Erin Ventures Files Piskanja Boron Property License Extension
Erin Ventures Inc. has filed its Annual Work Report and License Extension Application for the Piskanja Boron Project in Serbia, as mandated by local mining law. This action initiates the "Certification of Reserves" process, allowing up to three years for completion. The Piskanja deposit holds an indicated resource of 7.8 million tonnes at 31.0% B2O3 and an inferred resource of 3.4 million tonnes at 28.6% B2O3, according to CIM standards. The company is progressing through key licensing phases to advance its mining operations.
- Filed the Annual Work Report and License Extension Application for the Piskanja Boron Project.
- Indicated mineral resource of 7.8 million tonnes with an average of 31.0% B2O3.
- Inferred resource of 3.4 million tonnes with an average of 28.6% B2O3.
- Up to three years allocated for the certification and approval process.
- Risks that the license may not be renewed.
- Uncertainty regarding the completion of anticipated results and approvals.
VICTORIA, BC / ACCESSWIRE / August 31, 2020 / Erin Ventures Inc. (TSXV:EV) reports that it has filed its compulsory Annual Work Report and License Extension Application for its Piskanja Boron Project, as required by the Serbian Law on Mining and Geological Exploration. In accordance with these regulations, Erin has notified the Mining Ministry of its intention to proceed with the "Certification of Reserves" process, which consists primarily of the submission of a Serbian compliant Mineral Resource Calculation and Technical Economic Assessment. The law affords Erin up to 3 years (from the date of the license extension approval) on this license phase, and requires Erin to complete the necessary studies and gain approval for the "Certification of Reserves" as well as the "Approval of the Exploitation Field", as the first two (of three) steps in the mine licensing process.
Piskanja is Erin's wholly owned boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31.0 per cent B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6 per cent 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, "Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 - Amended February 28 2019" - prepared by SRK Consulting (UK) Ltd. The responsible persons for the updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail Tsypukov who are both full time employees of SRK and Qualified Persons 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,
Blake Fallis, General Manager
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:
Erin Ventures Inc.
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
USA
SEC12G3-2(B)#82-4432
Europe
Berlin: EKV
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of the company, who is a Qualified Person under National Instrument 43-101.
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.
Forward Looking Statements:
Certain statements in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements concerning anticipated approvals; and results of the completion of the transactions contemplated in this news release. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that: (1) the license is not renewed; and, (2) Erin may not achieve the results currently anticipated. Although Erin believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Erin can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of required regulatory approvals. Details of the risk factors relating to Erin and its business are discussed under the heading "Risks and Uncertainties" in Erin's most recent regulatory filings which are posted on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Erin and described in the forward looking information. The forward-looking information contained in this news release is made as of the date hereof and Erin undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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/603880/Erin-Ventures-Files-Piskanja-Boron-Property-License-Extension
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