(via TheNewswire)
New BMEC management from the Welsh Hagen team includes
Welsh Hagen is assuming the role formerly held by Mr.
Soil Geochemical Survey Samples Collected and Submitted for Analysis
As previously reported, Eros has initiated a soil geochemical survey to identify drill targets in order to expand the existing resource model at Bell Mountain gold focused project. We are pleased to report that the soil samples have been collected and have now been submitted to the lab for analysis.
Eros collected 1,000 soil samples on a 200 ft x 200 ft sample grid. Where bedrock was present, rock-chip samples were collected. Certified reference material, blanks, duplicates, and second-lab check assays are part of the quality control and assurance program. The samples will guide determination of drill targets by anomalous gold in soil and favorable geology (silicification) where present. Reverse-circulation exploration drilling will test targets as warranted.
About Bell Mountain - A
Eros' 100% owned
- 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 towww.sedar.com
Eros has engaged
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
About EROS
In addition, the Company plans to make strategic investments with a global focus on a diverse commodity base. EROS managements' expertise supports this strategy.
For further information, please contact:
President and Chief Executive Officer
Phone: 604-688-8115
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
------------------------------------------------------------------------ |EROS Resources Corp. |Investor Inquiries: | |----------------------------------------------------------------------| |Suite 420 - 789 West Pender Street |Lubica Keighery | |Vancouver, British Columbia, |VP Corporate Development | |T: 604-688-8115 |lubica@erosresourcescorp.com| |w:www.erosresourcescorp.com |c: 778-889-5476 | | | | ------------------------------------------------------------------------
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