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TORONTO, August 31, 2020 (GLOBE NEWSWIRE) – INV Metals (“INV Metals” or “Company”) (TSX: INV) reports on the hundred percent gold-copper-silver assets of Loma Larga (“Loma Larga” or “Project”), located in Ecuador.
The Company has completed the Loma Larga Gold-Copper-Silver (EIA) Project and is recently working with the Ministry of Environment and Water to present the EIS for review and comments.As noted above, the EIS is the culmination of a collaboration between corporates, diverse experts and local universities, based on many years of fundamental knowledge collection and study. The corporate aims to obtain permits and fund the allocation with the goal of starting loma Larga’s progression by 2021, and is making progress in discussions with donors., adding debt and suppliers. A comprehensive communication programme has been initiated within the local region and Cuenca that will be implemented in the coming months, reaffirming our commitment to fair and transparent communication.
Executive Director Candace MacGibbon said: “We are going to announce that Ecuador’s Constitutional Court has rejected a referendum on mining activities in the municipality of Cuenca, Azuay province.”
Candace MacGibbon said: “We are committed to the guilty and sustainable progression of the Loma Larga mine to gain advantages from our local communities, the Cuenca region, the country of Ecuador and our stakeholders.While the progression of Loma Larga will bring significant economic benefits for our long-term employees, local contractors, service providers and commercial suppliers, entrepreneurs and significant tax revenues for the government, we recognize and promote human rights., adding the right to ensure clean water.Mining progression, and in particular the progression of Loma Larga, will be many the United Nations Sustainable Development Goals (“SDGs”).The SDGs recognize the right of all others to have access to decent paintings and economic growth, 0 hunger, non-poverty, good physical form and well-being, quality education, gender equality, reduction of inequality, white water and sanitation, among other vital objectives, INV Metals is committed to advancing these goals on the way in Azuay province.»
Ms. Candace MacGibbon said: “I wish to reiterate that INV Metals has focused its efforts on designing the Loma Long underground mine and similar infrastructure in an environmentally responsible manner, with an allocation footprint of less than 65 hectares.The mine site is not near any lake or river.The Loma Larga Project will not discharge water into the canton of Cuenca.The treated water will meet ecuadorian strict criteria and the Company expects the treated water to be of higher quality than the newly discovered water downstream of the discharge point.The underground mine is designed to produce concentrates that do not use cyanide for processing and 55% of the relaves will be placed underground using the paste filling method.The remaining relays will be filtered and pressed to remove the water to be treated and recycled within the processing facilities and placed in a geotechnically solid covered relay facility, which will be covered and returned to vegetation at closure.”
Referendum request
On 28 August 2020, the Ecuadorian Constitutional Court (the “Constitutional Court”) rejected the referendum request on mining activities in the canton of Cuenca, which was submitted to the Court on 3 August 2020.The 3rd request of the prefect of the Azuay on a non-public basis which, in our view, had political motivations before the 2021 presidential election, the Constitutional Court rejected the request, stating that the criteria and criteria established in the past through the Constitutional Court for holding a referendum on mining activities were not to be met.
Our legal suggestion informed us that this and other past decisions set a precedent that any long-term request for a referendum similar to mining activities deserves not our mining concessions legally granted in Ecuador, and long-term exploration, progression and prospective mining activities in the Whether long-term referendum requests are allowed to meet the criteria set out in the past by the Constitutional Court , prospects have an effect on meriting similar to long-term mining rights that have not yet been granted on the basis of laws, regulations and The Company and the various stakeholders will also be protected against any long-term applications.
The Ecuadorian federal government continues to mining to in attaining its purpose of sustainable and guilty progression for the future.Our team welcomes this exciting phase of Loma Larga’s progression where we have interaction with our many stakeholders to pass on the benefits of Loma Larga and explain misinformation.
Water management
Loma Larga is the maximum environmental allocation studied through Ecuadorian universities due to INV Metals’ commitment to transparency and environmental duty in providing researchers with access to our site and technical information.INV Metals maintains 18 surface and groundwater tracking stations to provide in-depth knowledge of hydrology and hydrogeology at and around the site.As a result of our extensive and comprehensive collection of knowledge, we have developed models that preserve and control the characteristics and volumes of water resources without negative environmental impacts.
Past and ongoing studies on Loma Larga also include 12 follow-up topics following the cooperation agreement with PROMAS University and ETAPA (the utility of the municipality of Cuenca), as well as other cooperation agreements with 11 national and foreign universities that generated 60 undergraduate theses., 28 master’s theses, 43 clinical articles published worldwide and 7 clinical articles published in congresses.
The Society has an existing technical cooperation agreement with ETAPA, the University of Cuenca, the University of Azuay and the Ministry of Mines, through which the Society works with universities to carry out independent monitoring systems on the biodiversity of the domain and prepare technical studies.and reports similar to water problems.
