INV Metals Reports 2011 Results And Provides Exploration Update
TORONTO, ON – MARCH 22, 2012 – INV Metals (“INV Metals” or “Company”) (TSX:INV) reports its financial results for the year ended December 31, 2011 and provides an exploration update (see INV Metals’ audited 2011 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 loss of $6,766,348 or $0.10 per share for the year ended December 31, 2011 (“2011”), compared with a loss of $2,940,195 or $0.05 per share for the corresponding period ended December 31, 2010 (“2010”). The Company’s cash balance as at December 31, 2011 was $12.7 million, compared to $21.3 million at year end 2010. The decrease in the Company’s treasury was a result of exploration expenditures at the Company’s mineral properties. Working capital at the end of 2011 was $12.4 million compared to working capital of $20.1 million at December 31, 2010.
The Company’s 2012 exploration and operating budget is estimated at $6.4 million, including planned exploration expenditures of $1.1 million at the Rio Novo copper-gold property (“Rio Novo”), $2.4 million at the Kaoko copper property (“Kaoko”) and $250,000 at the Itaporã gold property (see the Company’s press release dated January 31, 2012).
In Brazil, drilling is on-going at the 100% owned Itaporã gold property and at Rio Novo, which is contiguous with and along strike from the Serra Pelada precious metals deposit, to test the potential for high-grade precious metals mineralization.
At the Kaoko property, located in Namibia, geological and geochemical surveys are currently underway at various targets. Management expects to begin the planned drill program in May after the rainy season.
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, and (3) its 100% owned Itaporã gold properties, located in Brazil. 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. 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. 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.