VICTORIA - Erin Ventures Inc. ('Erin' or the 'Company') (TSXV:EV) and their partner Temas Resources Corp. [CSE: TMAS] are pleased to report positive results of an Independent Technical Report and Preliminary Economic Assessment ('PEA') for the Piskanja boron project located in Serbia.
MINERAL RESOURCES
The basis for the PEA is the Mineral Resource Estimate prepared by Prof. Miodrag BanjeSevi PhD. P.Geo, EurGeol.
Reported at a cut-off grade of 12 percent B2O3, at a minimum mining thickness of 1.2 m, considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of US$700/tonne (boric acid) and US$500/tonne (colemanite 40% B2O3). Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3 represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.
ECONOMICS
Project economics were estimated assuming a constant price of US$500/t for sales-grade colemanite (40% purity) and US$700/t for boric acid. The PEA will present a complete list of assumptions. Capital and operating cost estimates were prepared based on current and expected long-term pricing assumptions and to a PEA level +/- 35% level of accuracy.
In summary, the Project has a post-tax LOM net project cashflow (pre-finance) of some US$1.21 billion which returns a post-tax NPV (10%) of US$524.9 million and an IRR of 78.7%. The following table presents the summary LOM cash flow resulting from the Technical Economic Model.
CAUTIONARY NOTE
The PEA summarized in this news release is considered preliminary in nature, contains numerous assumptions and includes Inferred Mineral Resources that are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized. No Mineral Reserves have been estimated for Piskanja. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are that part of the Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Mineral Resources are captured within an optimized mine plan (within the constraints of a PEA) and meet the test of reasonable prospects for economic extraction.
About Erin Ventures Inc.
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol 'EV'.
Temas may earn a 50% interest in Piskanja by (a) issuing to Erin 250,000 common shares (completed) and 250,000 warrants (completed) (48 months, at an exercise price equal to the market price less the maximum allowable discount pursuant to stock exchange policies), and (b) incurring an aggregate of EUR10,500,000 in expenditures on Piskanja. The Agreement may be terminated in certain circumstances, including by Erin if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas, a joint venture will be formed and Erin and Temas will become associated as joint venturers to further advance Piskanja.
Contact:
Blake Fallis
Tel: 1-250- 384-1999
Web: www.erinventures.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the results of the PEA, including the projected Capex, the estimated after-tax NPV and IRR, the estimated LOM and estimated concentrate grades, the potential production from and viability of Piskanja, the risks and opportunities outlined in the PEA, the potential tonnage, grades and content of deposits, the extent of mineral resource estimates, anticipated exploration program results from exploration activities, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of the Company are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: 'believes', 'expects', 'anticipates', 'intends', 'estimates', 'plans', 'may', 'should', 'would', 'will', 'potential', 'scheduled' or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive all necessary approvals required to develop Piskanja as outlined in the PEA, that the assumptions in the PEA are reasonably accurate, market fundamentals will result in sustained boron demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Piskanja in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company's projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, requirements for additional capital, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Piskanja project, the estimation or realization of mineral reserves and mineral resources, and there is no guarantee that such interests, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of boron, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including of the TSX Venture Exchange), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the company's continuous disclosure documents. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Cautionary Note to United States Investors
Erin Ventures Inc. prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended ('CIM Standards'). The U.S. Securities and Exchange Commission (the 'SEC') has adopted amendments effective February 25, 2019 (the 'SEC Modernization Rules') to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources', which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of 'proven mineral reserves' and 'probable mineral reserves' to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are 'substantially similar' to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that Erin Ventures may report as 'measured mineral resources', 'indicated mineral resources' and 'inferred mineral resources' under NI 43-101 would be the same had Erin Ventures Inc. prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of 'inferred mineral resources' cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
BORON ONE HOLDINGS INC. 
