INV Metals Files Technical Report for Loma Larga Project and Announces 2014 Results
TORONTO, ON – MARCH 23, 2015 – INV Metals Inc. (“INV Metals” or the “Company”) (TSX:INV) announces that it has filed the technical report (the “Technical Report”) summarizing the results of a preliminary feasibility study (the “PFS”) on the Loma Larga gold project (“Loma Larga” or the “Project”) and reports its financial results for the year ended December 31, 2014.
The Company announces that it has filed a technical report entitled “Technical Report on the Loma Larga Project, Azuay Province, Ecuador” dated March 20, 2015. The Technical Report supports the disclosure contained in INV Metals’ press release issued on February 4, 2015, announcing the results of the PFS for Loma Larga. The Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s web site at www.invmetals.com.
2014 Financial Results
The Company recorded a total comprehensive loss of $6,931,862 or $0.20 per share for the year ended December 31, 2014, compared with a total comprehensive loss of $8,240,916 or $0.21 per share for the corresponding period ended December 31, 2013. The Company’s cash balance as at December 31, 2014 was approximately $16.2 million, compared to $19.1 million at year end 2013. The decrease in the Company’s treasury was a result of corporate expenditures and the execution of the PFS at Loma Larga. Working capital at the end of 2014 was $16.9 million compared to working capital of $19.3 million at December 31, 2013. The Company’s 2015 operating budget is estimated at $5.1 million. Please see INV Metals’ 2014 audited consolidated financial statements and MD&A filed on SEDAR and on the Company’s web site.
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.
This press release contains certain 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 the actual results of exploration activities, conclusions of economic evaluations and the industry-wide risks and Loma Larga project-specific risks identified in the Technical Report, risks associated with mining and mineral exploration activities, uncertainty in the estimation of Mineral Resources and Mineral Reserves, including, without limitation, the assumptions on which such estimates are based, changes in Loma Larga parameters as plans continue to be refined, uncertainty surrounding metallurgical test results, future prices of metals, economic and political stability in Ecuador and Canada, the results of discussions with the Ecuador government, the risk of future unfavourable tax law or regulation changes in Ecuador, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. For a more detailed discussion of such risks and other factors, refer to INV Metals’ Annual Information Form filed with Canadian securities regulators available on www.sedar.com. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.