INV Metals Announces Sale of Lansdowne Property
TORONTO, ON – June 16, 2011 – INV Metals Inc. (“INV Metals” or the “Company”) (TSX: INV) is pleased to announce the sale of its Lansdowne House property (“Lansdowne”), located in northwestern Ontario, to Anglo Swiss Resources Inc. (“Anglo Swiss”). Anglo Swiss is a public company listed on the TSX Venture Exchange (the “TSXV”) trading under the symbol ASW.
In exchange for its 100% interest in the Lansdowne property, INV Metals will receive common shares of Anglo Swiss equal to $1,446,360. The number of common shares to be issued will be determined by the volume weighted average price of the common shares over a five day trading period ending on the date that is two business days prior to the closing date of the transaction. The Company will also retain a 1% net smelter return royalty on those claims not already subject to a royalty. INV Metals believes the exploration potential of the Lansdowne property for nickel and precious metals is extensive, however, the property was deemed non-core to INV Metals. Subject to TSXV approval and the satisfaction of other conditions of closing, the transaction is expected to close on or about June 30, 2011.
Mr. Robert Bell, CEO, stated, “We are pleased to partner with Anglo Swiss, who, with a proven management team and board of directors, plan to invest in the exploration of the Lansdowne property. The shareholders of INV Metals will benefit from the upside of any exploration success at Lansdowne through INV Metals’ equity interest in Anglo Swiss, enabling the Company to remain focused on its primary assets in Brazil and Namibia.”
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, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. 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 Lansdowne property, future exploration of the Lansdowne property or the future value of the Company’s equity interest in Anglo Swiss. 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.