INV Metals Announces Sale of Thorne Lake
TORONTO, ON – October 4, 2011 – INV Metals Inc. (“INV Metals” or the “Company”) (TSX: INV) is pleased to announce the sale of its option to earn a 50% interest in the Thorne Lake, Ontario property (“Thorne Lake Option”) to Northern Superior Resources Inc. (“Northern Superior”). Northern Superior is a publicly traded company listed on the TSX Venture Exchange under the symbol SUP.
Mr Robert Bell, CEO, stated, “INV Metals continues to dispose of its non-core exploration properties with the sale of its Thorne Lake Option. Our focus remains building upon the Company’s exploration success, demonstrated by the recent announcement of two new copper discoveries at the Kaoko copper-silver property in Namibia. The shareholders of INV Metals will benefit from the upside of any success at Thorne Lake through our equity interest in Northern Superior.”
In exchange for terminating the Thorne Lake Option, Northern Superior will pay $500,000 and issue to INV Metals 750,000 common shares of Northern Superior. The transaction is expected to close on or about October 20, 2011 subject to regulatory approvals and various closing conditions.
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 Brazil, Namibia and Canada. Currently, INV™ 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 INV™ 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 Thorne Lake property, future exploration of the Thorne Lake property or the future value of the Company’s equity interest in Northern Superior. 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.