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Company Overview

Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company focused on aggressive exploration, using a prospect generator model, for valuable mineral deposits in politically stable and prospective regions of Europe, including Portugal, Kosovo, and Germany.

The Company has an exciting portfolio of exploration projects consisting of:

• Copper and Zinc in southern Portugal at Marateca and in the Alvalade JV project area located in the Iberian Pyrite Belt, where Europe’s richest active copper mine is located;

• Tungsten and Gold in northern Portugal at the Covas JV project area;

• Precious metal and REE potential in the new Aljezur project area, south Portugal;

• Silver, Lead and Zinc in Kosovo at the Glavej, Kamenica, Selac, and Bajgora properties in the Trepça Mineral Belt of the Vardar Zone, historically, Europe’s most productive district for lead and zinc;

• Copper and gold in southern Kosovo within the Koritnik exploration license area in the Sharr-Dragash intrusive complex;

Gold in eastern Germany in the 307 km² Oelsnitz exploration license in the historic Erzgebirge Mining District, a 1000-year producer of tin, tungsten, silver, base metals, and uranium.

The Poeple

Paul W. Kuhn – Director, President and CEO

•   35 years exploration experience in North America, Turkey, Central, Asia, and Europe
•   Gold and base metal discoveries in Turkey

Mark T. Brown – Director

•   President, Pacific Opportunity Capital, a financial consulting firm
•   Previously at PriceWaterhouseCoopers, Miramar, Eldorado and Founder of Rare Element Resources Ltd.

Greg McKelvey – Director

•   Director, Animas Resources
•   +40 years worldwide exploration and discovery experience

Don Ranta – Director

•   Chairman, Rare Element Resources
•   +40 years of leadership in exploration and project evaluation

Winnie Wong – CFO

•   VP, Pacific Opportunity Capital, a financial consulting firm
• CFO of other publicly listed companies on the TSX Venture Exchange

The Property

Covas Project (19.96 km²)

Portugal

The Covas license, located about 100 kilometers north of Porto, Portugal's second largest city, covers known and previously mined tungsten mineralization. The property carries a non NI 43-101 compliant resource of 922,900 metric tonnes of 0.78% WO₃. The Covas project is now included in a JV with Blackheath Resources Inc.  In addition to tungsten targets, the geology of the prospect area supports potential for intrusion-related gold possibilities.

Alvalade Project (998.1 km²)

Portugal

The Alvalade Project is a joint venture with Chilean copper producer, Antofagasta Minerals SA.  The project area is located in the northern sector of the Portuguese Pyrite Belt, between 40 and 80 kilometers northwest of the Neves Corvo Copper and Zinc Mine.

• Includes Alvalade, Canal Caveira, and Ferreira do Alentejo licenses
• Approximately 1000 km² in area; +75 line km prospective belts
• Initial Study concentrated on hard targets at Aldeia dos Elvas, Monte de Bela Vista, and Azinheira dos Barros – outcropping sulfide mineralization, old mine workings discovered
• Regional geochemistry and gravity show new, additional targets
• Re-interpretation of surface geology and structure leading to new target ideas
• Up to 6,000 meters drilling planned for 2012

Marateca (216.6 km²)

Portugal

The Marateca license is located at the northernmost end of the Portuguese Pyrite Belt.  VMS target-type rocks outcrop on the property in the Serrinha Window.  Small manganese showings are present in the district, as well as pyritic silica units which may be interpreted as possible exhalites.  Avrupa drilled four holes in the Serrinha area during 2011. Intersected silver-rich stockwork mineralization at Serrinha

• 2 massive sulfide targets remain untested at São Martinho and Volta
• 9 other target areas on license, all of which require follow-up, including the drill-ready Bica target.

Aljezur License (270.4 km²)

Portugal

The Aljezur license in southwestern Portugal covers an unusual alkalic intrusion complex.  Old stream sediment sampling results show a strong copper anomaly around the western margin of the complex, as well as along a 10-km long westerly-trending linear away from the comlex.  Although never sampled for gold and rare earth elements, the Company sees exploration potential for both preciaous metals and REE’s at Aljezur.

Kamenica License (45 km²)

Kosovo

The Kamenica license is located close to Prishtine, the capital of Kosovo, along the Vardar Mineral Trend.  Numerous old workings have been discovered on the property, as well as a large slag heap in one of the major valleys.  Age of some of the workings may be from Saxon times, though some exploration was completed during Yugoslav times.

• On strike with long-lived Artana Mine (historic modern production of 4-5 mt @ +10% Pb and Zn; 140 g/t Ag; and 1 g/t Au (non - NI 43-101 - compliant estimate)
• 3 high-priority target zones identified; 2 holes drilled at Grbes and Metovic
• Potential porphyry system in major fault zone, base metal mineralization and stockwork veining discovered at Metovic target
• Hole mineralized from surface to 193 meters (TD)
• Strong alteration, unusual rock types at Grbes

(Click on image to enlarge)

Glavej License (8.1 km²)

Kosovo

The Glavej license is located in northern Kosovo, along the Vardar Mineral Trend.

• Close to world class Stan Terg Mine (historic production of 35 mt @ +10% Pb + Zn and 80 g/t Ag (non - NI 43-101 - compliant estimate)
• 2 high-priority target zones identified – Pogledalo/Hazelnut Hill and Spate
• First drilling at Hazelnut Hill started in Q4, but shut down by winter weather and difficult drilling conditions
  • Lost first hole in fault zone at 139 meters, but intercepted over 100 meters of silicified breccia in possible structural zone
  • Second hole to test Stan Terg-type target:  massive sulfide mineralization lying beneath Si-Ca-Fe altered volcanics and Mn-Fe-Si gossan, and hosted at/near faults in favorable calcareous sedimentary rocks
  • Possible multiple, cross-cutting breccia pipes
• Old workings at Spate need to be re-opened and tested
  • Reported massive sulfide mineralization in old adit

Selac License (36.9 km²)

Kosovo

The Selac license is located in northern Kosovo, along the Vardar Mineral Trend, and adjacent to the north of the Glavej license.

