September 7, 2022

Western Tethyan Resources Ltd (the “Company” or “WTR”) is pleased to announce that it has signed heads of terms (the “HoT”) with Avrupa Minerals Ltd (“Avrupa” or “AVU”), for an Option to Earn-in up to 85% on the Slivova High-Sulfidation Epithermal (HSE) gold project (the “Project”) in Kosovo.

The Slivova Earn-In Agreement is subject to WTR completing its due diligence review of the  Project and the parties executing a formal Earn-In agreement (the “Agreement”) on or before March 1st, 2023. The key terms of the Agreement are agreed and the parties will execute the final Agreement subject to due diligence being completed satisfactorily. AVU has granted a 6 months exclusivity period to WTR to complete the due diligence. 

The Slivova Gold Project covers 32 km2 and is valid for 7 years of exploration. The license area was subject to a previous joint venture between AVU and Byrnecut International Ltd (“Byrnecut” or “BIL”),, until 2019 when the license was terminated and after Byrnecut had incurred exploration expenditures in excess of US$ 7 million. 

The past exploration by AVU identified a significant body of Sediment Hosted HSE gold mineralization at the Slivova central part, and several potential satellites. The Main area in Slivova has an established (NI 43-101) compliant Indicated Resources of 640 kt @ 4.8 g/t gold for 98,700 ounces.

Figure 2.  Slivova main prospects

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The area has demonstrated potential for additional resources, indicated by AVU’s soil and trench sampling in a 2km radius around the main area, and has a large area that has not been explored previously.

Figure 3.  Slivova main resource area

Mentor Demi, Managing Director of Western Tethyan Resources stated that “we’re excited to have entered into the Heads of Terms with Avrupa, on the Slivova License. The agreement coincides with the company’s growth strategy and also with the strategy of diversifying the asset portfolio. We look forward to a fruitful relationship with Avrupa, advancing Slivova deposit to possible production and developing WTR to a significant explorer and producer in the region.  

Terms of the Agreement

Under the terms of the HoT, 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. 

Due Diligence Phase 

Exclusivity from September 1 2022 (“Effective Date”) to March 1 2023.                                                               

  • Euro 35,000 cash payment upon signing the HoT
  • Euro 100,000 investment during Due Diligence
  • Euro 35,000 cash payment at the end of 6 months DD period

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 800,000 euros, during first two years from the effective date (minimum of Euro 150,00 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:
    • 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;
    • Euro 125,000 within 30 days of issuance of a mining license for the Project, and
    • Euro 125,000 within 30 days of commencement of mine construction within the license area;
    • 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: AVU participate on the mine build or dilute to 1% NSR

For further information, please contact:
Mentor Demi, Managing Director


About Avrupa Minerals

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 license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through the recently announced 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.


About Western Tethyan Resources

Western Tethyan Resources Ltd (“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 in Kosovo. The company is assessing several other exploration project opportunities across Eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition. For further information on Western Tethyan Resources you are invited to visit the Company’s website at