INV Metals Announces Fulfillment of Loma Larga Expenditure Commitment
TORONTO, ON – DECEMBER 30, 2015 – INV Metals (“INV Metals” or “Company”) (TSX: INV) is pleased to announce that IAMGOLD Corporation (“IAMGOLD”) has agreed to extinguish INV Metals’ remaining expenditure commitment required under the 2012 Loma Larga (“Property”) purchase agreement. In exchange, INV Metals has agreed to forgive IAMGOLD’s indebtedness to INV Metals of approximately US$191,000 for various severance payments incurred by the Company.
INV Metals has now effectively fulfilled its contractual obligation to IAMGOLD to expend C$15 million on the Property by the earlier of March 6, 2016 or the completion and filing of a bankable feasibility study.
About INV™ Metals
INV™ Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Ecuador and Namibia. Currently, INV™ Metals’ primary assets are: (1) its 100% interest in the Loma Larga (formerly Quimsacocha) gold property in Ecuador, and (2) its 35% interest in the Kaoko property, located in Namibia.