TORONTO, Oct. 2, 2023
/CNW/ - Adventus Mining
Corporation ("Adventus") (TSXV: ADZN) (OTCQX:
ADVZF) and Salazar Resources
Limited ("Salazar") (TSXV: SRL) (OTCQB:
SRLZF) (collectively the "Participants") are pleased to
announce that the El Domo – Curipamba copper-gold project ("El
Domo") has been issued a favourable Certificate of No Affect of
Water by the Ministry of Environment and Water of the
Government of Ecuador
("MAATE"). This important certificate and milestone allows
the Participants to construct the planned and designed project
infrastructure in an area with the presence of surface and ground
water sources.
As the country's third modern metals and mining project to
have secured a production focused investment contract with the
Government of Ecuador, the
Participants are continuing to advance all permitting and licensing
approvals required for the start of El Domo construction –
currently targeted for the second quarter of 2024. Key processes in
progress include:
- Storage and Use of Explosives: El Domo has received
authorization from the local municipality and design approval from
the local municipal fire department for the installation of the
project's explosives storage related infrastructure. The
authorization and approval granted are prerequisites for the final
authorization from the Joint Command of the Armed Forces of
Ecuador.
- Tailings Dam Construction Permit: The first step of this
process was successfully completed with the design review and
favourable technical report from the Ministry of Energy and Mines
of the Government of Ecuador. The
design is now under review by the Government's Agency of Regulation
and Control. A favourable technical report from the Agency of
Regulation and Control is the second and final step prerequisite
for the issuance of the Tailings Dam Construction Permit.
- Water Usage Permit: Request for water usage
permits for El Domo construction have been submitted and admitted
for processing by MAATE and are currently under review.
- Environmental License: As previously reported by the
Participants (see new releases dated August
2 and September 11, 2023) the
Constitutional Court of Ecuador is
reviewing a claim of unconstitionality of the Presidential Decree
754 which regulates the process for the environmental consultation
processes across all public and private sectors and industries –
not limited to the metals and mining sector. Completion of the
environmental consultation is the final step required for the
issuance of the environmental license for El Domo which will allow
for construction to commence. On September
7, 2023, the Constitutional Court declared the case a
priority and the public hearing occurred on September 18, 2023. The Constitutional Court is
now in the process of formulating its decision, and while there is
no established timeline, the Participants expect that a ruling
could be issued within 45 days of the hearing. A supportive ruling
would provide a clear path forward for El Domo to complete the
environmental consultation and receive the environmental license,
which would allow for the ramp-up of employment and training plans
in support of construction and future operations.
About Adventus
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.
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 the El-Domo and the timing thereof; the
start of construction at El Domo and the timing thereof; and the
timing and resolution of the Court. 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 environmental licensing will not be approved;
failure to obtain the environmental licensing approval for the
El-Domo along with other key permits and approvals and to start
construction; the Court will not have a favorable ruling or in the
expected time period; 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.
For further information from Adventus Mining, please contact
Christian Kargl-Simard, President
and Chief Executive Officer, at +1-416-230-3440 or
christian@adventusmining.com. Please also visit the Adventus Mining
website at www.adventusmining.com.
For further information from Salazar Resources, please contact
Freddy D. Salazar, Manager –
Corporate Development, at +593 98 548 9355 or
dsalazar@salazarresources.com. Please also visit the Salazar
Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation