The last two quarters have come with significant change for Canada-based junior Euro Sun, which is developing the ten-million-gold-equivalent-ounce Rovina Valley project, in Romania.
Operationally, Euro Sun added to its senior management to advance the permitting and engineering at Rovina Valley, financially, it secured a $22.3-million investment by global institutional precious metals funds, and governance wise, director changes were made and the corporate head office was relocated.
“All of these milestones paired with a rising gold price should serve to highlight the tremendous potential for a re-evaluation of Euro Sun,” says chairperson and CEO Scott Moore.
The $22.3-million bought deal equity financing that Euro Sun closed in June should be sufficient to obtain a construction decision, the company notes. To advance to the construction phase, Euro Sun requires two certificates – the area land use plan and the project technical design.
For the land use certificate, rezoning is required and the company received a rezoning urbanisation certificate from the Hunedoara country. Public consultation on the zoning plan should start in mid-October.
The second certificate of urbanism is for the technical design and includes the environmental impact assessment of Rovina Valley, along with other documentation. Euro Sun reports that multiple sub-studies forming part of the project technical design are under way or completed.
The company aims to have the certificates completed or substantially complete by end of 2020, in order for construction to begin in early 2021.
The second key deliverable for 2020 is the completion of a definitive feasibility study, which it aims to complete by the end of the year.