VANCOUVER, Feb. 6, 2020 /CNW/ - Eros Resources Corp. (TSX-V:
"ERC" "Eros" or the "Company") is pleased to report its progress on
the Bell Mountain Gold-Silver Property "Bell Mountain", near
Fallon, Nevada. In the fourth
quarter of 2018, Eros received notice that the Bell Mountain mining
claims were no longer subject to a moratorium from the Department
of the Navy (the "Navy"); the Company has been aggressively
pursuing the permitting of Bell.
PRELIMINARY ENVIRONMENTAL ASSESSMENT COMPLETED
Eros reports that the Preliminary Environmental Assessment of
Bell Mountain has now been completed and entered its 30 day public
comment period on January 31, 2020.
Once the public comment period is complete (March 2, 2020), the Bureau of Land Management
(BLM), Eros and key consultants Stantec Consulting Services and
Welsh Hagen Associates will address any and all comments on the
Environmental Assessment..
Eros anticipates receiving a "Finding of No Significant Impact"
(FONSI) for the Bell Mountain Gold-Silver Project in 2020 with
approval of the Environmental Assessment. Eros also expects to have
various mine operating permits well advanced in
2020.
Mr. Ron Netolitzky, President
& CEO of Eros, states "We are very pleased with the progress we
are making in the permitting process. Given the delays that the
Company faced when the Navy proposed to expropriate the property,
the speed with which we have advanced through the permitting
process has been key to ensuring the success of Bell Mountain. Eros
wishes to thank our technical team in Nevada, along with our consultants, for their
tireless efforts in this process."
Mr. Netolitzky further states, "As a company, Eros is excited
about Bell Mountain. It boasts robust economics. The Company firmly
believes that the scale of Bell Mountain can be significantly
increased with additional exploration work on the property in the
near term. Such work was purposely ceased during the time that the
status of the property was in question, based on the plans of the
Navy. With that issue in the past, and once permitting is
substantially complete, exploration at Bell Mountain will commence
again with a view to increasing scale".
About Bell Mountain
The 100% owned Bell Mountain Gold-Silver project is located near
Fallon, Nevada. A preliminary
economic assessment was completed on the property in 2017 (the
press release of October 11, 2017).
The highlights of the PEA, 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 will report further on the progress of the permitting
process for Bell, once the comment period has been completed.
Qualified Person
Mr. Jeffrey Wilson is a
consulting geologist to the Company based in Carson City, Nevada. Mr. Wilson as 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. Eros'
business objective is the identification, acquisition and
exploration of advanced projects with a North American focus.
Another focus of the Company is to make strategic investments
with a global focus and a diverse commodity base. The Company's
expertise in the resource sector supports the selection of these
strategic investments.
On Behalf of the Board of Directors of Eros Resources
Corp.
Ronald K. Netolitzky
President & CEO
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.
This news release includes certain forward-looking statements
or information that could cause actual results to differ materially
from Eros' plans or expectations. All statements other than
statements of historical fact included in this release, including,
without limitation, statements regarding metallurgical
results and outcomes, any updated technical report, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such
statements.
Forward-looking statements are subject to a variety of risks
and uncertainties, which could cause actual events, level of
activity, performance or results to differ materially from those
reflected in the forward-looking statements, including, without
limitation: risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of
equipment breakdowns and delays, cost overruns, that Eros may lose
or abandon its property interests or may fail to receive necessary
licences and permits, availability of capital and financing and
general economic, market or business conditions.
The forward-looking statements included in this news release
are made as of the date hereof and Eros disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities
legislation.
SOURCE Eros Resources Corp.