TORONTO, Nov. 30,
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 President of Ecuador has signed the eagerly awaited
pre-legislative consultation decree on November 28, 2022 ("Decree"). This Decree
will guide the formal comment process for the draft environmental
consultation regulation ("Regulation") as part of the
Environmental and Social Impact Assessment ("ESIA") approval
process. For the El Domo copper-gold project ("El Domo"),
this Decree builds on the technical ESIA approval granted by the
Government of Ecuador in
May 2022 and the investment contract
approved by the Government of Ecuador in November
2022 (see May 31 and
November 10, 2022 Adventus Mining
news releases).
Upon completion of the comment process for the Regulation, which
is expected shortly, the President of Ecuador is expected to enact the Regulation
through Presidential Decree. From there, the Participants expect
two rounds of community consultations led by the Government of
Ecuador. These community
consultations are expected to be similar to the many community
consultations led by the Participants since the discovery of the El
Domo deposit within the Curipamba project concessions in 2008.
Current guidance from the Government of Ecuador is that the Regulation comment period
and subsequent final consultation process governed by the
Regulation are expected to require seven to nine months to the
signed and full approval of the El Domo ESIA, at which point full
construction activities can begin.
During this period, the Participants are expected to finalize
four other necessary permits for construction to begin, including:
(a) Water No Affect Permit (for discharge and covering potential
impact to any water sources), (b) Water Usage Permit (surface water
capture during construction), (c) Tailings Infrastructure and Waste
Storage Approval Permit (certificate of technical feasibility
received), and (d) Explosives Permit. The permits have advanced
well in 2022 with strong government engagement, which followed the
publication of the El Domo feasibility study and submission of the
ESIA report in December 2021.
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 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 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