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21/04/2024
Mining News

Euro Sun Mining achieves government support for Rovina Valley project in Romania

Euro Sun Mining Inc said it had completed “successful” meetings with key Romanian government ministries regarding its Rovina Valley gold and copper project.

The Canadian company’s wholly owned Romanian subsidiary, SAMAX Romania SRL, led discussions with the Romanian Ministry of Economy in December 2023 and the Romanian Ministry of Environment, Water and Forests in January 2024.

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The Rovina Valley gold and copper project is touted as hosting the second-largest gold deposit in Europe.

Euro Sun CEO Grant Sboros and SAMAX general director Sorin Halga participated in meetings held in Bucharest focused on Euro Sun’s permitting submission and its potential economic impact on Romania’s Hunedoara region.

At the Ministry of Economy meeting, discussions revolved around Romania’s implementation of the changes outlined in the European Commission’s recently adopted Critical Raw Materials Act.

Additionally, Romania’s role in supporting the eventual rebuild of Ukraine, leveraging its abundant natural resources and strategic location, was emphasized, with the Rovina Valley project highlighted as integral to these efforts.

Euro Sun said it had secured a commitment from the Minister of Environment, Water and Forests to support the progression of the Rovina Valley project into production.

Further discussions, including a meeting with the Prime Minister of Romania, were proposed following a requested follow-up meeting by the ministry.

“We are extremely thankful for these fruitful engagements with the honorable ministers, and deeply humbled by the support given,” Euro Sun CEO Sboros said in a company statement.

“Our talks have highlighted the significant role that our Rovina Valley project will play in Romania’s economic future, aligned to the demands set out in the European Commission’s Critical Raw Materials Act. The recognition of our ability to support the long-term economic aspirations of Romania, whilst enabling critical mineral security for Europe was also viewed as exciting.”

Separately, Euro Sun said it had issued a US$125,000 convertible promissory note to John Robins and James Paterson, providing funding for annual mining license fees for the Rovina Valley Project and working capital costs in Canada and Romania.

The note bears interest at 6% per annum and is convertible into common shares of the Company at a price of $0.035 per share.

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