Avrupa (25%) and Byrnecut International Limited (75%) currently operate the Slivovo Joint Venture in Kosovo through the new JV entity, Peshter Mining JSC. Byrnecut is the operator of Peshter Mining, and they are currently progressing through the early stages of a pre-feasibility study and eventually an application for a mining license at Slivovo. Byrnecut spent 2 million euros during 2014-15 to earn into 75% of the Project. The partner must produce a PFS to earn an additional 10% of the Project

Work centered around the Peshter Gossan target, and currently an initial resource assessment is underway.  While the resource assessment will only cover the Peshter Gossan target, it is clear that there are a number of other gold targets in close proximity to the Peshter Gossan, as well as several more distal areas located up to 2-3 kilometers away from the outcropping Peshter Gossan.  At the moment Byrnecut is concentrating their PFS in the immediate vicinity of the Peshter Gossan deposit.  Further exploration work is unlikely until after the PFS is completed and a decision to proceed to the next stage is made by Byrnecut.

The mineralized Peshter Gossan at Slivovo is a moderately ENE-plunging block of mineralization, is exposed at the surface to the SW, cut off on the NW and SE by steep, post-mineralization faults and underneath by a shallow ENE-dipping post-mineralization fault.  The mineralization is open down-plunge to the ENE.  Precious metal mineralization is hosted within a package of steeply dipping sedimentary beds of silicified and de-calcified pebble conglomerates, sandstone conglomerates, and sandstones.  Understanding of the post-mineral fault movement suggests that further mineral targets exist in close proximity to the Peshter Gossan gold mineralization, as well as elsewhere on the exploration license.

Following are some of the best gold intercepts, to date, from the Peshter Gossan zone:

SLV004 – 126.5 meters @ 6.2 g/t gold; 15.0 g/t silver
SLV005 – 12.0 meters @ 12.2 g/t gold; 8.02 g/t silver
SLV006 –  5.55 meters @ 1.1 g/t gold; 12.8 g/t silver
  10.8 meters @ 1.25 g/t gold; 15.1 g/t silver
  3.4 meters @ 3.1 g/t gold; 21.8 g/t silver
SLV011 – 55 meters @ 4.24 g/t gold; 16.20 g/t silver; including 30 meters
    @ 6.92 g/t gold
SLV0014  57.35 meters @ 2.09 g/t gold
SLV0018 125.0 meters @ 6.91 g/t gold
SLV0027 97.0 meters @ 7.94 g/t gold
SLV0037 74.0 meters @ 6.02 g/t gold

Avrupa also holds the Metovit exploration license in Kosovo, which replaces the old Kamenica license.  Metovit lies in the Vardar Mineral Trend, adjacent to the Artana Mine license, held by the Trepça Mining Combinant.  Target at Metovit is a gold- and copper-bearing porphyry system.

The company is presently seeking a partner to form an exploration joint venture for Metovit.  The license hosts outcropping base metal mineralization and drill-ready targets. At Metovit, Avrupa explorationists have already developed a potential porphyry-style target. The target area is located only 12 kilometers northeast of the Slivovo mineralization in a similar geological setting.  The Metovit license also covers ground that has not previously been explored by Company geologists.

Kosovo is a small country that has been independent for over seven years now. The government is democratically elected, and enjoys continued in-country support from the European Union and the United Nations. The government recently enacted a European-styled mining law, and Avrupa's subsidiary is one of the first companies to go through the renewal and acquisition processes under the new mining law.  Avrupa continues to be the only North American-based explorer in Kosovo and enjoys strong relationships with all of the main stakeholders in the country.