Astur Gold Adds Mr. Michael Surratt to Advisory Board
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/11 -- Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) ('Astur Gold' or the 'Company') is pleased to announce the appointment of Mr. Michael Surratt to the Company's Advisory Board.
Mr. Surratt was the Founder, President, and CEO of Mercator Minerals Ltd. (TSX: ML) from its inception in 1998 until his retirement in June 2011, during which time he was responsible for growing Mercator Minerals from a junior exploration company into a strong intermediate base metals producer with a market cap of over $800 million. He directed construction of the 50,000 ton per day Mineral Park copper-molybdenum mine, and led the acquisitions of both the El Pilar copper project and the El Creston molybdenum project in Mexico. Prior to founding Mercator, Mr. Surratt held positions as President and CEO of Aurex Resources, Director and VP Operations at Miramar Mining, and VP Development for Santa Fe Gold.
In regards to mine operations, Mr. Surratt has an extensive background as both open pit and underground mine manager including over 15 years experience of numerous underground mining methods such as cut and fill, shrink stoping, sub level, room and pillar, shaft sinking, and underground development. He has extensive experience with underground gold mining and autoclave ore processing while serving as General Manager of the Con Mine in the Northwest Territories, where he was responsible for the redesign, start up, and operation of the Con mine autoclave - one of the highest temperature and pressure autoclaves processing refractory gold ores in the world at that time. Michael holds a B.Sc. in Geology and is a current member of the Prospectors and Developers Association of Canada.
'Mike has an exceptional mining background in underground mining and autoclave operations. We anticipate that his expertise in mine development will be of great value to the Company as Astur Gold becomes a leading European gold producer,' commented Cary Pinkowski, CEO of Astur Gold.
Astur Gold has granted Mr. Surratt options to purchase 125,000 common shares in the Company, exercisable at a price of $2.00 per share for a period of 3 years.
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, containing a NI 43-101 compliant mineral resource estimate of 1,683,000 oz Au 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 Au in the Inferred category (3,770,000 tonnes grading 2.8 g/t Au). The mineral resource was estimated by Scott Wilson RPA in the NI 43-101 report, 'Technical Report on Salave Gold Deposit, Spain', dated February 25, 2010 available on SEDAR.
Salave is also subject to a Preliminary Economic Assessment ('PEA') by Golder Associates titled, 'Preliminary Economic Assessment on the Salave Gold Project, Asturias Region, Spain', dated February 12, 2011 available on SEDAR. 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 shows 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
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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Contacts:
Astur Gold Corp.
Vadim Dubchak
604-694-1600
604-694-1663 (FAX)
info@asturgold.com
www.asturgold.com