Solaris and CELEC Announce MOU to Supply Low-Cost, Emission-Free Hydroelectric Power to Warintza
21 März 2022 - 12:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
and its subsidiary Lowell Mineral Exploration Ecuador S.A.
("Solaris" or “the Company") are pleased to announce the signing of
a Memorandum of Understanding (“MOU”) with Electric
Corporation of Ecuador (“CELEC EP”) to supply low-cost, locally
sourced hydroelectric power to the Warintza Project (“Warintza” or
“the Project”) in southeastern Ecuador.
CELEC EP will provide locally sourced
hydroelectric power from the National Transmission System in
Ecuador with the goal of providing the primary power required for
the Warintza Project. This initiative dovetails with the “Ecuador
Zero Carbon Program” developed by the Ministry of Environment,
Water and Ecological Transition and the National Decarbonization
Pact of which Solaris was the first mining signatory in September
2021.
Solaris intends to maximize the potential for
efficiencies derived from this abundant, renewable, low-cost energy
source by studying the potential for electrification of
infrastructure, mobile mining equipment, including drills, trucks
and shovels, materials movement and conveyance, including
gravity-assisted solutions, and processing and pumping systems.
Mr. Daniel Earle, President & CEO,
commented, “The MOU with CELEC supports our vision to study
the potential for electrified operations that maximize the
structural benefits of the Warintza Project within an
infrastructure-rich mining district with the aim of lowering costs,
increasing efficiencies, reducing emissions, and broadly
positioning the Project as a leading development opportunity across
a range of financial and ESG metrics in the industry.”
Mr. Gonzalo Uquillas Vallejo, General Manager of
CELEC, stated, “As a leading strategic public company in the
generation and transmission of electric power, we work in
compliance with national guidelines to move toward the
electrification of all areas of national industry, including
large-scale mining, which will be a mainstay for the development of
the Ecuadorian economy in the coming decades.”
On behalf of the Board of Solaris
Resources Inc.
“Daniel Earle”President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor RelationsDirect: 416-366-5678
Ext. 203Email: jwagenaar@solarisresources.com
About Solaris Resources
Inc.
Solaris is advancing a portfolio of copper and
gold assets in the Americas, which includes: a high-grade resource
with expansion and additional discovery potential at the Warintza
copper and gold project in Ecuador; discovery potential on the
grass-roots Tamarugo project in Chile and Capricho and Paco Orco
projects in Peru; exposure to US$130M spending / 5-yrs through a
farm-out agreement with Freeport-McMoRan on the Ricardo Project in
Chile; and significant leverage to increasing copper prices through
its 60%-interest in the La Verde joint-venture project with Teck
Resources in Mexico.
Cautionary Notes and Forward-looking
Statements
This document contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation (collectively “forward-looking
statements”). The use of the words “will” and “expected” and
similar expressions are intended to identify forward-looking
statements. These statements include statements that CELEC EP will
provide locally sourced hydroelectric power from the National
Transmission System in Ecuador with the goal of providing the
primary power required for the Warintza Project, that Solaris
intends to maximize the potential for efficiencies derived from
this abundant, renewable, low-cost energy source by studying the
potential for electrification of infrastructure, mobile mining
equipment, including drills, trucks and shovels, materials movement
and conveyance, including gravity-assisted solutions, and
processing and pumping systems, with the aim of lowering costs,
increasing efficiencies, reducing emissions, and broadly
positioning the Project as a leading development opportunity across
a range of financial and ESG metrics in the industry. Although
Solaris believes that the expectations reflected in such
forward-looking statements and/or information are reasonable,
readers are cautioned that actual results may vary from the
forward-looking statements. These statements are based on a variety
of assumptions including assumptions made about the Company’s
ability to advance exploration efforts at the Warintza Project; the
results of such exploration efforts; the Company’s ability to
achieve its growth objectives; that Solaris and CELEC will enter
into a binding agreement reflecting the terms set out in this news
release; and that CELEC EP will fulfil its obligations set out
therein. These statements also involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements, including the risks, uncertainties and
other factors identified in the Solaris Management’s Discussion and
Analysis for the year ended December 31, 2020 available at
www.sedar.com. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and Solaris does not undertake any obligation to publicly
update or revise any of these forward-looking statements except as
may be required by applicable securities laws.
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