TORONTO, Aug. 2, 2023
/CNW/ - Adventus Mining Corporation
("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar
Resources Limited ("Salazar") (TSXV: SRL) (OTCQX:
SRLZF) (collectively the "Participants") would like to provide
an update on a writ issued by the Constitutional Court of
Ecuador ("Constitutional
Court") on August 1, 2023.
On the afternoon of August 1,
2023, the Constitutional Court admitted for processing an
unconstitutionality claim filed by the indigenous group CONAIE and
other complainants against Presidential Decree 754 (the
"Decree"), which was signed on May
31, 2023 that regulates environmental consultation for all
public and private industries and sectors in Ecuador – not limited to the metals and mining
sector. The Constitutional Court also ordered the provisional
suspension of the Decree until the same Constitutional Court
resolves, by sentence, the claim filed (the "Constitutional
Court Proceeding"). The Government of Ecuador must now present argumentation within
15 working days to evidence the constitutionality of the Decree for
the consideration of the Constitutional Court.
The immediate effect of the provisional suspension of the Decree
is that no medium or high impact projects, from any sector or
industry in the country, including the El Domo - Curipamba project,
shall be able to obtain an environmental license until the
Constitutional Court resolves this issue. The Government of
Ecuador has stated that it will
employ all measures at its disposal to respond to the
Constitutional Court.
The Participants will provide further updates when additional
information becomes available.
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 press release contains "forward -looking information"
within the meaning of applicable Canadian securities laws.
Forward-looking statements are based on the beliefs, expectations,
and opinions of the management of the Participants as of the date
the statement is published, and the Participants assume no
obligation to update any forward-looking statement, except as
required by law. In certain cases, forward–looking statements can
be identified by the use of words such as "plans", "expects",
"outlook", "guidance", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "believes", or variations
of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved" or the negative of these terms or
comparable terminology.
Forward-looking information herein includes, but is not limited
to, statements that address activities, events, or developments
that the Participants expect or anticipate will or may occur in the
future, the Constitutional Court Proceeding including the results
and timing thereof, the duration of the suspension of the Decree
and the application thereof, the government's presentation of
argumentation within 15 working days to evidence the
constitutionality of the decree for the court's consideration, the
government's employment of measures to respond to the
Constitutional Court, including the scope, timing and results
thereof and the impact of each of the foregoing on the
consultation process in respect of the El Domo - Curipamba
copper-gold project and on the project generally.
Forward-looking information is based on management of the
Participants' 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:
the risks associated with the Constitutional Court Proceeding,
including the results and timing thereof and the duration of the
suspension of the Decree and the application thereof being unknown,
the government's presentation of argumentation within 15 working
days to evidence the constitutionality of the decree for the
court's consideration and the effect thereof not being as
anticipated (or at all) or beneficial to the El Domo - Curipamba
copper-gold project and the government's employment of
measures to respond to the Constitutional Court, including the
scope, timing and results thereof not occurring as anticipated (or
at all) or in a manner beneficial to the El Domo - Curipamba
copper-gold project; risks that the Decree will remain suspended
and that the environmental consultation process that was in
progress in respect of the El Domo - Curipamba copper-gold project
will not be permitted to continue and/or will be delayed for an
indeterminate amount of time; that failure to complete the
consultation process in a timely manner will result in delays in
completing other activities in respect of El Domo - Curipamba
copper-gold project within the anticipated timelines or at all;
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.
Although the Participants 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.
Forward-looking information cannot be guaranteed and 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 no obligation to update forward-looking
information except as required by applicable law.
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
