TORONTO, June 17,
2024 /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 Ministry of Environment, Water, and Ecological
Transition of Ecuador
("MAATE") has granted Administrative Authorization over
Public Hydric Domain for the Curipamba - El Domo project (the
"Project"). This key permit allows the Project to carry out
planned construction activities in accordance with the technical
requirements stipulated in the Water Resources Law. With this
approval, the last main step prior to the start of construction is
the receipt of the final document outlining the transition from the
medium scale exploration to exploitation phase as outlined in the
Participants' news release on February 22,
2024.
However, on June 12, 2024, a
constitutional protective action filed against MAATE and the
Attorney General's office and naming Curimining as an interested
third party, was admitted by the Judicial Unit of Las Naves
canton in Bolívar province of Ecuador. Curimining is owned by the
Participants, but the Participants have not been formally notified
yet of these actions. The legal action has been submitted by a
group of individuals and sponsored by an Ecuadorian
non-governmental organization. The action requests that the
environmental license be rendered void alleging non-compliance with
the Environmental Consultation process, despite what the
Participants believe to be ample well-documented evidence to the
contrary.
The Project obtained the environmental license for the mine's
construction and operation phase on January
19, 2024, after a lengthy process that took nearly 27 months
(see news release dated January 22,
2024). As part of this process, MAATE conducted an
Environmental Consultation complying with an Ecuadorian executive
decree and international standards, which resulted in a 98% vote in
favour for the issuance of the Environmental License (see news
release dated December 27, 2023).
Based on an initial review of the legal action, the Participants
are confident that MAATE has strong evidence to refute the
allegations presented. The environmental license remains in effect
unless the legal action is proven to be successful. These types of
cases typically take two to three months to be decided by a local
judge, after which, an appeal may be filed to the provincial court
which typically takes an additional three to six months to resolve.
There is no further appeal from the provincial court ruling. The
Constitutional Court could then review the case if there are
procedural flaws through an extraordinary protection action, or it
could select the case if it considers it significant.
A number of community leaders have expressed deep concern over
the filed action as they believe it seeks to delegitimize their
voice and participation in the environmental consultation process.
The case is expected to start trial in July
2024.
Adventus is a party to an arrangement agreement with Silvercorp
Metals Inc. ("Silvercorp") as announced on April 26, 2024, pursuant to which Silvercorp
would acquire all the outstanding shares of Adventus. The final
shareholder vote is on June 26, 2024,
as outlined in the news release on June 4,
2024. Such transaction is on track to close on or about
July 5, 2024, subject to approval by
shareholders and all conditions to closing being satisfied.
Adventus and Silvercorp are working closely together.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and
development company. Adventus is advancing the 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 Silvercorp, Ross
Beaty's Lumina Group, Altius Minerals Corporation, Wheaton
Precious Metals Corp., and significant Ecuadorian investors.
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 the Project; the adoption of a strategy and the
timing thereof; the obtaining of key approvals, permits and
environmental licensing approval for the Project and the timing
thereof; the start of construction at the Project 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 the Project, 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 Project along with other key permits and approvals and to
start construction; the Court will not have a favourable 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.
SOURCE Adventus Mining Corporation
