INV Metals Files Technical Report on the Okohongo Deposit, Namibia
TORONTO, ON – August 3, 2011 – INV Metals Inc. (“INV Metals” or the “Company”) (TSX: INV) announced that it has filed a Technical Report entitled “Technical Report on the Okohongo Copper-Silver Property in Northwest Namibia” (“Technical Report”) with Canadian securities regulators, pursuant to the Company’s news release dated June 22, 2011.
The initial inferred resource estimate at the Okohongo deposit totals 10.2 million tonnes grading 1.12% copper and 17.75 g/t silver, at a 0.3% copper cut-off grade, and contains 114,046 tonnes of copper and 5.8 million ounces of silver in situ. The resource estimate is based on 7,239 m of reverse circulation and diamond drilling and does not include results from the 2011 drill program. The inferred resource is compliant with National Instrument 43-101 (“NI 43-101”) and is effective as of March 31, 2011. There are no differences in the resource estimate contained in the June 22, 2011 news release and the Technical Report.
The Technical Report dated August 3, 2011 was prepared by Dr. John Hancox and Mr. Sivanesan Subramani of Caracle Creek International Consulting (Pty) Ltd. (“CCIC”). CCIC is an independent geological consulting firm with significant expertise and experience in African sedimentary copper deposits and has offices in Canada, South Africa and Zambia. The Technical Report is available at www.sedar.com or on the Company’s website.
The Okohongo deposit is near surface and hosts copper-silver mineralization that is known to extend over 600 m in strike length and up to 400 m down dip, with a shallow dip of approximately 20 degrees. The Okohongo mineralization is variably oxidized to a depth of at least 200 m with chrysocolla and malachite being the principal oxide copper minerals and chalcocite the dominant copper sulphide mineral.
The initial 2011 reverse circulation and diamond drill program at Okohongo, totalling 6,638 m, was completed at the end of July and focused on further delineating the deposit along strike and down-dip. The Company will release the results of the program once they have been received and evaluated.
INV Metals entered into agreements with a subsidiary of Teck Resources Limited which provide INV Metals the right to acquire an initial 50% interest in the extensive Kaoko property, located in northwest Namibia (see INV Metals’ press release dated August 4, 2009).
Mr. Scott Jennings, P. Geo, an employee of INV Metals, is INV Metals’ designated Qualified Person, as defined in NI 43-101 of the Canadian Securities Administrators and is responsible for the scientific and technical information contained in this press release.
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. 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, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, including, without limitation, the assumptions on which such estimates are based, 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, availability of future financing, 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 filed with Canadian securities regulators available on www.sedar.com.