Social responsibility
INV Metals has been operating in partnership with our local communities for more than 15 years for the other people and communities in which we operate, most recently, from one aspect to another to combat the COVID-19 crisis to provide assistance in providing food and medical and non-medical security.public protective equipment.
Responsible exploration and progression in Loma Larga is based on cooperation, inclusion, equity and, above all, participation in networked paintings.Our social duty systems are developed in conjunction with local control and progression plans led through the parish or local governments based on the style of cooperation.where the rights and privileges of communities, INV Metals and Ecuador converge.We painted in combination to publicize the shared priorities of our local governments and INV Metals to help the self-determination of netpaintings and the quality of life of families.
Historically, the Project has contributed to the living situations of our communities through the development of inter-agency agreements in partnership, oriented to training, health, the recovery of traditions, the promotion of local human capacity and the promotion of corporations and cutting-edge business systems.These systems have supported and strengthened more than 70 local organizations, achieving plenty of families.
Loma Larga’s progression is expected to bring really important economic benefits to INV Metals employees in the long term, to our communities, and to Ecuador’s local, provincial and federal governments.The progression and operation of the Loma Larga mine will also provide many employment and business opportunities.for local communities and the region Benefits deserve to include:
The continuation of the company’s many social programs;
during the 18- to 24-month structure, an estimated 875 direct jobs;
When the mine is in operation, 450 permanent direct jobs;
Economic progression and creation of indirect tasks with local procurement projects and opportunities;
it is estimated that the Loma Larga underground mine will provide local Ecuadorian companies with opportunities to supply goods and facilities for more than $150 million in the structure phase and $571 million in operations over the life of the mine;
Wages, social security and pensions are estimated at $15 million according to the year, for a total of $186 million over the life of the mine;
Taxes on workers’ participation (3%) estimated at $34 million;
Taxes paid to Ecuador are estimated at:
Corporate income tax (25%) – $226 million
State income share tax (12%) – $135 million
Employment tax (35%) – $52 million
VAT (12%) import tasks (0% – 5%) – $109 million
Fees (5%) – $120 million
About INV ™ Metals
INV ™ Metals is a foreign mineral resource company aimed at the acquisition, exploration and progression of basic and valuable metal projects in Ecuador.Currently, INV’s main assets ™ Metals are: (1) its 100 percent stake in Loma Long gold exploration and progression assets in Ecuador, and (2) its 100 percent stake in exploration concessions in Ecuador, adding Colored Lands, Labus Recada and Exploration Projects in Carolina.
For information, contact:
Sunny Lowe Financial Director Phone: (416) 703-8416 Email: [email protected]
Doug Flegg Capital Markets Advisor Phone: (416) 703-8416 Email: [email protected]
Forward-looking statements
This press release includes forward-looking data. Forward-looking data contained in this press release includes, but is not limited to, statements related to the EIA, the timeline for entering the authorization and funding phase of the assignment, the timeline for the progression of the assignment, the long-term communications, design and have an effect on the allocation on the environment, assistance from the government of Ecuador, statements regarding the intentions of the company regarding any long-term referendum request and the benefits of the allowance allowance for long-term employees, local communities and various degrees of government and various employment and business opportunities. These statements are based on existing data for the company and the company does not provide any guarantee that the actual effects will meet the control expectations. In some cases, forward-looking data would possibly be known through words such as “anticipate”, “believe”, “may also”, “believe”, “expect”, “may also simply”, “shall”, “will” or “Array The forward-looking data contained in this press release is based on certain points and assumptions made by monitoring your enjoyment and belief in old trends, existing situations, and long-term expected progressions, as well as other points that the control considers. appropriate in the circumstances. While the Company believes that these assumptions are tempered based on existing data in its charge, they may be incorrect. Forward-looking data carries dangers, insecurities and other known and unknown points that could possibly cause the actual effects, the Company’s functionality or achievements are very different from the long-term effects, functionality or achievements expressed or implied through forward-looking data . The dangers inherent in the exploration and progression of mineral deposits, adding relevant dangers with adjustments to the allocation parameters as plans continue to be redefined, dangers similar to the law or recovery rate, dependence on key personnel, operational dangers, regulation, capitalization and liquidity. dangers. Please refer to the Company’s Annual Information Form dated April 14, 2020 filed on SEDAR at www.sedar.com for other hazards that may also have an effect on the Company. This list is not exhaustive of the points that could possibly be the corporate forward-looking data. These and other points deserve careful consideration, and readers deserve not to place undue reliance on forward-looking data about the company. The Company does not adopt to update any forward-looking data that would possibly be provided from time to time through the Company or on its behalf, unless in accordance with applicable securities laws.