TORONTO, Jan. 4, 2022 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSXV: ADZN) (OTCQX:
ADVZF) and Salazar Resources Limited ("Salazar") (TSXV:
SRL) (collectively the "Participants") are pleased to announce
that the formal earn-in mechanics have been completed and Adventus
is now a 75% owner of the Curipamba copper-gold project in
Ecuador ("Curipamba"). The
Participants have executed a shareholders' agreement which will
manage the respective rights and obligations as shareholders of the
incorporated joint venture company that controls and owns the
Curipamba project.
Curipamba Ownership Highlights
- Adventus acquires 75% ownership stake in the Curipamba project,
with the responsibility for initial development capital costs and
receives 95% of future net cash flows from operations from
Ecuadorian Curipamba holding company Curimining S.A. ("Curimining")
until all earn-in option expenditures ("Earn-in Expenditures") and
project capital costs funded by Adventus have been repaid
1
- Total Earn-in Expenditures of US$44.1
million have been spent by Adventus on Curipamba up to
September 30, 2021
- Adventus continues to advance detailed discussions with
potential financing partners for the capital to construct
Curipamba. The start of detailed engineering, hiring of key
construction personnel and completion of the investment agreement
with the government of Ecuador is
expected in Q1 2022, while the ongoing review of the Environmental
Social Impact Assessment by the government of Ecuador continues
1 Less Salazar historical
investment credit of US$19.8 million,
after which the Curimining free cash flows from operations shall be
shared 75% Adventus and 25% Salazar.
About Adventus
Adventus Mining Corporation is an Ecuador focused copper-gold exploration and
development company. Its strategic shareholders include Altius
Minerals Corporation, Greenstone Resources LP, Wheaton Precious
Metals Corp., and the Nobis Group of Ecuador. Adventus has completed a feasibility
study report on the copper-gold El Domo project at Curipamba
and is continuing to explore the broader 215 square kilometre
district. In addition, Adventus is engaged in a country-wide
exploration alliance with its partners in Ecuador, which has incorporated the Pijili and
Santiago copper-gold porphyry
projects to date. Adventus also owns an exploration project
portfolio in Ireland with South32
Limited as funding partner. Adventus 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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 and Salazar expect or anticipate will or may occur in
the future. Although Adventus 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 and Salazar undertake to
update any forward-looking information except in accordance with
applicable securities laws.
SOURCE Adventus Mining Corporation