TORONTO, April 20, 2020 /PRNewswire/ - 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:
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.
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.
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.
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