, Chief Executive Officer, President and Director