TORONTO, Dec. 5, 2022
/CNW/ - Adventus Mining Corporation ("Adventus
Mining") (TSXV: ADZN) (OTCQX: ADVZF) is pleased to announce
that it has satisfied all conditions precedent to receive the
US$13 million early deposit
(the "Early Deposit") from Wheaton Precious
Metals International Ltd. ("Wheaton") as part of the
US$175.5 million precious metals
stream commitment to the El Domo copper-gold project (see
January 17, 2022 Adventus Mining news
release), with the wire to be initiated today. The Early Deposit
has no cost or fees for 18 months, after which it is expected to be
consolidated into the full US$175.5
million partial precious metals stream. The Early Deposit is
expected to cover ongoing pre-construction expenditures in the
first half of 2023, including continuation of detailed engineering
and early site works. An additional US$250,000 is expected to be drawn as part of the
deposit in the first quarter of 2023 to fund select 2023 project
community and social development initiatives at El Domo and the
greater Curipamba district areas.
Christian Kargl-Simard, President
and CEO of Adventus Mining commented: "We appreciate Wheaton's
ongoing long-term support for the development of El Domo from
project to future operations. The Early Deposit was envisioned to
be drawn by year-end to fund our continuing detailed engineering
and pre-construction program, while we actively pursue our final
construction and permitting approvals. Between Wheaton, Trafigura
and the Stracon-Ripconciv joint venture arrangements, we have
secured additional non-equity dilutive facilities to fund the
remaining El Domo work programs prior to the start of full
construction."
Including current cash, the Early Deposit, available financial
flexibility from its project financiers, and the Stracon-Ripconciv
arrangement, Adventus Mining has current capital liquidity of
approximately US$25 million, of which
US$20 million is designated for El
Domo project expenditures.
Appointment of Nelson Yanes as Vice President of Human
Resources and Chief Compliance Officer
Adventus Mining is pleased to announce the promotion of Mr.
Nelson Yanes to Vice President of
Human Resources and Chief Compliance Officer. Nelson has more than
20 years of global experience as HR leader in the natural resources
and mining industry. Throughout his career, he has worked for
world-class mining operations and projects, particularly in the
Americas, including for Alamos Gold, Torex Gold, Baffinland,
Barrick Gold and KGHM International.
Mr. Yanes holds a LL.B, a Master's Degree in Human Resources &
Organization Development from Northeastern
University (USA), an MBA
Essentials certification from Rotman
School of Management (Canada) and is a PhD Candidate at the
University of Toronto (Canada).
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.
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 Adventus Mining as of the date
the statement is published, and Adventus Mining 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 Mining does not undertake 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.
SOURCE Adventus Mining Corporation