AVPMF - Avrupa Minerals to Partner with Western Tethyan Resources to Advance Slivova Project Kosovo

(TheNewswire)

• Western Tethyan Resources (“WTR”)completes detailed due diligence review at Slivova GoldDeposit;

• WTR elects to continue their work atSlivova and enter into Stage 1 of the earn-in joint venture;

• The companies expect to complete adefinitive earn-in agreement in the coming weeks, outlining the pathto potential production at Slivova;

• WTR initiates a Preliminary EconomicAssessment (“PEA”)/ Scoping Study for the SlivovaProject.

Vancouver, B.C. – TheNewswire - March 2 ,2023 – Avrupa Minerals Ltd. (TSXV: AVU ) (OTC:AVPMF) (FRANKFURT:8AM) is pleased toreport that presumptive Slivova Gold Project partner, Western TethyanResources (“WTR”), completed its detailed due diligence study ofthe Slivova Gold Deposit and elected to continue with Stage 1 of theearn-in joint venture program at Slivova.  WTR can earn-in up to 85%of the Slivova Gold Project by funding and performing certain workprograms to potentially advance the Slivova Project to a miningsolution.  WTR is a private exploration company based in London andPrishtina, Republic of Kosovo, and is 75% owned by London AIM-listedAriana Resources (“Ariana”).

Paul W. Kuhn, President and CEO of Avrupa Minerals,stated, “We are excitedthat the Slivova Gold Project is moving forward after several years ofdormancy.  WTR and Ariana will be great partners due to strongexploration abilities from both groups and experience in buildingsmall, but highly successful gold mining operations from Ariana.  Bydeciding to go straight into a PEA/Scoping Study from due diligencesays a lot of good about the deposit and the partnership.”

Mentor Demi, Managing Director of Western TethyanResources, commented, “Weare very pleased to have successfully completed the Due Diligence onSlivova Gold Project and to be entering into the Definitive Earn-InAgreement with Avrupa Minerals Ltd. Our systematic exploration andmining approach has resulted in the confirmation of potential mineableresources at Slivova with significant potential for possible futureadditions to the resource base. We look forward to providing furtherupdates on the Slivova PEA, in addition to the exploration results, inthe near future.”

Kerim ?ener, Managing Director of Ariana Resources,added, “ We are lookingforward to further advancing the development of the attractive SlivovaGold Project in Kosovo.  We see a number of upside possibilities forthe project and will be investigating these systematically during theperiod of earn-in, once agreed, by Western Tethyan and AvrupaMinerals.”

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Figures 1 and 2. Maps showing location of Slivova in Kosovo, along with targetareas to be upgraded.  New license is shown as a red polygon.  Thenames in northwest quadrant are historic Trepça base metalmines.

During the 6-month due diligence period, WTR developeda small mine concept for the Slivova Project, studying “feasibleaccess, mining, processing, and tailings management options”.  Atthis level of investigation, WTR found that the Project demonstrates“potential for low initial capex, moderate operating costs, andattractive NPV and IRR in the context of the low initial capex and thecurrent estimated mine life” (from WTR news release of March 2,2023).

WTR further added that as a result of their studies,they would initiate a Preliminary Economic Assessment and ScopingStudy for the Slivova Project, and that they have engaged UK-basedconsultants Bara Consulting UK and Knight Piesold to do the study. The two companies conducted the due diligence studies and arealready duly familiar with the Project.

Terms of the Agreement

Under the terms of the Definitive Agreement, WTR willhave the right to acquire, in multiple stages, up to 85% of theSlivova project, by completing a series of exploration and developmentmilestones and making staged payments to AVU.

On Closing

• Euro 35,000 cash payment upon signing the DefinitiveAgreement on March 1, 2023

Earn-In Phase

Stage 1:

• Euro 30,000 cash payment on September 1, 2023;

• If WTR elects to enter the Definitive Agreement, itwill invest Euro 800,000, during first two years from the effectivedate (minimum of Euro 150,000 must be spent by September 1, 2023, postDD Phase) for exploration, drilling, baseline environmental and socialsurveys, landowners, etc., for 51% of the Project.

Stage 2:

• After completion of Stage 1, during the third year fromthe Effective Date, WTR will invest Euro 1,000,000 for NI 43-101resource estimation, commencement of full Environmental ImpactStatement (“EIS”), etc., for 75% of the Project.

Stage 3:

• During fourth and fifth year from the Effective Date,WTR must complete the EIS, Feasibility Study (“FS”), and MiningLicense application, for 85% of the Project.

Stage 4:

• WTR completes success payments to previous JV partner,Byrnecut International Ltd., accordingly:

  • Euro 125,000 in cash within 30 days of the first tooccur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2)Avrupa or related party making a decision to proceed with developmentof a mining operation within the license area;

  • Euro 125,000 within 30 days of issuance of a mininglicense for the Project;

  • Euro 125,000 within 30 days of commencement of mineconstruction within the license area;

  • 100 troy ounces of gold within 30 days of commencementof commercial production (“CCP”), then increasing by 75 troyounces per year until and including the third anniversary ofcommercial production when 325 troy ounces will be delivered.

Stage 5:

• Avrupa participates in the mine build or dilutes to 1%NSR.

Western Tethyan Minerals (WTR) is a UK-registered, mineral exploration anddevelopment company focused on South East Europe. The company has astrategic alliance with Newmont Corporation and Ariana Resources andis currently focused on exploration for major copper-gold deposits inthe Lecce Magmatic Complex and Vardar Belt. The company is assessingseveral other exploration project opportunities across Eastern Europe,targeting copper-gold deposits across the porphyry-epithermaltransition.

Avrupa Minerals Ltd. is a growth-oriented junior exploration and developmentcompany directed to discovery of mineral deposits, using a hybridprospect generator business model.  The Company holds one 100%-ownedlicense in Portugal, the Alvalade VMS Project, presently optioned toSandfire MATSA in an earn-in joint venture agreement.  The Companynow holds one 100%-owned exploration license covering the Slivova goldprospect in Kosovo, and is actively advancing four prospects incentral Finland through its in-process acquisition of Akkerman FinlandOy.  Avrupa focuses its project generation workin politically stable and prospective regions of Europe, presentlyincluding Portugal, Finland, and Kosovo.  The Company continues toseek and develop other opportunities around Europe.

For additional information, contact Avrupa Minerals Ltd. at1-604-687-3520 or visit our website at www.avrupaminerals.com .

On behalf of the Board,

“Paul W. Kuhn”

Paul W. Kuhn , President &Director

This news release was prepared byCompany management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a LicensedProfessional Geologist and a Registered Member of the Society ofMining Engineers, is a Qualified Person as defined by NationalInstrument 43-101 of the Canadian Securities Administrators.  He hasreviewed the technical disclosure in this release.  Mr. Kuhn, the QP,has not only reviewed, but prepared and supervised the preparation orapproval of the scientific and technical content in the newsrelease.

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.

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