INV Metals Reports 2010 Results and Provides Exploration Update
TORONTO, ON – MARCH 10, 2011 – INV Metals (“INV Metals” or “Company”) (TSX:INV) reports its financial results for the year ended December 31, 2010 and provides an exploration update (see INV Metals’ audited 2010 financial statements and MD&A filed on SEDAR at www.sedar.com and on the Company’s web site at www.invmetals.com).
The Company recorded a net loss of $2,927,639 or $0.05 per share for the year ended December 31, 2010 (“2010”), compared with a net loss of $2,682,456 or $0.05 per share for the corresponding period ended December 31, 2009 (“2009”). The Company’s cash balance as at December 31, 2010 was $21.3 million, compared to $13.6 million at year end 2009. The increase in the Company’s treasury was a result of the equity financing in November, 2010. Working capital at the end of 2010 was $20.0 million compared to working capital of $13.1 million at December 31, 2009.
The Company’s 2011 exploration and operating budget is estimated at $9.3 million, including planned exploration expenditures of $3 million at the Rio Novo copper-gold property (“Rio Novo”), $3 million at the Kaoko copper property (“Kaoko”) and $600,000 at the Itaporã gold property. INV Metals’ anticipates the initial and follow-up 2011 drill programs at all the Company’s properties will total approximately 23,000 metres (see the Company’s press release dated January 25, 2011).
Management expects to begin the comprehensive drill programs in both Brazil and Namibia in late April or early May. At the Kaoko property, geological and geochemical field work is currently underway at various targets.
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.
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, 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 with Canadian securities regulators available on www.sedar.com or INV Metals’ website at www.invmetals.com.