TORONTO, April 20, 2020 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSX-V: SRL) (collectively
the "Partners") are pleased to provide an update on the ongoing
project activities and the delivery of humanitarian aid in
Ecuador in response to the
COVID-19 pandemic. As noted in the news release by the Partners on
March 18, 2020, the measures
implemented by the Government of Ecuador to slow the spread of the COVID-19
virus have temporarily suspended many significant economic and
community activities in the country, which have included all site
activities at the Curipamba copper-gold project ("Curipamba"),
Pijili, and Santiago projects.
During this period, Adventus and Salazar personnel based in
Ecuador and Canada have been working remotely to continue
the advancement of various project activities and to prepare for
the restart of the drilling programs and site activities.
Highlights include:
- Process engineering design for the El Domo deposit –
analysis of the recently completed metallurgical test work
resulting in flowsheet selection and related process design
activities ahead of feasibility study commencement later in
2020
- Evaluation and selection of engineering firms for the El
Domo feasibility study – Adventus management team has been in
technical and commercial discussions with a number of interested
groups and expects to announce a decision in the second quarter of
2020
- Continuing target generation work for the Curipamba
district – expected to further refine regional drill targets
for the restart of 2020 program
- Pijili exploration data compilation – preparation of a
summary of all Partner exploration work done to date, including
trenching results, ahead of the resumption of field activities and
the start of drilling
- Santiago exploration data
compilation – preparation of a summary of all historical and
Partner exploration work done to date in advance of future field
activities
- Roll-out of an integrated Canada-Ecuador accounting system – a new cost
management and control system to improve the administrative
efficiency of growing exploration and development activities
In addition to the project activities, Adventus and Salazar
continue to receive strong interest from potential new financiers
and strategic partners, which include mining industry corporates,
concentrate traders, and sophisticated financial institutions. The
continuing interest and commercial discussions despite COVID-19
related challenges help substantiate the quality of the Partners'
project portfolio and support the execution of future exploration
and development plans.
The Partners in connection with authorities in Ecuador continue to closely monitor the fluid
COVID-19 situation and impacts on the projects, nearby communities,
and personnel. With the latest information and subject to guidance
from the Government of Ecuador, it
may be possible to begin the remobilization of site teams later in
the second quarter, with a ramp-up of activities on the three
projects throughout the second and third quarters of 2020. Field
activities for the remainder of the year will focus on exploration
drilling at the three projects, geo-technical drilling at the El
Domo deposit and activities to support the submission of the draft
environmental impact assessment for the El Domo deposit within the
Curipamba project.
COVID-19 Measures and Humanitarian Aid Efforts in
Ecuador
In response to COVID-19 and the needs of the project
communities, the Partners have committed up to C$300,000 in aid support, which will be
distributed via community initiatives over the next eight to twelve
months. Over the past month, the Partners have been working with
local community leaders and government officials to identify the
best initiatives and methods for providing aid in the project
communities. Below are highlights of the Partners' ongoing aid
initiatives in Ecuador.
- Critical Supplies for Health Centres
Many rural
health centres are experiencing increased pressure on available
resources due to limited access to staffing, funding, and medical
supplies. Some key supplies have been difficult to source and
transport to rural communities due to national restrictions on
in-country travel. In response, the Partners are supporting local
health centres in Bolivar, Loja, and Azuay provinces with
much-needed medical supplies, including disinfectants, gloves, and
masks. To ensure ongoing access to medical supplies, the Partners
have committed to delivering provisions to local health centres
over the next four months.
- Special Assistance for Vulnerable Groups
Many
communities are experiencing reduced availability of supplies
required to minimize the spread of COVID-19, such as hand
sanitizer, soap, and masks. Food security is also a concern, as
loss of income or reduced financial support from family members
makes access to food more difficult for the most vulnerable. With
the help of Ecuador's Ministry of
Social Inclusion, the Partners have identified key vulnerable
groups requiring assistance in the local project communities.
