TORONTO, Dec. 10, 2021 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSX-V: ADZN) (OTCQX:
ADVZF) and Salazar Resources Limited
("Salazar") (TSX-V: SRL) (collectively the
"Partners") are pleased to announce the SEDAR filing of a
NI 43-101 technical report supporting the recently completed
feasibility study on the Curipamba copper-gold project in
Ecuador ("Curipamba"). The results
summary of the Curipamba feasibility study was previously announced
in a October 26, 2021 news
release.
With this filing, Adventus has completed the final significant
milestone requirement under its earn-in option to acquire 75%
ownership of Curipamba pursuant to the amended and restated earn-in
option agreement between the Partners, dated September 19, 2019 ("Earn-In Option"). Adventus
has delivered written notice of the exercise of the Earn-In Option
to Salazar. Within the next 30 days, the Partners will complete the
earn-in mechanics and issue to Adventus shares representing
75%-ownership in a Canadian subsidiary of Salazar that indirectly
owns 100% of the Curipamba project (the "Shares"). Upon the Shares
being issued to Adventus, a shareholders' agreement will manage the
respective rights and obligations of the Partners as shareholders
of the joint venture subsidiary.
President and CEO of Adventus, Christian
Kargl-Simard stated: "Adventus is pleased to announce
this major milestone which is a culmination of significant
multi-disciplinary efforts by our team of professionals, partners,
and shareholders since our 2017 decision to enter the Curipamba
project and Ecuador. In
particular, we would like to thank Fredy
Salazar and the Salazar Resources team for trusting and
working closely with us to position Curipamba to where it is today.
Adventus looks forward to further realizing significant value and
catalysts from Curipamba in 2022 and beyond."
President and CEO of Salazar, Fredy
Salazar stated: "We want to thank the entire Adventus
team for their valued role in delivering key development milestones
at Curipamba. We look forward to continuing our special Curipamba
partnership as we work together to bring El Domo into production
and thereby add a new operation to the growing responsible mining
industry of Ecuador. Our combined
aim is to continue contributing to the social and economic
development of the country, and sustainably create long-term value
for all our stakeholders, including the government and people of
Ecuador."
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 is advancing the Curipamba
copper-gold project through a feasibility study, while 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 controls 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 Partners as of the date the
statement is published, and the Partners 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 and Salazar expect or anticipate will or may occur in
the future, including formal completion of the mechanics of the
Earn-In Option. 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