TORONTO, March 5,
2024 /CNW/ - Adventus Mining
Corporation ("Adventus" or the "Company") (TSXV:
ADZN) (OTCQX: ADVZF) is pleased to announce the signing of an
Investment Agreement ("IA") with the Government of
Ecuador for the development of the
Condor mining project located in southeastern Ecuador (the "Project"). This important
milestone reached between the Government of Ecuador and Adventus provides a foundation for
the continuing advancement of the Project towards development and
for the negotiation of the Investment Protection Agreement
("IPA") that would be required for future mining
construction and operations if the Project reaches that stage of
advancement. The IA is a statement of mutual interest between
Adventus and the Government of Ecuador, through the Ministry of Production,
Foreign Trade, Investment and Fisheries, to negotiate the terms and
conditions for a future IPA that is expected to outline the
Project´s scope, investment commitments, timelines and
responsibilities and to work together towards obtaining all
necessary approvals, licences and permits under Ecuadorian law and
international standards.
The IA explicitly covers an investment commitment by Adventus,
totaling a minimum of US$100M, which
includes US$52 million of historical
spending made on the Project from 2010 to 2023 and the future
investment commitment of US$48
million for the period between 2024 and 2038. The IA also
extends to include any additional investments made by Adventus
during the period, which would be included for investment
protection in the future IPA.
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 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.
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 Company's expectations or beliefs
regarding future events. Forward-looking statements include, but
are not limited to: the discussions regarding the advancement of
the Project, including, without limitation, the continued
advancement of the Project towards development, mining and
operation; the negotiation of the IPA, including the content and
terms thereof; cooperation with the Government of Ecuador to obtain all necessary approvals,
licenses and permits under Ecuadorian and international standards
and the timing thereof; the future investment commitment of U$48
million, including the timeframe thereof; and the additional
investment amounts being included for investment protection in the
future IPA;
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 the Company's mineral properties, including
the Project, including, without limitation, that exploration,
development and other activities will not occur at all or will not
occur within expected timelines, or will not be as anticipated;
that the Project will not advance to development, production or
operation; risks that the benefits of the IA will not be
anticipated; risks that the IPA will not be negotiated at all or as
anticipated, or on the expected timelines; risks that the benefits
of the IPA will not be realized; that cooperation with the
Government of Ecuador will not
result in obtaining all necessary approvals, licenses and permits
under Ecuadorian and international standards and the timing
thereof; the future investment commitment not be satisfied as and
when required; that the additional investment amount will not be
included for investment protection under the IPA; 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, along with the other risks and factors set forth in the
Company's continuous disclosure filings.
The Company undertakes 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 and follow us on
Twitter: https://twitter.com/AdventusMining
and LinkedIn:
https://ca.linkedin.com/company/adventus-mining-corporation.
SOURCE Adventus Mining Corporation