INV Metals Commences Exploitation Contract Negotiations for Loma Larga
TORONTO, ONTARIO--(Marketwired - Mar 6, 2017) - INV Metals Inc. ("INV Metals" or "Company") (TSX:INV) is pleased to announce the commencement of formal negotiations with the Government of Ecuador of the definitive terms and form of the Mining Exploitation Contract ("Exploitation Agreement") for its flagship Loma Larga project ("Loma Larga" or the "Project"), located in Ecuador.
Ms. Candace MacGibbon, CEO, stated, "INV Metals and the representatives of the Government of Ecuador are very pleased to announce the commencement of negotiations of the terms and form of the Exploitation Agreement required under the Mining Law for the future development of the Loma Larga gold project. Negotiations are anticipated to continue over the next few months with the aim of reaching an agreement acceptable and beneficial to both parties. We intend to employ the same highly successful process that lead to the execution of the Exploitation Agreement between the Government of Ecuador and Lundin Gold in December 2016. The ultimate execution of the Exploitation Agreement is expected to follow upon the Company's completion of a feasibility study, permitting and other key Project milestones."
Ms. MacGibbon added, "INV Metals is committed to responsible and sustainable development at Loma Larga. The stewardship of the environment, the cultivation of indigenous plants, and the protection and monitoring of local water sources, biodiversity and soil quality, has been and will continue to be key pillars of our Company values. We respect the right of the local communities to benefit from the development of Loma Larga and to transparent and honest communication throughout the process."
The Company plans to commence a feasibility study on Loma Larga within the next few months. An agreement on the definitive terms and form of the Exploitation Agreement will ensure the Company has certainty of various fiscal, tax and contractual terms and obligations when determining the future economics of the Project.
About INV™ Metals
INV™ Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INV™ Metals' primary assets are: (1) its 100% interest in the Loma Larga gold property in Ecuador; (2) its 35% interest in the Kaoko property, located in Namibia; and (3) its 100% interests in exploration concessions in Ecuador, including the Las Peñas, Tierras Coloradas and La Rebuscada exploration projects.
Forward-Looking Statement
This press release contains certain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, among others, risks related to reaching an agreement on an Exploitation Agreement, the terms of an Exploitation Agreement, the process followed, and the time that it will take, to settle terms of an Exploitation Agreement, potential changes to the terms of an Exploitation Agreement once settled, economic and political stability in Ecuador and Canada, the results of discussions with the Ecuador government, the risk of future unfavourable tax law or regulation changes in Ecuador. There is no guarantee that INV Metals' will enter into an Exploitation Agreement with the Government of Ecuador. For a more detailed discussion of such risks and other factors, refer to INV Metals' final prospectus dated February 24, 2017 filed with Canadian securities regulators available on www.sedar.com. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact
INV Metals Inc.
Candace MacGibbon
Chief Executive Officer
(416) 703-8416
cmacgibbon@invmetals.com
