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Romania Government Announces Strategy to Align Mining Legislation to the EU's Critical Raw Materials Act

23.04.2024  |  GlobeNewswire

BUCHAREST, April 23, 2024 - Euro Sun Mining Inc., (TSX: ESM, OTC: CPNFF) ("Euro Sun" or the "Company") through its wholly owned Romanian subsidiary, SAMAX Romania S.R.L., wishes to highlight the Romanian Government's strategic announcement on April 22, 2024 (announcement link), formally listing copper as a strategic and critical material, and their planned intention to adjust existing mining legislation to align to Europe's Critical Raw Materials Act (the "CRMA").

Announced by Romania's Ministry of Economy, the announcement details an overhaul of existing mining legislation and the reorganisation of regulatory bodies to simplify and streamline the inspection and permitting process to construct mines in Romania. Also included is a focus on opening new and previously sites to acquire critical minerals and the adoption of procedures to secure and access land for mining activities.

Commenting on this positive development, Mr. Grant Sboros, Chief Executive Officer of Euro Sun, said "This announcement clearly signifies Romania's intention to comply fully with the EU's CRMA and to formally list copper as a strategic and critical material. We are also greatly encouraged by the details contained in this announcement which include plans to provide the regulatory framework necessary to attract foreign investment to encourage public-private partnerships specific to mining. This provides investor predictivity and fiscal stability. Of significant value for Euro Sun is also the plan to create a single regulatory mining monitoring and control body to fast-track inspection and permitting processes and improve efficiencies."

As the second biggest copper resource measured and indicated in Europe, Euro Sun continues to work closely with the Romanian Government to understand and implement these changes made to the Romania's mining legislation.

About Euro Sun Mining Inc.

Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.

The Rovina Valley Project supports a circular economy by unlocking much needed investment and job creation in Hunedoara County and, delivers critical minerals necessary for Europe's green energy transition.

Further information:

For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com

Caution regarding forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the adoption of the CRMA by the Romanian government; foreign investment into Romania and development of the Rovina Valley Project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

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Euro Sun Mining Inc.

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