Suite 300, 1055 West Hastings Street, Vancouver, British Columia, Canada, V6E 2E9
Ph: +1 604.694.1600; Fax: +1 604.694.1663
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
- 100% stake in Salave Project acquired from Lundin Mining
and local minority stakeholders (Lundin Mining maintains 15.7%
ownership in Astur Gold)
- One of the largest undeveloped gold deposits in Western Europe
- Advanced stage gold asset with NI 43-101 compliant Mineral
Resource of 1,680,000 oz M&I and 338,000 oz Inferred
- Previous metallurgical tests indicate recoveries in the order of
- Within 70km of Orvana Minerals’ El Valle and Carles gold mines
- Excellent mining infrastructure in the region due to a long
history of coal mining
- Access to power, water, and roads on site with industrial
skilled labour in the region
- Drilling to date totals 64,377m in 430 holes (235 diamond drill
- Exploration potential: 4 principal high grade zones of gold
mineralization remain open at depth and additional exploration areas
to the West that have never been tested
- Pursue permitting of an open-pit operation
- Economic analysis and scoping studies of open pit and
underground mining options
- 3,000m of UG drilling to test mineralized zones beyond
conceptual open pit boundary
- Exploration drift project consisting of a 1.3 km decline to be
used for the purposes of underground drift exploration and later as
an extraction drift during mining
- 2,000m of in-fill drilling
- Additional drilling of 7,000m to test for the Western extension
of the mineralized zones
- Continue metallurgical work to confirm recoveries 90% and choose
optimal recovery method
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
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
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
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
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
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
Photo Gallery: Salave
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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