Astur Gold
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ASTUR GOLD
Suite 300, 1055 West Hastings Street, Vancouver, British Columia, Canada, V6E 2E9
Ph:  +1 604.694.1600; Fax: +1 604.694.1663

Company statement

Astur Gold is focused on developing its 100% owned Salave Gold Project in northern Spain. Salave is one of the largest and highest grade undeveloped gold deposits in Western Europe. The property has a recently updated NI 43-101 compliant mineral resource estimate containing 1,683,000 oz of gold in the Measured & Indicated category (17,945,000 tonnes grading 2.9 g/t Au) with an additional 338,000 oz of gold in the Inferred category (3,770,000 tonnes grading 2.8 g/t Au). The property is the subject of a NI 43-101 report, "Technical Report on Salave Gold Deposit, Spain", March 5, 2010.

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 on 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 looks to advance Salave and cultivate an enduring partnership with the people of Asturias in developing economic prosperity for the region.

Current Operations

Development Plan

Management / Geological Team


Cary Pinkowski - CEO & Director

Over 20 years experience in North American and EU capital markets in natural resource and mining industries. He is also Chairman of CP Capital Group, a private merchant bank focused on mining, energy, and technology venture deals.

Founder of Entrée Gold Inc. (ETG-TSE, EGI-AMEX). Entrée’s Shivee Tolgoi project is now the largest and highest-grade copper-gold mine development in the world in JV with Ivanhoe Mines and Rio Tinto.

Emilio Hormaeche – President

Involved with almost every mine development project in Spain over the last 20 years. He has excellent relations with local mining and environmental authorities.

Former Project Manager for Tasiast mining complex in Mauritania for Red Back Mining with an US$80 Million budget. Also former Project Manager for Aguablanca in Spain from permitting to production.

Direct experience with mining and ore dressing from property acquisition to full production and all the intermediate steps (7 plants total).

Paul Conibear – Director

Joined the Lundin Group in 1999 and became President of Tenke Mining in 2007. He has been an officer Lundin Mining since July of 2007 and is currently Senior Vice President of Corporate Development.

18 years of minerals projects experience including base and precious metals, coal and potash projects gained with Fluor Daniel Wright and the Simons Mining Group (AMEC). He also held project management positions for gold plant construction at the Rio Tinto mine in Spain.

Sean Roosen – Director

Mr. Roosen is the Chief Executive Officer and President of Osisko Mining Corporation (TSX: OSK, Frankfurt: EWX). Mr. Roosen and his Osisko team have been successful in conducting effective community consultations while steering the Malartic gold project through a rigorous environmental permitting process. The commercial production is scheduled for the second quarter 2011. During 2009, Osisko completed over C$1 billion in financings.

He is also the Chairman of EurAsia Holding A.G. and is currently a Director of Rio Novo Gold Inc., Dalradian Resources and Bowmore Exploration Ltd.

Honourable John D. Reynolds, P.C. – Director

Former speaker of the British Columbia legislature as well as Minister of the Environment. He served as a Member of Parliament of Canada 1972-1977 and 1997-2006 and also as leader of Her Majesty’s official opposition.

Served as co-chair of the successful national Conservative Party campaign for the January 23, 2006 federal election, in which Stephen Harper was elected the Prime Minister of Canada.

Served as Director of numerous public companies including International Corona Resources, Calibre Mining Corp., Oriel Resources, Rusoro Mining Ltd., and Terrane Metals Corp. In March 2006, he was appointed as a Senior Strategic Advisor to Lang Michener law firm in Vancouver.

Doug Turnbull – Director

Mr. Turnbull is a Qualified Professional Geologist with over 20 years of experience in mineral exploration. He is currently the President of Lakehead Geological Services Inc. and has been part of exploration management teams responsible for the exploration and development of the Eskay Creek Gold Deposit (BC), the Petaquilla Cu-Au Porphyry Deposit (Panama), the Mt. Kare Gold Deposit (PNG) and the OJVG Gold Deposits (Senegal).

Mr. Turnbull currently serves as a director on Oromin Explorations Ltd., Salmon River Resources and Grizzly Discoveries Inc.

Nick DeMare – CFO

Mr. DeMare holds a Bachelor of Commerce degree from the University of British Columbia and is a member in good standing of the Institute of Chartered Accountants of British Columbia.

