INV Metals Provides Response to the COVID-19 Pandemic and Reports 2019 Results
TORONTO, ON – MARCH 30, 2020 – INV Metals (“INV Metals” or “Company”) (TSX: INV) provides its response to the COVID-19 pandemic, reports its 2019 results and provides an update on the filing of its AIF (as defined below). The Company owns a 100% interest in the Loma Larga gold-silver-copper project (“Loma Larga”), located in Ecuador.
Firstly, the health and well-being of our employees, consultants and community members are of the utmost importance and our efforts are focused on ensuring their safety during the global COVID-19 pandemic. Our employees are currently working remotely, abiding by local and national guidance in place in Canada and Ecuador related to social distancing and restrictions on travel outside of the home. Every effort is being made to ensure INV Metals does its part to slow the spread of COVID-19. Activities on the update of the Loma Larga Feasibility Study are progressing as planned and its completion is expected in the near term. The Loma Larga permitting efforts are also progressing with the preparation of the Environmental Impact Study remotely through web based protocols. Our team will work with the relevant Ecuadorian ministries to advance our permitting efforts to the best of our abilities while restrictions are in place. Drilling at Tierras Coloradas was completed and demobilized prior to the outbreak. The results of the drilling will be released when assays are received and have been independently reviewed through a quality assurance/quality control (“QA/QC”) program. The safety of our employees, communities and stakeholders will be our first priority during this time, however, given the nature of the Company’s current activities, we expect to be able to progress on our current objectives. If the current restrictions last a prolonged period of time or are increased, there inevitably will be impacts on our business that are not quantifiable at this time. We will continue to provide updates to the situation as it unfolds.
The Company also reports its financial results for the year ended December 31, 2019. The Company recorded a total loss of $2,997,082 or $0.03 per share for the year ended December 31, 2019, compared to $4,380,178 or $0.05 per share for the year ended December 31, 2018, a decrease of $1,383,096 or 32% from the prior year. The Company’s unaudited cash balance as at March 30, 2020 was approximately $10.9 million.
For additional financial information please see INV Metals’ audited consolidated financial statements and management’s discussion and analysis filed on www.sedar.com and on the Company’s web site at www.invmetals.com.
The Company will also be relying upon the temporary blanket relief provided by the Canadian securities regulators as a result of COVID-19 to delay the filing of its annual information form for the year ended December 31, 2019 (the “AIF”). The Company expects to file the AIF by April 30, 2020. The Company confirms that its management and other insiders are subject to the Company’s Insider Trading Policy and such policy reflects the principles in section 9 of National Policy 11-207. The Company also confirms that there have been no material business developments since the filing of the financial statements referred to above.
About INVTM Metals
INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga gold exploration and development property in Ecuador, and (2) its 100% interests in exploration concessions in Ecuador, including the Tierras Coloradas, La Rebuscada, Carolina and Las Peñas exploration projects.
Forward Looking Statements
This press release contains forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, statements with respect to the completion of the update to the Loma Larga Feasibility Study, the advancement of permitting and the Environmental Impact Study, the receipt of assay results, the progress on our current activities and other impacts as a result of the COVID-19 pandemic, including the timing for filing the AIF. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. In certain cases, forward-looking information may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “will”, or “would”. Forward-looking information contained in this press release is based on certain factors and assumptions made by management and qualified persons in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the results of future applications or referendums to differ from the results contained in this news release and the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to grade or recovery rates, reliance on key personnel, operational risks, regulatory, capitalization and liquidity risks. Please refer to management’s discussion and analysis, the Annual Information Form dated March 28, 2019 and other disclosure documents filed and available on SEDAR at www.sedar.com for other risks that could materially affect the Company. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.