TORONTO, Nov. 10,
2022 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar
Resources Limited ("Salazar") (TSXV: SRL) (OTCQB:
SRLZF) (collectively the "Participants") are pleased to
announce that the Government of Ecuador through its investment institution,
Investment Promotion and Attraction Strategic Committee (CEPAI by
its acronym in Spanish), approved by Resolution No. 203-CEPAI-2022
dated November 1, 2022, the signing
of the Investment Contract ("IC") between the Government of
Ecuador and Adventus Mining
Corporation, Salazar and the Participants' subsidiary Salazar
Holdings Ltd. in support of the development of the El Domo
copper-gold mining project ("El Domo").
For the El Domo foreign direct investment, the aforementioned
Resolution by the Government of Ecuador grants Adventus Mining, Salazar and
Salazar Holdings Ltd. the following incentives until March 2033:
- 5% Reduction in the income tax tariff from 25% to 20%
- Total exemption from the capital outflow tax ("ISD" by its
acronym in Spanish) in all import of capital goods and raw
materials
- Total exemption of import duties of capital goods and raw
materials, including on all mine and mill related equipment
- Approval of a special dispute resolution article, including
international arbitration protection
- Tax stability – all tax applicable laws will be frozen during
the life of the contract unless there are new laws that benefit the
Participants
- Legal stability – all applicable laws related to the mining
industry will be frozen during the life of the contract unless
there are new laws that benefit the Participants
- Other important incentives are expected to be included in the
final contract specific to El Domo and economic development
benefits for Ecuador
Christian Kargl-Simard, President
and CEO of Adventus Mining, commented: "We are thrilled to have
completed this significant approval milestone with the Government
of Ecuador which allows Adventus
Mining to further advance El Domo towards the start of construction
in 2023 and to draw on our previously announced project financing
facilities. We want to thank the government ministries and
representatives for working closely with our team throughout 2022,
and in reaching this mutually beneficial commitment to Ecuador to advance El Domo through
construction to commercial production."
The Government of Ecuador and
the Participants are expected to sign the final IC with the
Minister of Production within 120 days. This is the third major
production related IC between the Government of Ecuador and the metals and mining industry,
after Lundin Gold's Fruta del Norte
and EcuaCorriente's Mirador mines.
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.
Please also visit the Adventus Mining website at
www.adventusmining.com.
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.
Please also visit the Salazar Resources website at
www.salazarresources.com.
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 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