• Acquired early 2011, as a result of GIS-based generative program and discovery of previously-unknown surface mineralization
• Contains Pogledalo/Hazelnut Hill extensions and other potential  target zones in +5 km² area of alteration
  • Gossans and jasperoids located around possible caldera features at intersection with N- and NNW-trending faults, though may also be partially related to low T listwaenite alteration
  • Results from detailed mapping and sampling of alteration zone near Hazelnut Hill indicate possibility for buried porphyry system, as well as potential targets at both the east and west ends of the area of alteration

Bajgora License (76.5 km²)

Kosovo

The Bajgora license is also located in northern Kosovo in the Vardar Mineral Trend, to the east of Glavej and Selac.

• Acquired in early 2011, as a result of GIS-based generative program
• Numerous Saxon-age workings and prospects discovered on and around the license area
• Property-wide reconnaissance mapping and sampling outlined 18 km² area in SW corner of license for further follow-up exploration work
• Company has applied to Mining Bureau to reduce the license by approximately 75%

Koritinik License (75.7 km²)

Kosovo

The newly-acquired Koritnik license is located in southernmost Kosovo.  The license covers strong copper and gold anomalies collected from a government-sponsored stream sediment sampling program.  The anomalous sampling comes from drainages off of the Sharr-Dragash intrusive complex.  There are a number of known old prospects in the district, but there is no evidence of any modern exploration within the boundaries of the license.

Erzgebirge License (307 km²)

Germany

The recently-acquired Oelsnitz license is located near Frieberg, in the Free State of Saxony, eastern Germany.  While never previously explored for gold, the Erzgebirge District has had a long history of mining for tin, silver, base metals, and uranium.  Characteristics of the mineral deposits suggest that there is significant potential for intrusion-related gold deposits in the district.

• The Erzgebirge (Ore Mountains) region is a historic mining district with known production of silver, base metals, and tin since at least the 1100’s during Saxon times. 
• Uranium and tin were mined extensively after the Second World War until the re-unification of East and West Germany.

Numerous sites of alluvial gold located within the license area were recorded by a regional gold panning and exploration program during the 1970’s and 1980’s.  They correlate with historical stream sediment anomalies of a suite of pathfinder elements often associated with intrusion-related gold deposits, similar to those found in the Tintina Gold Province of the Yukon and Alaska.

The Politics

In the public perception in Kosovo, there are four major mining sectors:  1) lignite mining for power generation; 2) base metal mining of Trepca; 3) ferronickel mining of Ferronikeli; and 4) aggregates as construction material.  The first two are of key importance to the country.  Coal is fundamental for energy supply, and the Trepca mining and smelting complex has an enormous, historically founded reputation as a backbone of wealth in Kosovo.  However, the Trepca reputation lacks realism, as the Trepca mines need significant overhaul to keep up with an adequate production level.  Difficult, much discussed, and still unresolved is the legal, financial, and environmental situation of Trepca.  This process is ongoing, and there is growing awareness among the political parties that the deadlock over the insolvency of Trepca needs to be resolved sooner rather than later, through an administrator.  Only then, can the potential of Trepca’s existing mines and properties be unleashed.

At the same time, the greenfields exploration potential of Kosovo has gradually been recognized by Kosovars and external experts.  The legal and administrative framework for the mining industry has been established over the past ten years, first by the United Nations Mission in Kosovo and followed-up and further developed by the Kosovo government.  Specifically, a new mining law, established in 2010, exists, and the independent regulator and oversight mechanism is functioning properly.  The legal, tax, and administrative institutions for business activities, in general, are all in place, and processes and procedures are establish and understood.

Kosovo is a young state, emerging from a socialistic background.  The administration continues to learn in coping with Western-style democratic processes, and is guided by international assistance and encouraged by the long-term EU admissions process.  Kosovo’s security is guaranteed by NATO and its forces in Kosovo.  There has been little reason for concern over the past years, and it appears that with continued economic growth, the potential security issues will continue to decrease in importance.

The mining sector will play an important role for Kosovo’s growth.  The new, democratically elected government has split up the former ministry of finance and economy into one for finance only, and a new one for economic development, putting all institutions and corporate bodies, relevant for such development, under one roof.  This includes the former ministry of energy and mines. 

The international mining community has not really put its eye on the potential of the region.  However, if demand increases, reaction from the Kosovo political side would be supportive and existing bottlenecks and/or shortcomings would be quickly addressed and resolved.

The Paper

Share structure (as of 12/31/2011)

• 16.1 million shares outstanding
• 23.7 million shares outstanding, fully diluted
• 40% of shares held by insiders, family, and friends

Cash on hand (as of 12/31/2011)

• 16.1 million shares outstanding; 23.7 million shares outstanding, fully diluted
• 40% of shares held by insiders, family, friends, and long-term investors
• Approx. C$ 500,000 cash on hand (consolidated Canada and Europe)
• Approx. C$ 4,130,000, fully diluted, when options and warrants are exercised
• Antofagasta has provided US$ 350,000 for all anticipated Alvalade JV expenses for Q1 2012, and plans to spend up to $2.5 million on the project during all of 2012.