Astur Gold Corporation
TSX VENTURE : AST
FRANKFURT : CDC

Astur Gold Corporation

May 17, 2012 06:00 ET

Astur Gold Submits Environmental Impact Assessment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2012) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") announces the submission of the Environmental Impact Assessment ("EIA") to the General Directorate of Mines of the Principality of Asturias.

This application addresses all aspects requested by the General Directorate of Environmental of the Principality of Asturias following the period of consultation with both local and regional administrations, NGOs, and other parties. The EIA is the result of extensive field and office work of Astur Gold's technical team in coordination with CONGEO, the local company specializing in Environmental consulting, and the contribution of local entities including Biosfera, Acusmed, Novotec, Universidad de Oviedo, Seinco, Terratec, Vaciero and Huso Mediciones.

In relation to the environmental aspects, the EIA includes a Reclamation & Closure Project and a Residue Handling Program in accordance with the statutory requirements of Spanish mining laws.

Included with the application is a revised and updated compilation to date of "Mining Application (Proyecto de Explotación)" and complementary studies such as Archaeological & Patrimony, Hydrogeological & Hydrological, Geotechnical, and Health & Safety.

A subsequent period of public information will follow to allow potentially affected stakeholders to have concerns addressed by Astur Gold. Once Astur Gold obtains a positive DIA and the authorization of the project, the Company will be able to commence construction of the Salave gold mine, pending municipal permits. In order to commence production, an "Autorización Ambiental Integrada" will be required from the General Directorate of Mines of the Principality of Asturias for the plant and tailings facilities.

Socio-Economic Impacts

One of the main criteria from the Government of Asturias is the socio-economic evaluation of the Salave project. Three surveys completed over the last 18 months revealed an average of 70% support for the Salave gold mine. In the neighboring villages, support soars to over 80%. Over 94.5% of respondents are concerned about the high rate of unemployment. These surveys were conducted by Novacom and have a margin of error of +/- 5%.

Astur Gold has received over 4,400 CVs to date and the rate has recently accelerated. The Company started health and safety courses for 400 people with priority placement to the people of Tapia. During construction Salave will generate 850 direct jobs, and during the life of mine Salave will directly and indirectly generate 500 jobs. These numbers are conservative and many more indirect jobs could be created.

Tapia de Casariego will collect taxes on all construction activity and the Principality of Asturias will receive significant tax revenue over the life of the mine.

Cary Pinkowski, President & CEO of Astur Gold, commented, "I would like to thank our hard working staff, CONGEO and all other groups who assisted drafting this document. We have diligently listened to the concerns of the community, local leaders, environmental groups and the Principality of Asturias. Astur Gold looks forward to putting Salave into production for the benefit of all stakeholders."

ABOUT ASTUR GOLD

Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain comprising 3,198 hectares. Salave is one of the largest undeveloped gold deposits in Western Europe. The Company submitted an application for an underground mine permit to the government of Asturias in September 2011. Astur Gold is currently conducting underground mine planning and an Environmental Impact Study. 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 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.

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.

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