Euro Sun Receives Major Permitting Milestone From Environmental Protection Agency

TORONTO, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc. (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that the Hunedoara County Environmental Protection Agency has successfully completed the Strategic Environmental Assessment (SEA) approval process for the Urban Zoning Plan of Rovina Valley Mining Project and issued the Environmental License. The legislatively required Public Meeting on the SEA was held on May 31, 2022 and was led by the Head of the EPA's Regulatory Office in Hunedoara County and included Euro Sun representatives and its key environmental consultants. Also in attendance were representatives from Hunedoara County Emergency Situations, Public Health, Agriculture, Hunedoara Branch of the National Agency for Land Improvement, County Commissariat of the National Environmental Guard, the County Council and 7 local area mayors. This mandated meeting allows all interested parties to voice support and/or concerns regarding the project directly to the local Environmental Protection Agency as prescribed by Article 23, first paragraph and Article 31 from the Decision of the Romanian Government no. 1076/2004.

The meeting was held in the Rovina community centre with approximately 200 attendees. The meeting consisted of a one-hour presentation on the project by the company followed by a 90 minute question or comment period led by the EPA’s representative. All questions were recorded for further response in writing by the EPA and/or the company.

Chief Operating Officer Sam Rasmussen in attendance at the meeting comments: “The meeting allowed the participants to address the Agency with a variety of comments and questions related to the project. Our strong environmental processes with no cyanide, minimal water usage and dry tailings deposition means a minimal and managed impact to the mine site area. The advanced work by our team and supporting consultants over the last several years allowed us to respond confidently and favorably to all questions raised during this public forum.”

Scott Moore, CEO stated “We are extremely positive with this outcome, which has been driven by good co-operation between our local consultants, management team and officials from the Environmental Protection Agency. We would like to thank the EPA for approving this important milestone for the Rovina Valley Project in a timely manner and look forward to the completion of the PUZ process.”

The EPA has now concluded its review and has issued the Environmental License representing the Official Environmental Approval of the Urban Zoning Plan for Rovina Valley Mining Project in accordance with the legislation.

The Company continues to receive the necessary approvals for the PUZ from the requisite agencies and are expecting completion later this year. Upon completion of this important step the Company can then apply for the Urbanism Certificate for the Project with Hunedoara County. This initiates the Environmental Impact Assessment which is the final major milestone in achieving permitting for the Rovina Valley project.

The result of a successful EIA process is the issuance of the Construction Permit now targeted for Q3 2023, and will allow the company to move into Construction and Operation of the Project.

About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.

For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com

Caution regarding forward-looking information:
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates, expectations, forecasts and guidance for production, waste material, all-in sustaining cost, capital expenditures, cost savings, project economics (including pre-tax net present value and after tax cashflows) and other information contained in the updated DFS; as well as references to other possible events, the future price of gold and copper, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of the project and mining and processing activities, requirements for additional capital, government regulation of mining operations, and environmental risks.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This forward-looking information may be affected by risks and uncertainties in the combined business of the Company and market conditions, including (1) there being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or related natural disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production for the Rovina Valley Project being consistent with the Company’s expectations; (3) political and legal developments Romania being consistent with current expectations; (4) certain price assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies being approximately consistent with current levels; (6) the accuracy of the Company’s mineral reserve and mineral resource estimates; and (7) labor and materials costs increasing on a basis consistent with the Company’s current expectations. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information form, financial statements and related MD&A for the financial year ended December 31, 2021 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. The TSX does not accept responsibility for the adequacy or accuracy of this news release.