Astur Gold Adds Josh Crumb to the Board of Directors
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/11/11 -- Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ('Astur Gold' or the 'Company') is pleased to announce the appointment of Mr. Joshua Crumb to the Company's Board of Directors.
Mr. Crumb's most recent role was Senior Metals Strategist at Goldman Sachs, where he analyzed commodity market dynamics, investment strategies, and corporate risk management programs in the Global Economics, Commodities and Strategies research division in London. Mr. Crumb holds a Bachelor of Science degree in Engineering and Master of Science in Mineral Economics from the Colorado School of Mines. Mr. Crumb also held various positions within the Lundin group of companies, serving as Director of Corporate Development at Lundin Mining, and Special Project Analyst for group chairman Lukas Lundin.
'Josh has exceptional mining expertise and market vision. We value his background in corporate development and his recent successes with the leading commodity markets firm; we will leverage this strategic insight as Astur Gold becomes a gold producer', commented Cary Pinkowski, CEO.
Josh Crumb remarked: 'I am confident in the company's strategy to develop the high grade Salave deposit, creating value for shareholders and enabling all stakeholders to benefit from this extraordinary gold market environment. I also look forward to working with such an accomplished group of management and directors, who are essential assets for unlocking the value of the Salave deposit and growing the company through acquisition and discovery of high value resources.'
Astur Gold has granted Mr. Crumb options to purchase 300,000 common shares in the Company, exercisable at a price of $1.75 per share for a period of 3 years.
Furthermore, Mr. Paul Conibear is stepping down from the Board of Directors of the Company. Astur Gold thanks Mr. Conibear for his contribution to the Company.
ABOUT ASTUR GOLD
The Company is developing its 100% owned Salave Gold Project in northern Spain. Salave is one of the largest undeveloped gold deposits in Western Europe. The property has a NI 43-101 compliant mineral resource estimate containing 1,683,000 oz of gold in the Measured & Indicated category (2,155,000 tonnes grading 3.88 g/t Au Measured and 15,790,000 tonnes grading 2.79 g/t Au Indicated) with an additional 338,000 oz of gold in the Inferred category (3,770,000 tonnes grading 2.8 g/t Au). Salave is subject to NI 43-101 report, 'Technical Report on Salave Gold Deposit, Spain', dated March 5, 2010 available on SEDAR.
Salave is also subject to NI 43-101 report, 'Preliminary Economic Assessment on the Salave Gold Project, Asturias Region, Spain', by Golder Associates dated February 12, 2011. The PEA investigates three mining methods and two processing options using a base case gold price of US$1,100 per ounce and throughput rate of 1.1 million tonnes per year. It yields an NPV ranging from US$374 Million to US$576 Million using a 5% discount rate; IRR ranging from 34% to 54%; and pre-production capital expenditure payback period ranging from 2.0 to 3.1 years.
There is excellent exploration potential at Salave, with four of the principal high grade zones of mineralization open at depth. Additional exploration areas to the west have also yet to be tested. Previous metallurgical tests indicate gold recoveries in the order of 90% are possible. The region boasts excellent infrastructure and a history of mining that will help support future mine development. Astur Gold is advancing Salave towards production and cultivating an enduring partnership with the people of Asturias in developing economic prosperity for the region.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer and Director
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither 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.
Contacts:
Astur Gold Corporation
Vadim Dubchak
604-694-1600
604-694-1663 (FAX)
info@asturgold.com
www.asturgold.com