TORONTO, Nov. 17,
2022 /CNW/ - Adventus Mining Corporation
("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) is
pleased to announce that negotiations have concluded for the award
of the open pit mining contract to a joint-venture between STRACON
S.A., a well-established Peruvian mining contractor with operations
throughout the Americas, and RIPCONCIV, a large and respected
Ecuadorian infrastructure construction contractor
("STRACON-RIPCONCIV JV") for the development of the El Domo -
Curipamba copper-gold project located in central Ecuador (the "Project"). The STRACON-RIPCONCIV
JV partners have also confirmed an equity commitment to Adventus
Mining for a total of US$5
million.
Mining Contract Award
The mining contract has been structured in an
alliance-partnership model to ensure focus on the best solutions
for the Project and the optimal allocation of risks to the parties
best equipped to manage and mitigate. The contract term is for a
duration of 48-months which is projected to include the
construction period as well as the first two years of operations.
Adventus Mining and the STRACON-RIPCONCIV JV have the option to
extend the contract further upon mutual agreement between the
parties.
This contract is the largest anticipated to be awarded for the
Project and includes scope generally consisting of open pit
pre-strip and mining, and construction of the tailings facility,
waste rock facilities, and associated mine infrastructure.
The previously announced Letter of Intent ("LOI") for this
contract (see September 12, 2022
Adventus Mining news release) has allowed for preliminary training
and planning work to commence in the El Domo Project communities
since September 2022.
STRACON-RIPCONCIV JV has already initiated aptitude assessments to
select up to 70 people from the local communities surrounding the
project for a mining equipment operator training program. The
ongoing program has classroom, mining simulator, and hands-on
equipment operation components and is in the process of ramping up.
Adventus Mining and the STRACON-RIPCONCIV JV intend to hire the
successful trainees to operate the equipment required to both
construct the mine and execute mining activities during operations,
resulting in skilled and high-paying employment opportunities for
the local communities and broader multiplier benefits regionally in
Ecuador.
STRACON-RIPCONCIV Equity
Commitment
STRACON S.A. and RIPCONCIV have both signed definitive binding
agreements to make an investment in Adventus Mining under identical
terms. An aggregate sum of US$5
million will be invested, comprised of US$2.5 million from each of the joint-venture
partners.
The investment has been structured such that US$2.5M will be via a private placement
calculated at the volume-weighted average price ("VWAP") on the TSX
Venture Exchange for the ten consecutive trading days preceding the
formal El Domo Project construction decision approval by Adventus
Mining's Board of Directors, provided that the Project ESIA and all
other permits required for construction have been received from the
Government of Ecuador. The other
US$2.5M will be issued in tranches
once specific invoice thresholds have been achieved based on the
10-day VWAPs prior to issuance.
Qualified Person
The technical information of this news release has been reviewed
and verified as accurate by Mr. Dustin
Small, P.Eng., Vice President Projects for Adventus Mining,
a non-Independent Qualified Person, as defined by NI 43-101.
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.
About STRACON S.A.
STRACON is a leading contractor providing mining and
construction services in the Americas, with more than twenty years
of experience in providing world class integrated services in
mining and construction, to open pit and underground operations.
STRACON's services span all phases of a mining project, comprising
mine planning, development, construction, and operations, through
to mine rehabilitation and closure. With numerous projects,
successfully executed in the region, STRACON has built a
sustainable business based on providing efficient and innovative
services whilst maintaining the highest standards in safety,
environment, and community relations. STRACON operates a
state-of-the-art fleet of equipment, distributed across our
projects in the Americas. (company website:
http://stracon.com/en/home)
About RIPCONCIV
RIPCONCIV is a leading general contractor in Ecuador and has been operating for over 25
years. Its experience resides mainly in infrastructure such as
bridges, tunnels, highways, railways amongst others.
RIPCONCIV has worked throughout the four regions of the country,
with a clear understanding on what is needed to operate in
Ecuador (human resources,
logistics, sustainable relations with the local communities and
major stakeholders) RIPCONCIV owns a large fleet of civil equipment
specialized in earthworks, batch plants among others. (company
website: http://www.ripconciv.com/ )
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 expects 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. Adventus Mining undertakes to update
any forward-looking information except in accordance with
applicable securities laws.
SOURCE Adventus Mining Corporation