Astur Gold Corp.
Astur Gold Corp. SUBMITS INITIAL DOCUMENTATION FOR ENVIRONMENTAL IMPACT ASSESSMENT AT SALAVE
Astur Gold Corp. / Key word(s): Miscellaneous 07.07.2011 / 20:10 Vancouver, BC - Astur Gold Corp. (TSX-V: AST, Frankfurt: CDC) ('Astur Gold' or the 'Company') announces the submission of initial documentation towards an Environmental Impact Assessment ('EIA') for the Salave gold project. This marks the initiation of environmental activities that will support environmental, industrial and mine permitting at Salave. Documentation will be reviewed by the General Directorate of Mines and Energy of the Principality of Asturias and a response is expected to help guide the EIA process. Submission of a complete mine plan to the new administration in Asturias is expected to follow in September. Cary Pinkowski, CEO & Director commented, 'We are very pleased with the progress towards development of the Salave project and look forward to working with the new government of Asturias to bring Salave into production.' ABOUT ASTUR GOLD The Company is developing its 100% owned Salave Gold Project in northern Spain. Salave is one of the largest undeveloped gold deposits in Western Europe, containing a NI 43-101 compliant mineral resource estimate of 1,683,000 oz Au in the Measured & Indicated category (2,155,000 tonnes grading 3.88 g/t Au Measured and 15,790,000 tonnes grading 2.79 g/t Au Indicated) with an additional 338,000 oz Au in the Inferred category (3,770,000 tonnes grading 2.8 g/t Au). The mineral resource was estimated by Scott Wilson RPA in the NI 43-101 report, 'Technical Report on Salave Gold Deposit, Spain', dated March 5, 2010 available on SEDAR. Salave is also subject to a Preliminary Economic Assessment ('PEA') by Golder Associates titled, 'Preliminary Economic Assessment on the Salave Gold Project, Asturias Region, Spain', dated February 12, 2011 available on SEDAR. The PEA investigates three mining methods and two processing options using a base case gold price of US$1,100 per ounce and throughput rate of 1.1 million tonnes per year. It shows NPV ranging from US$374 Million to US$576 Million using a 5% discount rate; IRR ranging from 34% to 54%; and pre-production capital expenditure payback period ranging from 2.0 to 3.1 years. There is excellent exploration potential at Salave, with four of the principal high grade zones of mineralization open at depth. Additional exploration areas to the west have also yet to be tested. Previous metallurgical results indicate gold recoveries in the order of 90% are possible. The region boasts excellent infrastructure and a history of mining that will help support future mine development. ON BEHALF OF THE BOARD Signed 'Cary Pinkowski' Cary Pinkowski, Chief Executive Officer and Director FOR FURTHER INFORMATION PLEASE CONTACT: Vadim Dubchak #300-1055 West Hastings Street, Vancouver, B.C., V6E2E9 Tel: +1 604-694-1600 Fax: +1 604-694-1663 info@asturgold.com www.asturgold.com Neither 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements. End of Corporate News --------------------------------------------------------------------- 07.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 131325 07.07.2011
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