TORONTO, May 31,
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 that
the Curipamba-El Domo Project ("El Domo") has received technical
approval of the Environmental and Social Impact Assessment ("ESIA")
from the Ministry of Environment and Water of Ecuador ("MAATE"). In addition, the
Ministry of Energy and Mines of Ecuador has issued the Certificate of
Technical Feasibility for the construction of the El Domo tailings
and waste rock facilities, which is a key requirement for the
environmental licence from MAATE.
El Domo has been identified by the Government of Ecuador as a strategic project that will
provide important economic investment opportunities for the
country. Key benefits for Ecuador include the employment of a
substantial construction workforce during the project development
phase and approximately 400 permanent jobs during operations.
An estimated total of US$376 million
in taxes and royalties are expected to be paid to the government of
Ecuador over the 10-year mine life
outlined by the completed feasibility study on El Domo, which does
not include the additional development of underground resources –
see October 26, 2021, news
release.
Adventus Mining and Salazar are committed to developing the next
modern and responsible mine in Ecuador, with sustainability and community
development in the foundation of our strategy. The technical
approval of the ESIA is a significant milestone that allows El Domo
to proceed to the Citizens Participation Process, final
environmental licence issuance and formal construction decision
expected in the second half of 2022.
Christian Kargl-Simard, President
and CEO of Adventus Mining, stated: "We are very pleased by the
continuing support from the Government of Ecuador and the achievement of this important
milestone for the Curipamba-El Domo project. This ESIA
technical approval is the culmination of approximately US$5 million of expenditures that funded a
multi-year program of environmental and community work completed to
industry best practice standards. Our team will continue
active collaboration with government authorities and is excited to
further advance this project into the next mine in Ecuador."
Project Development
Update
El Domo optimization and pre-construction activities remain on
track towards a timeline of initial production in the second half
of 2024. Detailed engineering is underway and is expected to
continue into 2023, which will be sufficiently advanced to update
capital cost estimates prior to the award of major contracts for
construction. In June 2022, a
previously planned supplemental geotechnical drilling program will
commence to provide additional information to support the final
engineering design. The project management team is actively engaged
in prequalification discussions with potential mining contractors
and also intends to purchase certified vendor data for long-lead
process equipment during the third quarter of 2022.
Pre-construction works on infrastructure upgrades is expected to
commence in the fourth quarter of 2022, with full scale
construction expected to commence in the second quarter of
2023.
Grant of Restricted Share Units
and Stock Options
Adventus Mining announces the award of an aggregate of 50,000
restricted share units ("RSUs") under its share compensation plan.
Each RSU represents a right to receive one common share, following
the vesting of such restricted share units following a two-year
period. Adventus Mining has also granted an aggregate of 150,000
incentive stock options (the "Options") under its share
compensation plan at an exercise price of C$0.63 per optioned share, exercisable for a
period of five years from the date of grant and vesting over a
three-year period.
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. Strategic shareholders of Adventus Mining 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