Erin Ventures Announces the Completion of a Geological Elaborate for its Piskanja Boron Project

Rhea-AI Summary

Erin Ventures Inc. has successfully completed a Geological Elaborate for its Piskanja Boron Project in Serbia, marking a significant step towards obtaining a mineral exploitation license. The Geological Elaborate is a technical study that demonstrates sufficient resource quality and quantity for potential economic exploitation. This follows data repurposing from a previously published Preliminary Economic Assessment (PEA). The project includes a Measured Resource of 1.39 million tonnes at 35.59% B₂O₃ and further resources totaling 5.48 million tonnes and 284.7 thousand tonnes. The company aims to complete a feasibility study soon.

Positive

• Completion of Geological Elaborate enhances prospects for obtaining a mineral exploitation license.
• Piskanja Project shows substantial mineral resources: 1.39 million tonnes (35.59% B₂O₃), 5.48 million tonnes (34.05% B₂O₃), and 284.7 thousand tonnes (39.59% B₂O₃).
• Efforts are underway for a compliant feasibility study, essential for the next licensing step.

Negative

• Subject to regulatory approvals which can be delayed or denied.
• Forward-looking statements carry inherent risks and uncertainties impacting future performance.

VICTORIA, BC / ACCESSWIRE / December 5, 2022 / Erin Ventures Inc. [TSXV:EV] ("Erin" or the "Company"), an international mineral exploration and development company, is pleased to report that it has completed a Geological Elaborate for its Piskanja Boron Project in Serbia, which is the first of two technical reports required in order to be granted a mineral exploitation license.

Tim Daniels, President of Erin added, "Now that we have completed the Elaborate, efforts are underway towards completion of a compliant feasibility study over the coming months, which is the final step required to receive a mining license".

A Serbian compliant Geological Elaborate is a technical study which is of similar scope, content, and confidence level as a CIM compliant PEA. The purpose of an Elaborate is to demonstrate a mineral resource of sufficient quality, quantity and confidence level to establish a reasonable likelihood of economic exploitation. An Elaborate is subject to review and vetting by a government chosen, independent committee of local mining experts. Upon the approval of an Elaborate, the Serbian Mining Ministry issues a "Certificate of Reserves" for the mineral deposit, as the first milestone towards an exploitation license. Erin's Piskanja Geological Elaborate repurposes data and analysis from its PEA, which was published on June 24th of this year.

About Piskanja Boron Project
Piskanja is Erin's wholly owned boron deposit with a Measured Mineral Resource of 1.39 million tonnes (averaging 35.59% B₂O₃), an Indicated Mineral Resource of 5.48 million tonnes (averaging 34.05% B₂O₃), and an Inferred Mineral Resource of 284.7 thousand tonnes (averaging 39.59% B₂O₃), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in Erin's report titled, "Technical Report and Preliminary Economic Assessment For The Piskanja Borate Project, Serbia, June 24, 2022". The responsible person for the PEA and the Mineral Resource Estimate contained within, is Prof. Miodrag Banješević PhD. P.Geo, EurGeol, a Qualified Person in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards), and independent of Erin Ventures.

On behalf of the Board of Directors,
Tim Daniels

About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.

For further information, please contact:
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
info@erinventures.com
www.erinventures.com

Erin's Public Quotations
Canada:
TSX Venture: EV
Europe:
Berlin: EKV

Qualified Persons
James Wallis, M.Sc. (Eng), P. Eng., a Director of Erin Ventures, and Nenad Rakic, EurGeol, Piskanja Project Field Manager, and a consultant to the Company, are qualified persons as defined by NI 43-101, have reviewed the technical information that forms the basis for this news release and have approved the disclosure herein.

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.

For Erin Ventures Inc. Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements that involve substantial known and unknown risks and uncertainties. This press release contains express or implied forward-looking statements relating to, among other things, Erin Ventures' expectations concerning management's plans, objectives and strategies, including its plans for advancing the Company's Piskanja Project through to an exploitation license. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry.

Erin Ventures Inc. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Erin Ventures with the securities regulatory authorities, available at www.sedar.com. These and other factors made in public disclosures and filings by the Company should be considered carefully.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.

SOURCE: Erin Ventures Inc.

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FAQ

What is the recent development for Erin Ventures Inc. related to the Piskanja Boron Project?

Erin Ventures Inc. has completed a Geological Elaborate for its Piskanja Boron Project, a step towards receiving a mineral exploitation license.

What resources are identified in the Piskanja Boron Project?

The Piskanja Project includes a Measured Mineral Resource of 1.39 million tonnes (35.59% B₂O₃), an Indicated Mineral Resource of 5.48 million tonnes (34.05% B₂O₃), and an Inferred Mineral Resource of 284.7 thousand tonnes (39.59% B₂O₃).

What are the next steps for Erin Ventures Inc. after the Geological Elaborate?

The next step for Erin Ventures is the completion of a compliant feasibility study to advance towards obtaining a mining license.

What are the risks mentioned in Erin Ventures' press release?

The press release outlines risks such as delays in regulatory approvals and uncertainties inherent in forward-looking statements that could affect actual results.

What does the Geological Elaborate signify for Erin Ventures Inc.?

The Geological Elaborate indicates that the mineral resource meets the quality and quantity needed for a reasonable likelihood of economic exploitation.