Avrupa Minerals (CVE:AVU) is a Europe-focused mining group. They’ve spent $193,961 on exploration for the three months to end September. This included $9,941 on the Covas joint venture, $168,419 on the Alvalade copper project, and $24,506 on Alvito, $24,969 on Slivovo – a gold and silver project, it revealed in quarterly numbers. Avrupa operates three joint ventures, two in Portugal and one in Kosovo.
Speaking about their project in Kosovo chairman Mark Brown tells Proactive: ”Right now we own 25% of the project, we can get diluted down to 15% and we can fund that 15% or we have the option of taking a 2% net smelter royalty and that could be quite a good option for us and our shareholders because we won’t have to raise any further funds for that, it would be fully funded by our partner”.
Looking at their other projects, Brown adds: ”Portugal is a great example of what we’re doing really. We’re looking in Europe, in old mining districts for very large deposits and we’re using modern techniques. When we get a project to the stage that it’s ready to be drilled which costs a lot more money we quite often go and find a partner to do that drilling.”
”We’ve raised about $12 mln throughout the life of the company which isn’t that much money but we’ve also had another $12 mln on top of that spent directly on exploration funded by partners. We’ve had two drill programs every year in the life of the company, signed one new joint venture partner every year in the life of the company and we’ve made two discoveries”.
”Investors get good exposure to a lot of different metals and they don’t have to pay for all the exploration as our partners often do”, Brown says.
Story by ProactiveInvestors