Montreal, Quebec – Aurvista Gold Corporation (“Aurvista” or the “Company”) (TSX-V: AVA, OTC: ARVSF) wishes to announce the departure of Mr. Chris Sharpe, VP Engineering of the Company. Mr. Sharpe led the Aurvista technical team in the completion of the Preliminary Economic Assessment (the “PEA”) of the Douay West Gold Project. Mr. Sharpe also contributed greatly in developing the engineering processes to assess the potential of bringing the Douay West Zone into production.
Mr. Jean Lafleur, Aurvista President & CEO, stated “I want to personally thank Chris for his exceptional contribution in the success of the Douay West Zone and for all of his input and direction he provided to Aurvista’s management team. We wish him well in his new venture with a major international gold company”. Mr. Lafleur added “We will continue to actively pursue the Douay West Gold Project in 2015 and beyond”.
The Company anticipates that it will receive the results of the previous engineering work done at the Douay West Zone sometime later this quarter. The previous engineering work focused on the overburden and rock slope designs for the open pit, the hydrogeology investigation, and geochemistry program. In support of this work and based on the PEA recommendation to complete a trade-off study that considers an underground only scenario versus an open pit and underground scenario, the Company plans to complete an infill drilling campaign that would lead to a revised Mineral Resource estimation sometime in 2015. It is intended that this work would lead into the prescribed trade-off study that would set the scope of work for a Pre-Feasibility Study.
About Aurvista Gold
Aurvista Gold Corporation is a junior gold exploration and development company. Aurvista's only asset is the Douay Gold Project, consisting of 221 wholly owned claims totaling approximately 11,430 hectares. The Douay Project’s North West Zone has 32 designated claims for a total of 1,193 hectares and is in a Joint Venture agreement with SOQUEM. The Douay Project is located along the Casa Berardi Fault part of the Casa Berardi Deformation Zone in northern Quebec.
As of 2012, the Douay Gold Project contains a NI 43-101 Mineral Resource of 114,652,000 tonnes at 0.75 g/t gold (2.8 million ounces of gold) in the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,400 ounces of gold) in the Indicated category, at a cut-off of 0.3 g/t gold. The Douay West Zone Resources are included in this property wide estimate. The Douay West zone contains a NI 43-101 Mineral Resource of 1,413,000 tonnes at 1.65 g/t gold (74,913 ounces of gold) in the Inferred category and 2,558,000 tonnes at 2.77 g/t gold (227,982 ounces of gold) in the Indicated category, at a cut-off of 0.3 g/t gold.
The company recently completed a Preliminary Economic Assessment (“PEA”) of the Douay West Zone. The PEA considers both open pit and underground production options for the advancement of the Project. The study economics show a pre-tax Net Present Value (“NPV”) of $25.0 million at a discount rate of 5% and post-tax NPV(5%) of $16.6 million using an approximate two-year average gold price of US$1,350 per ounce and an exchange rate of 1.00 $C=0.95 US$. The pre-tax and post-tax internal rates of return (“IRR”) for the project are 55% and 40% respectively. The PEA mine plan and economic model include the use of Inferred Mineral Resources which are considered speculative geologically to have any economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized.
Details of the Douay Gold Project can be viewed on the Company’s website at www.aurvistagold.com
This news release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corporation’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.aurvistagold.com.
For further information please contact
Jean Lafleur, M. Sc., P. Geo.
President and CEO
Cell +1 514 975 3633
Facsimile +1 416 504 4129
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.