TORONTO, Dec. 28, 2022 /CNW/ - Adventus Mining
Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX:
ADVZF) and Salazar Resources Limited ("Salazar") (TSXV:
SRL) (OTCQB: SRLZF) (collectively the "Participants") are
pleased to announce that the Government of Ecuador has signed the Investment Contract
("IC") between the Government of Ecuador and Adventus Mining Corporation,
Salazar and the Participants' subsidiary Salazar Holdings Ltd. in
support of the development of the El Domo copper-gold mining
project ("El Domo"). The IC was originally reported on November 10, 2022 as being approved for signing
by the Government of Ecuador
through its investment institution, Investment Promotion and
Attraction Strategic Committee (CEPAI). Since then, additional
bespoke changes relevant to El Domo development and future
operations were approved, including protective arbitration and
dispute resolution language approved by the auditor general.
![Adventus Mining Corporation (ADZN - tsxv) (ADVZF - otcqx) (AZC - Frankfurt) (www.adventusmining.com) (CNW Group/Adventus Mining Corporation) Adventus Mining Corporation (ADZN - tsxv) (ADVZF - otcqx) (AZC - Frankfurt) (www.adventusmining.com) (CNW Group/Adventus Mining Corporation)](https://mma.prnewswire.com/media/1974852/Adventus_Mining_Corporation_The_Government_of_Ecuador_Signs_the.jpg)
Along with the financial, tax and legal incentives previously
released, the IC provides El Domo with the following benefits until
March 2033, with the potential for
future extension:
- Exemption of import and export duties, and the ability to
import contractor equipment from free-trade countries without
duties;
- Guarantees on powerline and road upgrade and construction
approvals;
- Approval of a special dispute resolution article, including
international arbitration protection. Jurisdiction in New York with English language;
- Free transfers abroad of cash profits earned, and;
- Free transfer of cash obtained from the partial or full
liquidation of the investors from the sale of shares, equity and/or
rights acquired, once corresponding tax obligations and other
responsibilities have been fulfilled.
Christian Kargl-Simard, President
and CEO of Adventus Mining, commented: "As this is the third
major production related IC between the Government of Ecuador and the metals and mining industry,
after Lundin Gold's Fruta del Norte
and EcuaCorriente's Mirador mines, this is a major step forward for
El Domo. The IC gives our stakeholders additional certainty for
development and was a key conditions precedent to be able to draw
our US$235.5M in project financing
facilities. With the IC completed, we continue to work with
Government Ministries and expect to announce additional permit
approvals and El Domo related contracts with the Government of
Ecuador over the next months."
Fredy Salazar, President and CEO
of Salazar, commented: "We thank the Government of Ecuador with the confidence in Adventus
Mining, Salazar and El Domo. This is another step closer to my
dream of placing El Domo into production for the greater good of
the Ecuadorian people, and of course our communities and
employees."
Appointment of Christian Aramayo as Non-Executive Advisor to
the Board of Directors
Adventus Mining is pleased to announce the appointment of
Christian Aramayo as a non-executive
advisor to its board of directors. Mr. Aramayo has more than 17
years of experience in the mining industry in the Americas, the
Caribbean, Europe and Africa. Throughout his career, he has been
closely associated with the practices that make for world-class
mining operations and projects including challenging operations as
Pueblo Viejo, Paracatu, Fruta del Norte and Tasiast. Mr. Aramayo is
a Chartered Engineer who holds a Master's Degree in Science from
the University of Manchester (UK)
in Decision Sciences and a Master's Degree in Metallurgy. He is
currently the COO of Kuya Silver Corporation.
Adventus Mining announces the granting to Christian Aramayo 50,000 incentive stock options
under its share compensation plan at an exercise price of
C$0.495 per optioned share,
exercisable for a period of five years from the date of grant and
vesting over a three-year period.
About Adventus Mining
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 Adventus Mining and Salazar expect or anticipate will or may
occur in the future. Although Adventus Mining 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 Mining and
Salazar undertake to update any forward-looking information except
in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation