INV Metals Reports 2009 Results and Provides 2010 Outlook
TORONTO, ON – March 24, 2010 – INV Metals (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the year ended December 31, 2009 and provides a 2010 outlook (see INV Metals’ audited 2009 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).
Mr. Robert Bell, President and CEO, stated, “The Company’s 2009 results confirm the Board of Director’s and management’s commitment to prudent fiscal policy during the period of economic uncertainty experienced in late 2008 and 2009. The Company fulfilled its 2009 mandate to aggressively seek out and evaluate prospective mineral exploration projects and business development opportunities by acquiring the right and option from Teck Resources Limited to acquire an initial 50% interest in the Rio Novo copper-gold property (“Rio Novo”), located in Brazil and the Kaoko copper property (“Kaoko”), located in Namibia.” Mr. Bell added, “The Rio Novo and Kaoko properties host the potential for the discovery of world-class ore bodies in politically stable countries. INV Metals is well positioned to benefit from the forecasted strong copper and gold prices with its exploration activities seeking both commodities.”
The Company recorded a net loss of $2,682,456 or $0.05 per share for the year ended December 31, 2009 (“2009”), compared with a net loss of $23,160,385 or $0.43 per share for the corresponding period ended December 31, 2008 (“2008”). The Company’s cash balance as at December 31, 2009 was $13.6 million, compared to $17.8 million at year end 2008; the decrease was mainly due to the Company’s exploration expenditures on its properties in Brazil and Canada. Working capital at the end of 2009 was $13.1 million compared to working capital of $17.5 million at December 31, 2008.
The Company’s exploration and operating budget for 2010 is estimated at $7.8 million, including planned exploration expenditures of $2.7 million at the Rio Novo copper-gold property, $2.2 million at the Kaoko copper property and the Company’s general and administrative costs.
At Rio Novo, a diamond drill program commenced in December 2009. Four drill holes were completed at the RN-7 target, with assays pending. The 2010 drill program is estimated at 4,450 metres, which includes the completed drill program at RN-7 and drill programs at the RN-5 and RN-11 target areas, scheduled to commence after the rainy season, which typically ends in April. Further soil sampling and IP surveys over selected areas are also planned. An auger drill program is planned for the Rio Novo north area to assess the potential of the area. The boundary of the Rio Novo North claim is located approximately 2 kilometres west of the well known Serra Pelada gold and precious metals deposit.
The planned 2010 exploration program at Kaoko consists of a reverse circulation drill program totalling approximately 5,100 metres at the high priority target areas of Okohongo, Manuela and Horseshoe. Drilling is expected to begin at Okohongo after the rainy season, which also typically ends in April, and results will be released once they have been received and evaluated. Regional mapping is planned at various targets throughout the year, with additional mapping recently completed at Okohongo to aid in the definition of specific drill targets. INV expects to complete IP surveys at Horseshoe, Oravanjai, Otjohorowara and Sesfontein. A stream sediment sampling program began in late 2009 at two target areas (Ozombombo and Onganga) for which results are pending.
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 prior to June 30, 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 March 22, 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.