Bara congratulates Avrupa Minerals on completion and filing of a successful PEA at their Slivova Project, Kosovo

Bara Consulting, funded by Ariana’s Western Tethyan Resources (WTR), was engaged to prepare a Preliminary Economic Assessment (“PEA”) for Avrupa Mineral’s Slivova Project in Kosovo as part of WTR’s earn-in agreement on the project. WTR can earn-in up to 75% of the Project by funding exploration and development including Environmental Impact Assessments, Feasibility Studies, and, ultimately completing a Mining License application.  WTR is 75%-owned by AIM-listed Ariana Resources. The study comprised an updated Mineral Resource Estimate, together with scoping-level mining, processing, infrastructure and tailings management assessments, which were used as inputs into a techno-economic evaluation prepared in accordance with CIM guidelines and disclosed in accordance with NI 43-101 reporting requirements.

The Slivova Project is located in the prolific Vardar Mineral Trend, about 30 km SE of Pristina, the capital of Kosovo.

Highlights from the PEA include:

  • Slivova provides a conceptual pre-tax Net Present Value (NPV 8%) of US$27 million, and an internal rate of return (“IRR”) of 29% at a gold price of US$1,835/oz.
  • Capital expenditure is estimated at $33.4 million and sustaining capital requirements of $9.4 million are envisaged in the study.
  • Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study.
  • Gold recovery by the Carbon-in-Leach (“CIL”) method, with recovery of gold at 92-94.5% Au (based on current testwork) and a processing rate of 142,000 tpa is estimated from the study.

The full PEA document, which includes the NI 43-101 Mineral Resource Estimate, may be accessed on SEDAR+ or via the Avrupa Minerals website:  Slivova PEA

The independent Qualified Person for the disclosure of the Preliminary Economic Assessment, as defined by NI 43-101, was Bara’s Dr. Andrew Bamber, BSc, MASc, PhD, P.Eng. of Bara Consulting Limited. The independent Qualified Person for Mineral Resources as defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd. Tailings aspects were studied by Knight Piesold (UK) Limited.

Bara is proud to have contributed to this important project development milestone and looks forward to continuing to work with the consortium n further progressing this interesting project.