Euro Sun Closes Third Tranche of Private Placement Financing

Euro Sun Mining Inc. (TSX: ESM) has successfully closed the third tranche of its non-brokered private placement financing, raising C$1.5 million. This latest round brings the total gross proceeds from the financing to C$2.15 million, with the issuance of 43,000,000 units at C$0.05 per unit. The company plans to use the funds to advance the Rovina Valley Project, a significant gold-copper development project in Romania.

The Rovina Valley Project, one of Europe's largest gold-copper development projects, is expected to produce 1.47 million ounces of gold and 403 million pounds of copper over its life of mine. The project incorporates dry stack tailings and is a cyanide-free operation, reflecting Euro Sun's commitment to responsible mining procedures.

The updated DFS for the Rovina Valley Project, released in February 2022, highlights the project's strong economic potential. The study estimates a pre-tax NPV of $630 million and an IRR of 22.7% based on long-term commodity price assumptions of $1,675/oz gold and $3.75/lb copper. The project is expected to produce an average of 136,000 gold equivalent ounces per year over the first 10 years of operation, with an all-in sustaining cost of $787/gold equivalent ounce.

The successful completion of the third tranche of private placement financing further strengthens Euro Sun Mining's financial position and liquidity. The company is well-positioned to continue advancing the Rovina Valley Project, which has the potential to become an important source of strategic metals within the European Union. As the project moves toward production, investors may see further positive updates and potential upside in the company's stock price.