Solaris Appoints COO to Lead Warintza Project; US$80 Million Financing Package Well Advanced to Fund Studies and Permitting
06 November 2023 - 11:00PM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or the “Company”) is pleased to announce the appointment
of Mr. Javier Toro as Chief Operating Officer (“COO”) to lead the
advancement of the Warintza Project (“Warintza” or “the Project”)
in southeastern Ecuador starting January 1st. In addition, the
Company reports that it is in advanced discussions on a US$80
million offtake financing package to fund the Project through
studies and permitting.
Highlights
- Mr. Toro is a Mining Engineer with
over 25 years of experience leading the design and execution of
engineering and economic studies for global scale open pit copper
projects in the Americas
- During an 11-year tenure with
Hudbay Minerals, Mr. Toro held progressively more senior roles,
most recently as Vice President, Mining Technical Services, with
prior executive and director-level roles in mining, technical
services, and mine optimization
- Mr. Toro provided management of
National Instrument 43-101 Technical Reports, Preliminary Economic
Assessments, Pre-Feasibility and Feasibility Studies for various
copper projects, including the Constancia mine in Peru and Copper
World mine in the United States
- Developed a strong industry
reputation hosting site visits for investors, analysts, financial
and strategic parties in connection with tours, financing and
M&A due diligence reviews
- The Company reports that it is in
advanced discussions on a US$80 million offtake financing package
to fund the Warintza Project through studies and permitting
Mr. Daniel Earle, President & CEO,
commented: “On behalf of the Board of Directors and executive team,
I would like to welcome Javier to the Solaris family. Javier is a
highly successful leader with a proven record of achievement that
is directly relevant to our plans for Warintza. It’s a testament to
the world class quality of the Project and passion of the team that
we were able to successfully recruit an executive of his
exceptional pedigree to lead the Project through its most critical
phase.”
Mr. Toro is a Mining Engineer with over 25 years
of experience leading the design and execution of engineering and
economic studies for global scale open pit copper projects in the
Americas. Prior to joining Solaris, Mr. Toro worked with Hudbay
Minerals for over 11 years in progressively more senior capacities,
most recently as Vice President, Mining Technical Services, with
prior executive and director-level roles in mining, technical
services, and mine optimization. Notably, Mr. Toro provided direct
management of delivering technical reports and economic studies for
various open pit copper projects, including the Constancia mine in
Peru, Copper World mine in United States and Copper Mountain mine
in Canada. Prior to Hudbay Minerals, Mr. Toro worked at Golder
Associates Peru S.A. leading a team to produce the mining design,
schedule and cost estimations for various projects. Prior to this,
Mr. Toro held various management positions in mine operations in
the areas of geotechnical, hydrogeological, mine operations, and
mine planning. Mr. Toro holds a Bachelor of Mining Engineering with
Honors from the National University of Engineering in Lima,
Peru.
There are a number of conditions to closing the
US$80 million financing that need to be satisfied, including
entering into definitive documentation, and there can be no
assurance that the parties will agree on definitive documentation
or that the financing will be completed.
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 a multi-asset exploration company,
advancing a portfolio of copper and gold assets in the Americas,
which includes: its primary focus, a world class large-scale
resource with expansion and discovery potential at the Warintza
Project in Ecuador; discovery potential at its Ricardo Project and
Tamarugo Project in Chile; discovery potential at its Capricho and
Paco Orco projects in Peru; and significant leverage to increasing
copper prices through its 60% interest in the La Verde
joint-venture project with a subsidiary of 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 Mr. Javier
Toro will begin January 1, 2024 and that the Company is in advanced
discussions on an US$80 million offtake financing package to fund
the Project through studies and permitting. 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 satisfying all closing
conditions for the proposed $80 million financing; the Company
agreeing to definitive documentation for the financing; and that
the financing will be completed. 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 that
there are a number of conditions to closing and there can be no
assurance that the parties will agree on definitive documentation
or that the financing will be completed, and the risks,
uncertainties and other factors identified in the Solaris
Management’s Discussion and Analysis, for the year ended December
31, 2022 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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