INV Metals Commences Drill Program in Namibia and Reports Q1/2010 Results
TORONTO, ON – May 12, 2010 – INV Metals (“INV Metals” or “Company”) (TSX: INV) provides an exploration update on the Kaoko copper property and reports its financial results for the three month period ended March 31, 2010 (see INV Metals’ unaudited 2010 interim financial statements and MD&A filed on SEDAR at www.sedar.com under the profile International Nickel Ventures Corporation and on the Company’s web site at www.invmetals.com). INV Exploration Namibia (PTY) Ltd., a wholly owned subsidiary of the Company, is currently earning a 50% interest in the property from Teck Cominco Namibia Ltd. (“Teck”).
Kaoko Copper Property, Namibia
Drilling commenced at the Kaoko copper property, located in northwest Namibia, in late April. A planned 2,600 metre reverse circulation program is currently underway at the Okohongo target. Teck’s previous drill program intersected 25.2 metres of 1.93% copper and 28.9 grams per tonne silver at Okohongo. The 2010 planned program will also include drilling 1,500 metres at the Horseshoe target area and 1,200 metres at the newly discovered Sesfontein target area.
Please see INV Metals’ MD&A for further details on exploration activities at the Kaoko copper property.
The Company recorded a net loss of $845,438 or $0.01 per share for the three month period ended March 31, 2010 (“Q1/2010”), compared with a net loss of $536,097 or $0.01 per share for the corresponding period ended March 31, 2009 (“Q1/2009”). The Company’s cash balance as at March 31, 2010 was $12.0 million, compared to $13.6 million at year end 2009; the decrease was mainly due to the Company’s exploration expenditures on its properties in Brazil and Namibia and annual compensation payments.
The Company believes it has sufficient funds to conduct all of its currently planned business activities in 2010.
About INV Metals
International Nickel Ventures Corporation is now conducting business under the name of INV Metals. The Company’s shareholders will be requested to ratify the name change from International Nickel Ventures Corporation to INV Metals Inc. at the next annual general meeting to be held on June 9, 2010.
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, (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 INV Metals’ Management’s Discussion and Analysis dated May 11, 2010, available on SEDAR at www.sedar.com under the profile of International Nickel Ventures Corporation and the corporate presentation on 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. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. 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 the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of metals, economic and political stability in Canada, Namibia and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form with Canadian securities regulators available on www.sedar.com under the profile of International Nickel Ventures Corporation or INV Metals’ website at www.invmetals.com. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Kaoko Property to date, and it is uncertain if further exploration will result in the target being defined as a mineral resource.