TORONTO, Feb. 13,
2023 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) is pleased to
announce that it has completed an additional drawdown process for a
US$250,000 early deposit from Wheaton
Precious Metals International Ltd. (the
"ESG Deposit") as part of its US$175.5 million precious metals stream
commitment to the El Domo copper-gold project (see January 17, 2022 news release). The ESG Deposit
is in addition to the US$13M drawn in
December 2022, and will be
consolidated into the full US$175.5
million partial precious metals stream (see December 5, 2022 news release). The ESG Deposit
is expected to fund select 2023 project community and social
development initiatives at El Domo and the greater Curipamba
district areas as part of pre-construction activities and Adventus
Mining's continuing work to advance environmental, social and
governance standards.
The following is a sample of some of Adventus Mining's ESG
initiatives with its El Domo project communities, which are being
done in parallel with the active environmental licensing process
with the Government of Ecuador.
Adventus Mining leads these activities with transparency and open
community consultation, and invites stakeholders and investors to
contact the company for more information as well as for future
funding and partnership opportunities.
Training and Development Partnership with ESPOL
University
In June 2019, Curimining S.A., the
El Domo project subsidiary of Adventus Mining and Salazar Resources
Ltd., signed an inter-institutional agreement with Escuela Superior
Politécnica del Litoral ("ESPOL"), a public university in
Guayaquil, Ecuador. As part of the
agreement a training program was commenced in 2022, which focuses
on technical trades and the support of local businesses. The
2022-2023 program provides training to 265 individuals from the
local project communities in courses such as electrical
installations, telecommunications, civil works, health and safety,
and food preparation.
Mine Operator Training Supported by Stracon-Ripconciv
A mine operator training program is being executed in
partnership with the Stracon-Ripconciv Joint Venture (see
November 17, 2022 news release) and
the Universidad Técnica Particular de Loja ("UTPL"), which is
taking place in the town of Las Naves through an agreement with the
University of Bolivar. The 2022 program started with equipment
maintenance training, of which 25% of the participants are female.
The equipment operator and mine truck driver training will
commence in 2023, and will include more than 100 people from the
Las Naves area.
Promotion of Local Suppliers and Service Providers
Adventus Mining and Curimining consider the promotion of local
suppliers and service providers to be a key component of El Domo's
contribution to sustainable economic development in the region.
With El Domo's advancement, Curimining is already a major purchaser
of local goods and services, and directly and indirectly employs
many local residents. One example of our commitment to development
of local service providers is the development of community catering
services, which has shown measurable and particular benefit to
women in the local communities in the direct and indirect area of
influence.
Community Sports Training, Local Arts and Initiatives with
Nobis and Salazar Foundations
For over ten years, Curimining has been a strong supporters of
the arts, culture and sports in the project communities through a
variety of youth and adult programs. While the global pandemic put
a number of local programs on hiatus for public health reasons,
Curimining has resumed these regular community activities and
continue to work with the Nobis Foundation and Salazar Foundation
to further develop tailored programs in support of El Domo project
development. These programs provide an important opportunity
particularly to underprivileged youth and women in communities
where support is otherwise limited. Examples include:
- Elementary school art competition and a bursary program which
provides economic support to local children.
- Grupo de Danza, which actively
promotes and supports local culture through performance arts. Youth
teams have resumed their representation of project communities in
dance competitions across Ecuador.
- Partnership with local professional football club: Mineros
Sporting Club S.A. and the Salazar Foundation to establish a youth
football program which has grown substantially to seven communities
in the El Domo and Curipamba region. The community program includes
both a competitive program for adults and a skills development
program for youth, which involves more than 200 local boys and
girls.
Community Roundtables for El Domo Engagement
Since 2021, Curimining has encouraged a participatory dialogue
process through community round tables for the El Domo project that
are led by an impartial third party – INSUCO INTL. The purpose
is to engage local and regional stakeholders in a territorial
approach that addresses key community issues and concerns. In
2021, a pilot program was rolled out in two key communities of
interest, and based on the success, the program was expanded in
2022 to be open to all regional communities. Five themes have
been identified from community feedback thus far, including: local
and regional governance, community security, sustainable economic
development, employment and local business development, and
environmental sustainability. Participation in the dialogue tables
is typically between 40 to 70 individuals from local and regional
government, community, civil society, businesses, and
academia. The roundtables will continue every six weeks
throughout 2023 and are expected to further support the El Domo
environmental licensing process.
Development of Carbon and
Climate Change Strategies for El Domo
In 2022, Adventus Mining worked with Invert Inc. to complete an
initial evaluation of carbon and greenhouse gas emissions for El
Domo, covering Scope 1 and 2 emissions. Key study findings for El
Domo included:
- Emissions inventory and forecast, including life-of-mine model
that categorizes scopes and activity types
- Identification and quantification of emissions reduction
strategies, by review of relevant technologies, target setting, and
carbon risk management – including unique advantages and
opportunities in Ecuador
- Incorporation of recommended emissions reduction initiatives
that are in alignment with corporate and project objectives
The study confirmed that El Domo's future carbon footprint is
expected to directly benefit from the planned connection to the
national power grid, which is already over 80% supplied by
renewable sources, proximity to deep water ports, and solar factor
for energy generation and plant-life growth. In addition, unique
carbon reduction and electrification opportunities could be secured
as part of the future underground mine studies and expansion. As
one of the highest grade and lowest capital intensity copper-gold
projects globally, El Domo also has the opportunity to become one
of the lowest-quartile greenhouse gas emissions intensity
operations.
In 2023, Adventus Mining plans to further expand and explore
these findings commercially. For example, El Domo's advantageous
location and the greater 215 km2 Curipamba district area
could provide unique carbon sinking and credit opportunities –
beyond the purchase of carbon offsets from third parties. Although
Ecuador has yet to enact a
national level emissions trading scheme, five other jurisdictions
in Latin America have done so and
various Ecuadorian stakeholder groups and government agencies
continue to build momentum through dialogue.
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.
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 Adventus Mining assumes 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 does not undertake or anticipate will or may
occur in the future. Although Adventus Mining has 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.
SOURCE Adventus Mining Corporation