Avrupa Minerals Ltd. announced that its partner at the Slivova Gold Project in the Republic of Kosovo, Western Tethyan Resources ("WTR"), has provided a positive, independent Preliminary Economic Assessment ("PEA") study based on the NI 43-101 Mineral Resources Estimate ("MRE") previously reported by Avrupa on July 17, 2023. Bara Consulting completed the PEA in accordance with CIM standards, and Avrupa has publicly disclosed the document under NI 43-101 reporting requirements. The Slivova Project is located in the prolific Vardar Mineral Trend, about 30 km SE of Pristina, the capital of Kosovo.

The independent Qualified Person for Mineral Resources as defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd. Mr. Siddle has reviewed and approved the scientific and technical content of this news release, in the form and context in which it appears. Dr. Bamber completed a site visit to the project on 15 February 2023 and inspected the property, core samples, and visited locations relevant to the project including the gossan outcrop and potential access road, process plant, and tailings sites within the license area. In conjunction with the pre-established infill resources drill program, WTR is commencing a trenching program to enhance exploration in the areas bordering the primary resource zone, specifically targeting Dzemailj and Valijevishte.

Throughout Fourth Quarter, the company intends to initiate the Environmental Base Line Study, the Social Impact Assessment, and complete the planning for a drilling program, with the actual drilling activities scheduled to commence in the first quarter (Q1) of 2024. The broader exploration potential of the Slivova project area, in particular the opportunity to define further mineralisation down-plunge of the existing orebody, bodes well for further economic upside. The company are now looking to complete further work to demonstrate this upside, via a phased exploration programme, which will target the definition of additional resources and further investigate various aspects of the proposed mine design and processing route, among other technical matters.

Following is a summary discussion of important points from the PEA (from Western Tethyan Resources): The Slivova Gold-Silver Project is located some 30 km southeast of Pristina, the Capital of Kosovo. The Project was acquired by AVU Kosova, a wholly owned subsidiary of Avrupa Minerals ("Avrupa"), which was granted a seven-year exploration licence for the Project in 2022. The Mineral Resource Estimate, as previously announced, has an effective date of 22 June 2023.

The Mineral Resource Estimate for Slivova, completed on July 14, 2023, is reported in Table 1 and is based on the block model shown in Figure 2. No estimates of Mineral Reserves have been prepared. A gold equivalent (AuEq) grade was calculated for each block using the formula AuEq = (Ag g/t x 0.05) + Au g/t. It is the opinion of the Qualified Person that all elements included in the Au Equivalent calculation have a reasonable prospect of being recovered.