VANCOUVER, Aug. 31, 2020 - Eros Resources Corp. ("EROS" or the "Company") (TSXV: ERC) is pleased to announce progress in its permitting process for the Bell Mountain Mine (gold and silver) in Churchill County, Nevada.
- Application for the Water Pollution Control Permit submitted
- The permit is one of the most important documents required to move the project forward
- Previous Environmental Assessment resulted in Finding of No Significant Impact (FONSI)
Bell Mountain Exploration Corp. (BMEC), a Nevada corporation wholly owned by EROS, has recently submitted a Water Pollution Control Permit Application (WPCPA) to the Nevada Bureau of Mining Regulation and Reclamation (BMRR).
According to the BMRR, facilities utilizing chemicals for processing ores in Nevada are generally required to meet a zero discharge performance standard. Water Pollution Control Permits are issued to an operator by the BMRR to ensure operation of the facility will not result in degradation of waters of the State. This is a major permit issued by the State of Nevada.
The large permit application document was prepared by Welsh Hagen Associates of Reno, Nevada. As required by Nevada Administrative Code, the document includes an Assessment of Area of Review, Meteorological Report, Engineering Design Report (including detail design sheets), Fluid Management Plan, Proposed Operating Plans, Monitoring Plan, Emergency Response Plan, and Tentative Plan for Permanent Closure. The BMRR review process normally takes 180 days for completion of new applications.
The aforementioned WPCPA submission for the Bell Mountain Mine is part of a continuing permit process which has included an approved Mine Plan of Operations, an Environmental Assessment with a Finding of No Significant Impact and a Decision Record approving advancement of the project. The Principal Deputy of the U.S. Navy has also confirmed in a letter that they are committed to work with BMEC in accommodating mine development adjacent to the Fallon Naval Air Station.
Mr. Ron Netolitzky, President and CEO of EROS, states "The Company is very pleased with the progress made in the permitting process of the Bell Mountain. We are excited about moving the Bell Mountain gold/silver project forward. We firmly believe the scale of the Bell Mountain Mine can be further increased with additional exploration work on the property in the near term, and that's what we plan to do. I thank our technical team in Nevada, along with our consultants, for their diligent and tireless work."
About Bell Mountain Project
Eros' 100% owned Bell Mountain Gold Project is located near Fallon, Nevada. Highlights of the Preliminary Economic Assessment that was completed in 2017 (See Eros' press release of October 11, 2017) and which has not been updated for current gold and silver pricing, include:
- Pre-tax net present value ("NPV" @ 5% and internal rate of return ("IRR") of $17.6 million and 41.4% respectively, along with a payback period of 1.7 years, using a USD $1,300/oz price of gold and a USD $17.50/oz price of silver.
- After tax NPV @ 5% and IRR of $9.3M and 24.7% respectively, with a payback period of 2.7 years.
- 4 year mine life, with total production of 60,056 ounces of gold and 408,498 ounces of silver, before expansion based on renewed exploration.
- Life of mine cash cost of $759 per produced ounce, net of by-product silver and including royalty payments totalling $2.56 million.
For further details, please refer to www.sedar.com
Eros has engaged McClelland Laboratories in Reno, NV to estimate capital and operating costs (±20%) for the Bell Mountain Gold Project. Subsequent data will be used to update the present economic model.
Furthermore, Eros is planning to reinstate the exploration activities in a near future, with the purpose of further expanding the current resource base.
Eros operates in the USA through its 100% owned subsidiary Bell Mountain Mining Corp., a Nevada corporation based in Carson City Nevada.
Mr. Jeffrey Wilson of Carson City, Nevada, is a consulting geologist to Eros. Mr. Wilson is a "Qualified Person" within the context of National Instrument 43-101, is responsible for the preparation of this news release and has read and approved its technical aspects.
Eros Resources Corp. is a Canadian public company listed on the Toronto Venture Exchange. The Company's business objective is the identification, acquisition and exploration of advanced-stage projects with a North American focus. In addition, the Company plans to make strategic investments with a global focus on a diverse commodity base. EROS managements' expertise supports this strategy.
Forward Looking Statements
This release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that we believe, expect or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements reflect our current expectations or beliefs based on information currently available to us. Forward-looking statements in this release include, without limitation, statements with respect to: the closing of the Private Placement and the use of proceeds from the Private Placement. Forward-looking statements are subject to a number of risks and uncertainties that may cause our actual results to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, us. Factors that could cause actual results or events to differ materially from current expectations include, among other things, delays in obtaining or failure to obtain required approvals to complete the Private Placement; and other risks related to our business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, we disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although we believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty.
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Eros Resources Corp.
Suite 420 - 789 West Pender Street
Vancouver, British Columbia,
VP Corporate Development
SOURCE Eros Resources Corp.