President of Ecuador Signs Environmental Consultation Decree Clearing the Path for the Final Stage of Environmental Licensing for El Domo - Curipamba Project
TORONTO, June 1, 2023 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQX: SRLZF) (collectively the "Participants") are pleased to announce that the President of Ecuador has signed the new environmental consultation regulation decree (the "Decree") in compliance with the Ecuadorian Constitutional Court decision. This Decree applies to activities in all sectors and enterprises in Ecuador requiring environmental licenses and will govern the formal consultation process required for all Environmental and Social Impact Assessments ("ESIA"). For the El Domo - Curipamba Project ("El Domo"), this Decree allows El Domo to move to the next step of the environmental licensing process, which follows the technical ESIA approval granted by the Government of Ecuador in May 2022 (see May 31, 2022, Adventus news release).
The Decree lays out the steps for the new environmental consultation process, including two rounds of formal community consultations led by the Government of Ecuador. These community consultations are expected to be similar to the many community consultations led by the Participants since the discovery of El Domo deposit in 2008. Current guidance from the Government of Ecuador is that the consultation process is expected to require four to six months to the signing and issuance of the environmental licence for El Domo construction. This suggests that full construction activities could therefore begin as early as in October 2023.
During this period, the Participants expect to finalize four other necessary permits for construction to begin, including: (a) Water No Affect Permit (for discharge and covering potential impact to any water sources), (b) Water Usage Permit (surface water capture during construction), (c) Tailings Dam and Waste Storage Approval Permit (certificate of technical feasibility in hand), and (d) Explosives Permit. The permits have advanced well through early 2023 with strong government engagement, which followed the publication of the El Domo feasibility study and submission of the ESIA report in December 2021.
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.
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