Avrupa Minerals to Partner with Western Tethyan Resources to Advance Slivova Project, Kosovo

Mar 2, 2023 | 2023

  • Western Tethyan Resources (“WTR”) completes detailed due diligence review at Slivova Gold Deposit;
  • WTR elects to continue their work at Slivova and enter into Stage 1 of the earn-in joint venture;
  • The companies expect to complete a definitive earn-in agreement in the coming weeks, outlining the path to potential production at Slivova;
  • WTR initiates a Preliminary Economic Assessment (“PEA”)/ Scoping Study for the Slivova Project.

Avrupa Minerals Ltd. (AVU:TSXV) is pleased to report that presumptive Slivova Gold Project partner, Western Tethyan Resources (“WTR”), completed its detailed due diligence study of the Slivova Gold Deposit and elected to continue with Stage 1 of the earn-in joint venture program at Slivova.  WTR can earn-in up to 85% of the Slivova Gold Project by funding and performing certain work programs to potentially advance the Slivova Project to a mining solution.  WTR is a private exploration company based in London and Prishtina, Republic of Kosovo, and is 75% owned by London AIM-listed Ariana Resources (“Ariana”).

Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, “We are excited that the Slivova Gold Project is moving forward after several years of dormancy.  WTR and Ariana will be great partners due to strong exploration abilities from both groups and experience in building small, but highly successful gold mining operations from Ariana.  By deciding to go straight into a PEA/Scoping Study from due diligence says a lot of good about the deposit and the partnership.”

Mentor Demi, Managing Director of Western Tethyan Resources, commented, “We are very pleased to have successfully completed the Due Diligence on Slivova Gold Project and to be entering into the Definitive Earn-In Agreement with Avrupa Minerals Ltd. Our systematic exploration and mining approach has resulted in the confirmation of potential mineable resources at Slivova with significant potential for possible future additions to the resource base. We look forward to providing further updates on the Slivova PEA, in addition to the exploration results, in the near future.”

Kerim Şener, Managing Director of Ariana Resources, added, “We are looking forward to further advancing the development of the attractive Slivova Gold Project in Kosovo.  We see a number of upside possibilities for the project and will be investigating these systematically during the period of earn-in, once agreed, by Western Tethyan and Avrupa Minerals.”

Figures 1 and 2.  Maps showing location of Slivova in Kosovo, along with target areas to be upgraded.  New license is shown as a red polygon.  The names in northwest quadrant are historic Trepça base metal mines.


During the 6-month due diligence period, WTR developed a small mine concept for the Slivova Project, studying “feasible access, mining, processing, and tailings management options”.  At this level of investigation, WTR found that the Project demonstrates “potential for low initial capex, moderate operating costs, and attractive NPV and IRR in the context of the low initial capex and the current estimated mine life” (from WTR news release of March 2, 2023).

WTR further added that as a result of their studies, they would initiate a Preliminary Economic Assessment and Scoping Study for the Slivova Project, and that they have engaged UK-based consultants Bara Consulting UK and Knight Piesold to do the study.  The two companies conducted the due diligence studies and are already duly familiar with the Project.

Terms of the Agreement

Under the terms of the Definitive Agreement, WTR will have the right to acquire, in multiple stages, up to 85% of the Slivova project, by completing a series of exploration and development milestones and making staged payments to AVU. 

On Closing

  • Euro 35,000 cash payment upon signing the Definitive Agreement on March 1, 2023

Earn-In Phase

Stage 1:

  • Euro 30,000 cash payment on September 1, 2023;
  • If WTR elects to enter the Definitive Agreement, it will invest Euro 800,000, during first two years from the effective date (minimum of Euro 150,000 must be spent by September 1, 2023, post DD Phase) for exploration, drilling, baseline environmental and social surveys, landowners, etc., for 51% of the Project.

Stage 2:

  • After completion of Stage 1, during the third year from the Effective Date, WTR will invest Euro 1,000,000 for NI 43-101 resource estimation, commencement of full Environmental Impact Statement (“EIS”), etc., for 75% of the Project.

Stage 3:

  • During fourth and fifth year from the Effective Date, WTR must complete the EIS, Feasibility Study (“FS”), and Mining License application, for 85% of the Project.

Stage 4:

  • WTR completes success payments to previous JV partner, Byrnecut International Ltd., accordingly:

o   Euro 125,000 in cash within 30 days of the first to occur of: 1) Completion of a positive FS (minimum 15% IRR) or; 2) Avrupa or related party making a decision to proceed with development of a mining operation within the license area;

o   Euro 125,000 within 30 days of issuance of a mining license for the Project;

o   Euro 125,000 within 30 days of commencement of mine construction within the license area;

o   100 troy ounces of gold within 30 days of commencement of commercial production (“CCP”), then increasing by 75 troy ounces per year until and including the third anniversary of commercial production when 325 troy ounces will be delivered.

Stage 5:

  • Avrupa participates in the mine build or dilutes to 1% NSR.

Western Tethyan Minerals (WTR) is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across the porphyry-epithermal transition.

Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model.  The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement.  The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy.  Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo.  The Company continues to seek and develop other opportunities around Europe.

For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.

On behalf of the Board,

“Paul W. Kuhn”


Paul W. Kuhn, President & Director

This news release was prepared by Company management, who take full responsibility for its content.  Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.  He has reviewed the technical disclosure in this release.  Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.

Neither 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 release.

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