Supply kits are being provided to these individuals, which include
medical supplies like masks hand sanitizer, and basic food
supplies. Over 300 kits have been distributed in Bolivar, Loja, and
Azuay provinces to date, and another 200 kits will be distributed
in the beginning of May. The Partners have committed to providing
approximately 300 kits each month over the next eight months to the
most vulnerable individuals in the local project communities.
- Community Public Health Awareness Campaigns
Since
early March, the Partners have been supporting the government's
public awareness programs by creating educational campaigns on
social and local media that focus on preventing the spread of
COVID-19. The campaigns have been well received with widespread
online views and re-posts by local community members and
authorities.
- Support for Military and Police Stationed in
Communities
As part of the Government of Ecuador measures, military and police presence
has increased across Ecuador to
ensure that the public follows government health restrictions –
such as social distancing measures imposed to limit viral exposures
and new cases. In response to Government requests for support, the
Partners are providing contributions of food and accommodations to
some of the additional military and police representatives
temporarily stationed in the local project communities.
Adventus and Salazar would like to recognize the generous
support of strategic investors: Altius Minerals Corporation, who
have contributed funds to the aid efforts in Ecuador, and Consorcio
Nobis (Nobis Group), who have been instrumental in securing
critical supplies for the local project communities.
About Adventus
Adventus Mining Corporation (ADZN.V)
(ADVZF.OTCQX) is a well-financed exploration and project
development company, focused primarily in Ecuador. Its strategic shareholders include
Altius Minerals Corporation, Greenstone Resources LP, Resource
Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group
of Ecuador. Adventus is leading
the exploration and engineering advancement of the Curipamba
copper-gold project in Ecuador as
part of an earn-in agreement to obtain a 75% ownership interest. In
addition, Adventus is engaged in a country-wide exploration
alliance with its partners in Ecuador, which has incorporated the Pijili and
Santiago projects to date.
Adventus also controls an investment portfolio of equities in
several junior exploration companies as well as exploration
projects in Ireland with South32
as funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX-V
under the symbol ADZN and trades on the OTCQX under the symbol
ADVZF.
About Salazar
Salazar Resources (SRL.V) (CCG.F) is a
mineral resource company engaged in the exploration and development
of mineral deposits in Ecuador and
Colombia. The company has a proven
Ecuadorian discovery team led by ex-head of Newmont Ecuador,
Fredy Salazar; a team of 40 people
including fifteen geologists; three drill rigs and an unrivalled
Ecuadorian 'grass roots' network. The Salazar team has been
involved with many discoveries in Ecuador, including Curipamba (Adventus Mining
and Salazar Resources), Fruta Del Norte (Lundin Gold), the Mozo deposit, Cangrejos
(Lumina Gold) Rio Blanco (Junefield
Mineral Resources and Hunnan Gold), and Gaby (ENAMI).
Salazar Resources aspires to be Ecuador's leading project generator with the
right partners at the right time making the company self-funding.
Salazar Resources has an agreement with Adventus on the Curipamba
VMS discovery, whereby Adventus can earn 75% of the project by
funding exploration and development expenditures of US$25 million before October 2022. A feasibility study is expected to
be completed during 2021, after which Adventus is required to fund
100% of the development and construction expenditures to commercial
production. In addition, Salazar Resources has a funded exploration
alliance with Adventus on two other projects, Pijili and
Santiago, within a defined Area of
Interest. Salazar Resources is advancing its 100% owned Rumiñahui,
Macara, and Los Osos projects with the aim of making Ecuador's next significant copper-gold
discovery.
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. Any
statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
identified by words or phrases such as "believes", "anticipates",
"expects", "is expected", "scheduled", "estimates", "pending",
"intends", "plans", "forecasts", "targets", or "hopes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "will",
"should" "might", "will be taken", or "occur" and similar
expressions) are not statements of historical fact and may be
forward-looking statements.
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. 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.
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SOURCE Adventus Mining Corporation