Erin Ventures Announces Update re: Completion of a Geological Elaborate for its Piskanja Boron Project

Rhea-AI Summary

Erin Ventures (TSXV: EV) plans to submit a Geological Elaborate to the Serbian Mining Ministry within 30 days, crucial for obtaining a 'Certificate of Reserves' as part of the mining license process for its Piskanja boron project. The project contains significant mineral resources, with a Measured Resource of 1.39 million tonnes at 35.59% B2O3 and an Indicated Resource of 5.48 million tonnes at 34.05% B2O3. The company aims to advance mining operations promptly following the formation of a new Serbian government.

Positive

• Plans to submit Geological Elaborate within 30 days, advancing the mining license application.
• Piskanja project holds substantial boron resources: 1.39 million tonnes (35.59% B2O3) and 5.48 million tonnes (34.05% B2O3).

Negative

• None.

- Submission expected within the next 30 days -

VICTORIA, BC / ACCESSWIRE / October 12, 2022 / Erin Ventures Inc. (TSXV:EV)("Erin" or the "Company"), an international mineral exploration and development company with boron assets in Serbia, is pleased to report that it intends to complete a Geological Elaborate within the next 30 days for submission to the Serbian Mining Ministry and its independent vetting committee, comprised of local mining experts. The approval of a Geological Elaborate results in the issuance of a "Certificate of Reserves" by the Mining Ministry, as the first of two requisite steps to receive an exploitation license.

Tim Daniels, President of Erin added, "It's expected that the new Serbian government will be formed in the coming weeks, as the result of an election held earlier this year. We intend to have our Elaborate ready to submit for approval once the government is formed, so that we can continue advancing the Piskanja project in a timely manner. Completing the Certification of Reserves process is the most important near-term goal for us, as we work towards receiving a mining license and advancing the project."

A Serbian compliant Geological Elaborate is a technical study which is of similar scope, content, and confidence level as a CIM compliant PEA. The Piskanja Geological Elaborate repurposes data and analysis from Erin's PEA, which was issued 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 E Wallis, M.Sc. (Eng), P. Eng., a director of Erin Ventures, and Nenad Rakic, EurGeol, a consultant to Erin Ventures, 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.

Cautionary note:

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the timing of future mineral resource estimates, estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and future production and is based on current expectations that involve a number of business risks and uncertainties. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. 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, as well as those factors discussed in the section entitled "Risks of the Business" in the Company's most recent regulatory filings which are posted on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities law. 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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https://www.accesswire.com/719951/Erin-Ventures-Announces-Update-re-Completion-of-a-Geological-Elaborate-for-its-Piskanja-Boron-Project

FAQ

What is the purpose of the Geological Elaborate Erin Ventures intends to submit?

The Geological Elaborate is required for obtaining a 'Certificate of Reserves' from the Serbian Mining Ministry, essential for receiving a mining license.

When does Erin Ventures expect to submit the Geological Elaborate?

Erin Ventures plans to submit the Geological Elaborate within the next 30 days.

What are the mineral resources at the Piskanja project?

The Piskanja project contains a Measured Resource of 1.39 million tonnes at 35.59% B2O3 and an Indicated Resource of 5.48 million tonnes at 34.05% B2O3.

What is the significance of the new Serbian government formation for Erin Ventures?

The formation of a new Serbian government is significant as Erin Ventures aims to submit its Geological Elaborate promptly after the government is established.

What is the current status of Erin Ventures' Piskanja project?

The Piskanja project is currently in the process of completing a Geological Elaborate to apply for a mining license.