Astur Gold Corporation
TSX VENTURE : AST
FRANKFURT : CDC

Astur Gold Corporation

October 02, 2014 13:36 ET

Astur Gold Provides Corporate Update to Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2014) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") is providing an update in regards to the Company's Amended Environmental Impact Assessment ("Amended EIA") that was submitted in December 2013. The Company recently met with the Environmental Ministry of Asturias and has been notified that a final decision on its Amended EIA is expected in Q4-2014.

"The Amended EIA has incorporated numerous major improvements into all facets of the Salave gold project, each aimed at reducing environmental risk and addressing comments that were brought forward following the initial EIA submission," stated Cary Pinkowski, President and CEO of Astur Gold.

Improvements made by Astur Gold include:

  • Eliminated the use of cyanide in the ore processing circuit.
  • Replaced the conventional fluid tailings system with a more benign dry system, thus eliminating any tailings dam structures and any associated risk of potential breach or leakage of process waters into the surrounding environment.
  • The Company has committed to installing a state of the art water treatment system (which is in use in many parts of Spain) to treat excess water to meet drinking water standards.
  • The protection of the Salave lakes area has been guaranteed. All mining and processing activities will take place outside of the historic Salave area and the lakes and wetlands that are the result of historic mining in Asturias.
  • The surface foot print of the project has been reduced by over 30%.

As a result of the proposed changes, Salave will be one of the most environmentally advanced industrial facilities in all of Spain and Europe, and will meet or exceed all standards in both.

A comprehensive hydrological study has been conducted by the State Agency "Instituto Geológico y Minero de España" (Geological and Mining Institute of Spain) which confirms and endorses the hydrological studies commissioned by Astur Gold and which are included in the Amended EIA. The hydrological studies completed by the University of Oviedo and other recognized national and international experts concluded that the Salave mine and associated facilities will not be harmful to the ground waters or surface waters of Tapia or the surrounding area.

During the past four years, Astur Gold has invested considerable time and money in the necessary studies required to permit the Salave mine. Upon completion of the permitting process, Astur Gold anticipates spending in excess of $100 million towards the construction and commissioning of the project, most of which will go to local contractors and suppliers. Astur Gold has received financial support from RMB Resources Limited ("RMB") and has been advised that such support shall continue through the existing loan facility upon receipt of a positive Amended EIA. In the event of a negative Amended EIA, RMB and Astur Gold will evaluate various financial, operating and strategic alternatives.

The Salave gold project has received tremendous local community support. The project will result in the creation of an estimated 250 direct jobs over the Salave mine life, with an estimated 800 jobs during the construction phase of the mine. The development of the Salave mine is also estimated to result in approximately 200 indirect jobs, in addition to year-round positive economic impacts to local businesses. To date, the Company has received over 11,000 job applications, of which 7,200 are from the immediate project area in Asturias, and another 2,000 from neighboring Galicia.

ABOUT ASTUR GOLD

Astur Gold Corp. is developing its 100% owned Salave Gold Project in Asturias, northern Spain. Salave is one of the largest undeveloped gold deposits in Western Europe. A government decision on an Amended Environmental Impact Assessment is expected in Q4-2014 and a Feasibility Study is currently underway. The Company is building 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

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. 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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