Since May 1991, Mr. DeMare has been the President of Chase Management Ltd., a private company which provides a broad range of administrative, management and financial services to private and public companies engaged in mineral exploration and development, gold and silver production, oil and gas exploration and production and venture capital. Mr. DeMare indirectly owns 100% of Chase Management.

Brian McEwen - Independent Consultant & QP

Former manager of mineral projects for Norwest Corporation. Recently was technical director for Kinbauri for the development of the El Valle / Carles Mine now owned by Orvana.

Consulted for AMEC Inc. as their Manager of Geology for Latin America, and was involved in numerous deposit evaluations including the Spence deposit (BHP Billiton), the Lomas Bayas deposit (Xstrata), and the Quebrada Blanca deposit (Teck/Cominco).

President of Buffalo Gold Ltd. and Dynasty Gold Corp. Mr. McEwen is a Professional Geoscientist, registered with the Association of Professional Engineers, Geologists, and Geophysicists of Alberta.

Casimiro Maldonado de Castro, Chief Geologist

Mr. Maldonado designed and managed exploration campaigns for Rio Narcea Gold Mines and was the Managing Geologist for the Salave Feasibility Study from 2004 to 2006. In addition to Salave, he has worked on the deposits of El Valle, Carles, Godan, La Ortosa Ibias, Ossa Morena, Navelgas and Aguablanca for Rio Narcea and additional projects for Anglo American.

He is a member of ICOG (Ilustre Colegio Oficial de Geólogos) with over 30 years of geological experience and holds an Honours degree in geological sciences. He also has a deep knowledge of Iberian Peninsula Geology, specifically the Asturias Gold Belt.

MINERAL RESOURCE STATEMENT FOR THE SALAVE GOLD DEPOSIT

Mineral Resource Statement For The Salave Gold Deposit
The property is subject to NI 43-101 report, "Technical Report on Salave Gold Deposit, Spain", by Scott Wilson RPA, March 5, 2010.

SHARE STRUCTURE (AS OF AUGUST 20, 2010)

Shares Outstanding: 33,836,689
Warrants @ $0.95, exp. December 2, 2011: 469,000
Options @ $0.90, exp. June 4, 2013: 1,375,000
Options @ $0.75 exp. August 23, 2013: 500,000
Fully Diluted Shares: 35,680,689

SELECTED HISTORIC DRILL RESULTS

Selected Historic Drill Results

Photo Gallery: Salave

Salave 1

Salave 2

Salave 3

Salave 4

Salave 5
Salave 6

Salave 7

Salave 8

Salave 9

Salave 10

Open Pit Regulatory Status


In August 2005, the Regional Government of Asturias halted open-pit project development of Salave due to the introduction of certain new zoning legislation. The decision was not based on environmental factors and contradicted several other authorizations previously received by Astur Gold´s predecessor Rio Narcea, the most important of which being the expropriation of farm land and its dedication to mining use. There has been over €40 Million spent with encouragement from the Asturias Government for many years for the advancement of Salave.

Immediately after, three separate legal proceedings were commenced by Rio Narcea against the Government of Asturias seeking reversal of the decision. Those cases are now before the Supreme Court of Spain. Astur Gold inherited these cases with the purchase of the property. A forth case for damages against the Government of Asturias was launched in the High Court of Asturias for monetary compensation of €320,000,000. The High Court of Asturias ruled that a cash ruling is "premature" as Astur Gold could still get the open-pit permit if it wins one of the three cases before the Supreme Court of Spain.

The High Court of Asturias stated that a new law suit for monetary compensation can be launched against the Government of Asturias for damages once the appeal process is completed. If this case is launched, the figure for damages will be calculated with the current gold price, and therefore will be significantly higher than the previous figure of €320,000,000, which was calculated at the January 1, 2006 gold price of $525/oz. Any cash award received will be equally split with Lundin Mining Corporation (TSX: LUN, OMX: LUMI) after a deduction of the upfront payment as well as litigation and court related costs incurred by Astur Gold between April 13, 2010 and the time of settlement or final judgment in the lawsuit.

The Principality of Asturias has stated the zoning change does not affect a potential underground permit.

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