TORONTO, Feb. 22,
2024 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSXV: ADZN) (OTCQX:
ADVZF) and Salazar Resources Limited ("Salazar") (TSXV:
SRL) (OTCQB: SRLZF) (collectively the "Participants")
are pleased to inform that the Ministry of Energy and Mines of
Ecuador has issued a reform to the
existing instructive including regulations and conditions for the
transition of medium-scale mining projects from the exploration to
production phases (the "Instructive"). This announcement
provides clarity to the national regulatory framework and supports
the advancement and development of medium-scale mining projects
like the El Domo - Curipamba copper-gold project located in central
Ecuador ("El Domo" or the
"Project").
Transition to Production Phase Rules
The Instructive outlines the regulations and conditions under
which the Government of Ecuador
will provide authorization for medium-scale mining projects to
transition from the exploration to the production phase. Given that
medium-scale mining projects are not required to sign production
contracts with the Government of Ecuador, this instructive provides the needed
clarity to advance.
Key elements of the Instructive and transition authorization
resolution include:
- Recognition by the Ecuadorian State of pre-operational
investments made within the mining concession area;
- Explicit acknowledgment of sectoral regulations applicable to
the mining concessionaire;
- Specification of authorized activities during the production
phase;
- Provision for extending the production phase period if new
mineral resources are discovered or if the original term is deemed
insufficient for full production from mineral reserves;
- Authorization for the construction of necessary mining
infrastructure and associated civil works;
- Responsibility of the concessionaire to diligently fulfill its
environmental obligations as outlined in its environmental
license.
- Responsibilities of the State during the production phase,
including coordination and support for normal mining operations,
provision of timely precautionary measures, and collaboration in
relationships with public sector entities and third parties,
and;
- Rights granted to the mining concessionaire, such as freedom to
trade minerals, suspension of terms due to exceptional events, and
prompt response from competent authorities in case of threats or
illegal activities.
This Instructive provides the framework for the Participants to
advance El Domo from the exploration phase to production. The
process is expected to be completed during the first half of 2024
which clears the way for the start of construction which is
consistent with previous guidance.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and
development company. Adventus is advancing the 215 sq. km
majority-owned Curipamba copper-gold project, which has a completed
feasibility study on the shallow and high-grade El Domo deposit.
With the recent merger with Luminex Resources Corp., Adventus
Mining also owns the Condor gold project and a large exploration
project portfolio that spans over 135,000 hectares – one of the
largest holdings in Ecuador. The
company's strategic shareholders include Ross Beaty's Lumina Group, Altius Minerals
Corporation, Wheaton Precious Metals Corp., and significant
Ecuadorian investors. 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 release contains certain "forward looking statements" and
certain "forward-looking information" as "defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes.
Forward-looking statements relate to future events or future
performance and reflect the Participants expectations or beliefs
regarding future events. Forward-looking statements include, but
are not limited to: the discussions regarding strategies for the
development of El Domo; the adoption of a strategy and the timing
thereof; the obtaining of key approvals, permits and environmental
licensing approval for El Domo and the timing thereof; and the
start of construction at El Domo and the timing thereof. By their
very nature, forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
amongst others, risks related to the exploration, development,
production, recoveries and other anticipated or possible future
developments at El Domo, including, without limitation, that
exploration, development and production activities will not occur
or be as anticipated and that parts of environmental licensing will
not be approved; failure to obtain parts of environmental licensing
approval for El Domo along with other permits and approvals and to
start construction; and general economic, business and political
conditions.
Forward-looking information are based on management of the
parties' reasonable assumptions, estimates, expectations, analyses
and opinions, which are based on such management's experience and
perception of trends, current conditions and expected developments,
and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be
incorrect. Such factors, among other things, include: business
integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of copper or certain other commodities;
change in national and local governments, legislation, taxation,
controls, regulations and political or economic developments; risks
and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations pressures, cave-ins and
flooding); discrepancies between actual and estimated metallurgical
recoveries; inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties.
The Participants undertake no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on the information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
SOURCE Adventus Mining Corporation