TORONTO, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Eurotin Inc. (TIN.V) (“Eurotin” or the “Company”) announces that it has submitted an application to the Junta de Andalucía for an Exploitation Licence at its Oropesa tin project in Spain. The application entails all technical aspects for the mining and processing of the Oropesa orebody as well as associated infrastructure, equipment and tailings storage facilities in order to build and operate the tin mine (the “Technical Project”). Although the application document is thorough with all technical aspects of the project necessary to receive the appropriate approvals from the Spanish authorities, it has not been prepared in compliance with National Instrument 43-101 (“NI 43-101”) and, consequently, economics cannot be disclosed at this time. Furthermore, parameters of the operation submitted cannot be relied upon. Eurotin has commissioned a NI 43-101 compliant feasibility study based on the parameters of the Technical Project to be completed by SRK Consulting. It is anticipated that this document will be filed by the end of Q1 2018.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/efbf2cb7-dc9b-4d9b-b7bb-6c5d7044268c
The Technical Project outlines a small 500,000 tonne per year operation. The mine contemplated will be an open pit operation graduating to an underground mine via ramp access. A significant portion of Oropesa’s 9.34 million tonnes of measured and indicated resources are not being mined under the application. Therefore, mining beyond the proposed application mine life and/or expansion is still possible but has not yet been planned. Initial capital expenditures have been optimized through contract mining and modular buildout for ease of financing through off-take instruments with minimal equity.
The processing plant and flow sheet submitted consists of a primary circuit for the removal of sulphides by flotation followed by the concentration of tin by gravity for the coarse fractions and a final stage of flotation of tin for the finer fractions, followed by some secondary gravity methods including the Mozley Gravity System to enhance recoveries. Preliminary metallurgical recoveries were estimated based on current testing at Wardell Armstrong laboratories in Cornwall. Final metallurgical results will be completed and reported upon as soon as possible.
The waste rock, depending on its sulphide content, will be categorised, using Spanish guidelines, as being either inert or non-inert. The former will be used to construct the walls of the inert waste deposits and stored in the facility A (below). The non-inert waste will be stored in external dumps A, B, C and D. In the final phase of the open pit operation, the operation will commence mining transfer, thus the inert mine waste will be deposited in the interior of the open pit, in the west, minimizing the disturbance of land and taking advantage of areas already affected by mining activity. The tailings storage facilities (“TSF”) will also segregate sulphide rich tailings (TSF South) and inert tailings (TSF East).
An area for the collection of top soil will also be used for the restoration of the areas affected by mining, at the end of the life of the project.
Under Spanish Regulations, Eurotin has 90 days to also submit a Restoration Plan and Environmental Impact Study for the Oropesa concession. Both of these documents are currently at an advanced stage and, together with the Technical Project, these documents will complete the Exploitation License application.
Eurotin anticipates that the Oropesa mine will generate direct employment of approximately 150 people, of whom 100 will be employees and 50 will be contractors.
The Exploitation Licence in Spain, when granted, has a term of 30 years and can be extended for two more 30-year periods.
Mark Wellings, President and CEO of Eurotin said “The filing of the Exploitation License application marks a major milestone for the company. We look forward to Oropesa becoming one of the few newly developed tin mines in the world at a time when there is and it is anticipated there will continue to be a shortfall in tin production.”
Forward Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve 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. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
For further information please contact:
investor@eurotin.ca
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