(TheNewswire)
Vancouver BC - TheNewswire- October 27th, 2020 - Eros Resources Corp.(TSXV:ERC ) (OTC:BPUZF) ( "Eros," or the"Company") is pleased to announce the appointment of WelshHagen Associates to lead the exploration efforts at the Bell MountainGold Project in Nevada. Welsh Hagen has been directly involved withthe engineering and advancement of the Bell Mountain property sinceEros commenced operations in Nevada and will be responsible formaintaining corporate stewardship of all Nevada operations for Eros.
New BMEC management from the Welsh Hagen team includesJohn Welsh, President and Director, Douglas Willis, VicePresident-Exploration, and Caren Idzinga, Secretary. Management fromthe Eros team includes Ronald Netolitzky, Chief Executive Officer andDirector, and Andrew Davidson, Treasurer and Director. BMEC willmaintain a corporate presence at the office of Welsh Hagen Associatesat 250 S. Rock Blvd., Suite 118, Reno, NV 89502 (Tel:775-853-7776).
Welsh Hagen is assuming the role formerly held by Mr.Jeffrey L. Wilson, who is retiring at the end of October 2020. Eroswishes to thank Mr. Wilson, whose efforts have been instrumental insteering the Bell Mountain Gold Project successfully through thepermitting process.
Soil Geochemical Survey SamplesCollected and Submitted for Analysis
As previously reported, Eros has initiated a soilgeochemical survey to identify drill targets in order to expand theexisting resource model at Bell Mountain gold focused project. We arepleased to report that the soil samples have been collected and havenow been submitted to the lab for analysis.
Eros collected 1,000 soil samples on a 200 ft x 200 ftsample grid. Where bedrock was present, rock-chip samples werecollected. Certified reference material, blanks, duplicates, andsecond-lab check assays are part of the quality control and assuranceprogram. The samples will guide determination of drill targets byanomalous gold in soil and favorable geology (silicification) wherepresent. Reverse-circulation exploration drilling will test targets aswarranted.
About Bell Mountain - A Gold FocusedProject in Advanced Stages of The Permitting Process
Eros' 100% owned Bell Mountain Gold Project is locatednear Fallon, Nevada. Highlights of the Preliminary Economic Assessmentthat was completed in 2017 (See Eros' press release of October 11,2017) and which has not been updated for current gold and silverpricing, include:
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- Pre-tax net present value ("NPV" @ 5% andinternal rate of return ("IRR") of $17.6 million and 41.4%respectively, along with a payback period of 1.7 years, using a USD$1,300/oz price of gold and a USD $17.50/oz price of silver.
- After tax NPV @ 5% and IRR of $9.3M and 24.7%respectively, with a payback period of 2.7 years.
- 4 year mine life, with total production of 60,056ounces of gold and 408,498 ounces of silver, before expansion based onrenewed exploration.
- Life of mine cash cost of $759 per produced ounce,net of by-product silver and including royalty payments totalling$2.56 million.
For further details, please refer to www.sedar.com
Eros has engaged McClelland Laboratories in Reno, NV toestimate capital and operating costs (+-20%) for the Bell MountainGold Project. Subsequent data will be used to update the presenteconomic model.
Furthermore, Eros is planning to reinstate theexploration activities in a near future, with the purpose of furtherexpanding the current resource base.
Eros operates in the USA through its 100% ownedsubsidiary Bell Mountain Mining Corp., a Nevada corporation based inCarson City Nevada.
About EROS
Eros Resources Corp. is a Canadian public companylisted on the Toronto Venture Exchange. The Company's businessobjective is the identification, acquisition and exploration ofadvanced-stage projects with a North American focus. The currentdevelopment project is Bell Mountain, Nevada.
In addition, the Company plans to make strategicinvestments with a global focus on a diverse commodity base. EROSmanagements' expertise supports this strategy.
For further information, pleasecontact:
EROS Resources Corp.
Ron Netolitzky
President and Chief Executive Officer
Phone: 604-688-8115
Forward LookingStatements
This release containsforward-looking statements. All statements, other than statements ofhistorical fact that address activities, events or developments thatwe believe, expect or anticipate will or may occur in the future areforward-looking statements. These forward-looking statements reflectour current expectations or beliefs based on information currentlyavailable to us. Forward-looking statements in this release include,without limitation, statements with respect to: the closing of thePrivate Placement and the use of proceeds from the Private Placement.Forward-looking statements are subject to a number of risks anduncertainties that may cause our actual results to differ materiallyfrom those discussed in the forward-looking statements and, even ifsuch actual results are realized or substantially realized, there canbe no assurance that they will have the expected consequences to, oreffects on, us. Factors that could cause actual results or events todiffer materially from current expectations include, among otherthings, delays in obtaining or failure to obtain required approvals tocomplete the Private Placement; and other risks related to ourbusiness. Any forward-looking statement speaks only as of the date onwhich it is made and, except as may be required by applicablesecurities laws, we disclaim any intent or obligation to update anyforward-looking statement, whether as a result of new information,future events or results or otherwise. Although we believe that theassumptions inherent in the forward-looking statements are reasonable,forward-looking statements are not guarantees of future performanceand, accordingly, undue reliance should not be put on such statementsdue to their inherent uncertainty.
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
------------------------------------------------------------------------ |EROS Resources Corp. |Investor Inquiries: | |----------------------------------------------------------------------| |Suite 420 - 789 West Pender Street |Lubica Keighery | |Vancouver, British Columbia, |VP Corporate Development | |T: 604-688-8115 |lubica@erosresourcescorp.com| |w:www.erosresourcescorp.com |c: 778-889-5476 | | | | ------------------------------------------------------------------------
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