TORONTO, March 18, 2020 /CNW/ - Adventus Mining
Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) and
Salazar Resources Limited ("Salazar") (TSX-V: SRL) (collectively
the "Partners") have temporarily suspended site activities at
their Curipamba, Pijili and Santiago projects, (the "Projects") which is
consistent with the Government of Ecuador's declaration of a state of emergency
that is in effect from March 17, 2020
as a measure to prevent the spread of COVID-19. The Partners
continue to be committed first and foremost to providing our
people, communities, and stakeholders with safe and healthy work
environments, which includes this decision to suspend all site
activities on our Projects until further notice (Salazar has also
suspended site activities at its other 100%-owned projects in
Ecuador). Work at site will only
restart once the COVID-19 situation has stabilized and it is deemed
safe to do so by the national and regional authorities of
Ecuador who are working closely
with the World Health Organization.
In recent weeks as drilling and related activities had
re-commenced at the Projects, the Partners have been actively
implementing the government public health directives in the
communities around the Projects, which included education and
awareness campaigns to encourage measures that minimize the spread
of COVID-19. As part of this work suspension, some environmental
baseline studies have also been suspended, which includes the
recently commenced hydro-geological drilling program. The
suspension timing may inhibit the full implementation of the
planned baseline field programs during the current rainy season at
the Curipamba project, which may result in a minimum six-month
delay to the original environmental and social impact assessment
(ESIA) development timeline. The feasibility study earn-in
requirement of October 5, 2021 on the
El Domo deposit within the Curipamba Project will be delayed by the
number of days that site activities are shutdown for starting from
March 17, 2020.
If necessary, both Adventus and Salazar have strong treasuries
and can self-fund an extended care and maintenance scenario on the
Projects well into 2021.
Christian Kargl-Simard, President
and CEO of Adventus, stated: "While it is unfortunate to place
our project activities in Ecuador
on hold, Adventus fully supports the government's proactive plan to
protect its people from the COVID-19 pandemic. Our team together
with our partner Salazar have worked hard to recently start three
drill rigs at our Curipamba project and completed the groundwork to
start exploration drilling at our Pijili and Santiago projects in the second quarter of
2020, but our excitement must now be balanced with patience as we
tackle this greater public health challenge together. The economics
of our El Domo deposit and exploration potential within Curipamba
remain robust at spot pricing due to the high copper grades and
significant gold credits. To our valued shareholders, we look
forward to continuing our very exciting progress once we can
restart site activities."
Fredy Salazar, President and CEO
of Salazar states, "We are following public health guidelines
carefully, and our top priority is the safety and well-being of our
employees and the communities supporting the projects. We
hope that by acting quickly now the Government of Ecuador will be able to shorten the time to
lift the travel restrictions and allow economic activity to return
to the country. We look forward to resumption of our work programs
both with Adventus and at our 100% owned properties for the benefit
of all our stakeholders."
About Adventus
Adventus Mining Corporation (ADZN.V)
(ADVZF.OTCQX) is a well-financed exploration and project
development company, focused 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 has 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