Press release from Marketwire
Astur Gold Provides Update on Loan Facility and Work Program
Thursday, May 09, 2013
Astur Gold Provides Update on Loan Facility and Work Program09:00 EDT Thursday, May 09, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2013) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") is pleased to provide an update to shareholders regarding the loan facility and the ongoing work program at the Salave gold project.
$10 Million Loan Facility
Astur Gold received initial Investment Committee Approval for the $10 Million loan facility from RMB Resources Inc. ("RMB") announced on February 25, 2012 (reference Astur Gold February 25, 2012 press release titled Astur Gold Mandates RMB Resources To Arrange $10 Million Loan Facility). RMB has concluded its due diligence and facility documentation is proceeding towards an anticipated closing by the end of May 2013, pending final approval.
Astur Gold received approvals from the Commission for Environmental Affairs of the Principality of Asturias and the Urbanism and Planning Commission of Asturias to conduct drilling for geotechnical characterization in the proposed tailings area and to guide design for the main access decline.
Astur Gold is currently conducting tests to determine geotechnical and hydrogeologic characterization to the level of detail requested by the Cantabrian Hydrographic Confederation and the Principality of Asturias in order to obtain the outstanding approvals for the process plant and tailings area.
SRK Consulting (UK) Ltd. ("SRK") is working with the University of Oviedo to carry out assessments of hydrogeology, hydrology, geochemistry, water balance, and possible water treatment requirements. SRK will also use the information from these assessments to generate the corresponding sections in the upcoming Bankable Feasibility Study ("BFS") for Astur Gold.
Astur Gold is including paste backfill and dry stack tailings in its mining and tailings management plan. Paste backfill was selected as the primary backfilling method for Salave because it minimizes the size of the surface tailings storage facility and increases stability and safety of the underground operation. Astur Gold is conducting BFS level design and cost estimate for a paste backfill and dry stack. Approximately 50% of the tailings from ore processing will be returned to the underground mine. The remaining tails will be dry stacked in a state of the art, environmentally safe and stable tailings facility, which will be concurrently reclaimed.
The Company collected and shipped a total of 6 samples to ALS Limited in Kamloops, British Columbia for a new round of optimized metallurgical and dry stack testing. Testing will include BFS level filtration characteristics to establish design criteria for the dry stack and paste backfill.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant, water discharge, and tailings licenses. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer, President 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.
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Astur Gold Corporation