Eros Provides Update on Bell Mountain Gold-Silver Deposit and Director Resignation
VANCOUVER, Nov. 21, 2018 - Eros Resources Corp. (TSX.V: ERC) ("Eros" or the "Company") and our 100% owned subsidiary Bell Mountain Exploration Corp. are pleased to update our shareholders with regard to our Bell Mountain gold-silver project in Churchill County, Nevada.
Two years ago the U.S. Department of the Navy issued a notice of its intent to conduct an environmental impact statement ("EIS") regarding the proposed expansion of the Fallon Range Training Complex on lands administered by the U.S. Bureau of Land Management ("BLM"). The Company's Bell Mountain project falls within the immediate vicinity of the proposed expansion and was subjected to a two-year moratorium on any new work to advance the project.
The initial two-year moratorium expired on September 1, 2018 but was extended for an additional four years of mineral withdrawal while the Navy completes its EIS. This extension was announced in the U.S. Federal Register on August 31, 2018. Owing to special efforts by Company staff and consultants, the Bell Mountain project was specifically listed as exempt from the new withdrawal notice. Although certain Navy restrictions are expected to affect the project, the exemption allows for the project to advance in the near term.
A Mine Plan of Operation ("MPO") based on existing information was submitted to the BLM in late August, prior to the new four-year withdrawal notice. The Company has since responded to BLM comments on the MPO. Also submitted to the BLM are applications for a water pipeline right-of-way and road access right-of-way to the property. The Company is awaiting administrative approval by the BLM of these three key applications. The Company is also working to address permitting and engineering requirements of the Bureau of Mining Regulation and Reclamation under the Nevada Division of Environmental Protection. Eros' conceptual mine plan is available on the Company's website at www.erosresourcescorp.com under the Bell Mountain project, Technical Reports and Presentations.
Environmental baseline studies and permitting support for the Bell Mountain project are being provided by Stantec Consulting Services, Inc. (Reno, Nevada). Engineering support is being provided by Welsh Hagen Associates (Reno, Nevada).
The Company also wishes to advise that Don Siemens has resigned as Director of the Company to pursue other professional activities. We wish to thank Mr. Siemens for the significant contributions he has made as a Director since being elected by shareholders in 2013 and we wish him well in his endeavours.
Mr. Jeffrey Wilson is a consulting geologist to the Company based in Carson City, Nevada. Mr. Wilson is a "qualified person" under NI 43-101, and has reviewed and approved the scientific and technical information contained in this news release.
Eros Resources Corp. is a Canadian public company focused on the exploration and development of resource projects in North America. Eros has as its prime business objective the selection of strategic investments with a Canadian focus and a diverse commodity base. The Company's expertise in the resource sector supports the selection of these strategic investments.
On behalf of the Board of Directors of
Eros Resources Corp.,
Chairman of the Board of Directors
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation, including, among other things, this press release includes references to mineral resources and future potential forecast economics of extracting those resources. There is no certainty that any portion of the resources will be confirmed with greater certainty. If confirmed, there is no certainty that it will be commercially viable to extract any portion of the resource. There is no certainty that access to the resource area will be re-established, and if access to the resource area is blocked for an extended period of time, or permanently, there is no certainty that any compensation will be received by the Company. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information, including the re-establishment of physical access to the property, the availability of adequate and secure sources of funding to construct the extraction facilities required to extract the mineral resources, prevailing commodity prices, the receipt of regulatory approvals, environmental risks and the performance of personnel. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eros Resources Corp.
Tom MacNeill, Chairman of the Board of Directors, (604) 688-8115