Carpathian Gold is focused on the development of its 100%-owned Rovina Valley gold and copper project located in Romania. Rovina Valley is the second largest gold deposit in Europe.
The Rovina Valley project is comprised of three Au-Cu porphyry systems: Rovina, Colnic and Ciresata. To date, over 170,000 meters of drilling has been conducted on the property, resulting in a NI 43-101 mineral resource of 10.84 million ounces of gold equivalent in the Measured and Indicated categories (see details here).
A detailed NI 43-101 compliant Preliminary Economic Assessment ("PEA") was released on March 23, 2010, featuring a conventional open-pit mine operation for the Colnic and Rovina deposits with the Ciresata deposit mined by bulk-underground methods. Ore processing will utilize industry-standard crush-grind and flotation process at a rate of 40,000 tonnes per day to produce a gold-rich saleable copper concentrate. This process does not require the use of cyanide. The study considered a 19 year mine-life over which a total of 6.22 million Au-eq ounces would be produced. At metal prices of US$1,250/oz gold and US$3.00/lb copper the study arrived at a pre-tax NPV of US $870 million based on a 10% discount rate.