TORONTO, June 13,
2022 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar
Resources Limited ("Salazar") (TSXV: SRL) (OTCQX: SRLZF)
(collectively the "Participants") are pleased to announce a
preliminary commitment between the Ministry of Production, Foreign
Trade, Investments and Fisheries and Adventus Mining and
Salazar with regard to an Investment Protection Agreement
("IPA") for the Curipamba - El Domo copper-gold project in
Ecuador (the "Project"). Adventus
Mining and Salazar have been advancing discussions with the
Government of Ecuador on the terms
and conditions of the IPA since the start of 2022.
The application submitted to the Ministry of Production,
Foreign Trade, Investments and Fisheries of Ecuador in March
2022, includes a commitment to invest a total of
approximately US$270 million over the
next 12 years at the Project, which is located in the canton of Las
Naves, Bolivar Province. This future investment is in addition to
the historical investment of approximately US$50 million by the Participants up to the end
of 2021. In return for the investment, Adventus Mining and Salazar
are negotiating government guarantees on security of title and
investment, reduced tax burdens on both income taxes and the
capital outflow taxes, guarantees on infrastructure development,
among other items, which are customary features in similar
agreements the government has established on other major Ecuadorian
mining projects.
Adventus Mining's President and Chief Executive Officer,
Christian Kargl-Simard, stated: "The
IPA commitment declaration by the Government of Ecuador is another significant milestone in
the development of the Curipamba-El Domo Project. Adventus Mining
and Salazar continue to transparently earn the support and
cooperation of the national Government of Ecuador, local government representatives and
project communities to realize the Project's benefits for all
stakeholders."
About Adventus
Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and
development company. Adventus Mining is majority owner of the 215
sq. km Curipamba copper-gold project, which has a completed
feasibility study on the shallow and high-grade El Domo deposit. In
addition, Adventus Mining is engaged in a country-wide exploration
alliance in Ecuador, which has
incorporated the Pijili and Santiago copper-gold porphyry projects to
date. Outside of Ecuador, Adventus
Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding
participant. Its strategic shareholders include Altius Minerals
Corporation, Greenstone Resources LP, Wheaton Precious Metals
Corp., and the Nobis Group of Ecuador. Adventus Mining is based in
Toronto, Canada, and is listed on
the TSX Venture Exchange under the symbol ADZN and trades on the
OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and
positive change through discovery, exploration, and development in
Ecuador. The team has an
unrivalled understanding of the geology in-country and has played
an integral role in the discovery of many of the major projects in
Ecuador, including the two newest
operating gold and copper mines. Salazar Resources has a wholly
owned pipeline of copper-gold exploration projects across
Ecuador with a strategy to make
another commercial discovery and farm-out non-core assets. The
Company actively engages with Ecuadorian communities and together
with the Salazar family it co-founded The Salazar Foundation, an
independent non-profit organization dedicated to sustainable
progress through economic development. The Company already has
carried interests in three projects. At its maiden discovery,
Curipamba, Salazar Resources has a 25% stake fully carried through
to production. At two copper-gold porphyry projects, Pijili and
Santiago, the Company has a 20%
stake fully carried through to a construction decision.
This press release contains "forward -looking information"
within the meaning of applicable Canadian securities laws.
Forward-looking statements are based on the beliefs, expectations,
and opinions of the management of the Participants as of the date
the statement is published, and the Participants assume no
obligation to update any forward-looking statement, except as
required by law. In certain cases, forward–looking statements can
be identified by the use of words such as "plans", "expects",
"outlook", "guidance", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "believes", or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved" or the negative of these terms or
comparable terminology.
Forward-looking information herein includes, but is not limited
to, statements that address activities, events, or developments
that Adventus Mining and Salazar expect or anticipate will or may
occur in the future. Although Adventus Mining and Salazar have
attempted to identify important factors that could cause actual
actions, events, or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated, or intended. There can be no assurance that
such information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Adventus Mining and
Salazar undertake to update any forward-looking information except
in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation