Positive Preliminary Economic Assessment Completed For The Slivova Gold Project

VANCOUVER - Avrupa Minerals Ltd. reported that its partner at the Slivova Gold Project in the Republic of Kosovo, Western Tethyan Resources (WTR), has provided a positive, independent Preliminary Economic Assessment (PEA) study based on the NI 43-101 Mineral Resources Estimate (MRE) previously reported.  

The Slivova Project is located in the prolific Vardar Mineral Trend, about 30 km SE of Pristina, the capital of Kosovo.  WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.  WTR is 75%-owned by AIM-listed Ariana Resources.

Slivova provides a conceptual pre-tax Net Present Value (NPV 8%) of US$27 million, and an internal rate of return (“IRR”) of 29% at a gold price of US$1,835/oz. Capital expenditure is estimated at $33.4 million and sustaining capital requirements of $9.4 million are envisaged in the study. Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study. Gold recovery by the Carbon-in-Leach (“CIL”) method, with recovery of gold at 92-94.5% Au (based on current testwork) and a processing rate of 142,000 tpa is estimated from the study.