INV Metals Announces Sale Of Fishtrap Property
TORONTO, ON – February 29, 2012 – INV Metals Inc. (“INV Metals” or the “Company”) (TSX: INV) is pleased to announce the sale of its Fishtrap, Ontario property (“Fishtrap”) to KWG Resources Inc. (“KWG Resources”). KWG Resources is a publicly traded company listed on the TSX Venture Exchange under the symbol KWG.
In exchange for its 100% interest in the Fishtrap property, INV Metals will receive 3 million common shares of KWG Resources, and 3 million share purchase warrants exercisable at 12 cents per share for a period of five years from the closing date. The transaction is expected to close during March 2012 subject to regulatory approvals and various closing conditions.
Mr Robert Bell, CEO, stated, “The property is the third non-core exploration property that INV Metals has monetized in order to focus our exploration activities at the Kaoko copper-silver property in Namibia and the Rio Novo property in Brazil, where we are currently drilling less than two kilometres west of the famous Serra Pelada gold-platinum-palladium deposit.”
He added, “Both of these properties are optioned from Teck Resources Limited (“Teck”). The Company expects to vest this year and acquire a 50% interest in each. After vesting Teck will have the right to become operator on both projects. To prepare for the possibility that Teck might exercise its right to become operator on one or both properties, the Company is actively seeking to acquire advanced exploration, near pre-feasibility type opportunities that become its new flagship properties.”
About INVTM Metals
INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INVTM Metals’ primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, and (3) its 100% owned Itaporã gold properties, located in Brazil. Please also refer to the INVTM Metals’ website at www.invmetals.com to view additional details relating to the properties.
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV Metals’ ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to closing of the proposed sale of the Fishtrap property, future exploration of the Fishtrap property or the future value of the Company’s equity interest in KWG Resources. For a more detailed discussion of risk factors affecting the Company, refer to INV Metals’ annual information form filed with Canadian securities regulators available on www.sedar.com.