INV Metals Reports 2012 Outlook
TORONTO, ON – JANUARY 31, 2012 – INV Metals Inc. (“INV Metals” or “Company”) (TSX:INV) is pleased to provide guidance on the Company’s 2012 operating budget and exploration program. INV Metal’s unaudited cash balance as at December 31, 2011 was approximately $12.8 million. 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.
Kaoko Property, Namibia
The extensive Kaoko copper property is located in northwest Namibia. The primary target at Kaoko is sediment hosted copper and silver deposits similar to those in the African Copper Belt.
The 2011 exploration program included the reporting of the initial inferred resource at the Okohongo target of 10.2 million tonnes grading 1.1% copper and 17.8 grams per tonne silver, at a cut-off grade of 0.3% copper. The Company is currently awaiting the results of the follow-up drill programs completed in December 2011 at the Omatapati target, where initial drilling intersected 19 metres grading 2.0% copper and 119.8 grams per tonne silver, and at the Okozonduno target where initial drilling intersected 20 metres grading 1.2% copper and 24.6 grams per tonne silver.
The 2012 exploration program will focus on drilling at the Otjohorowara, Otjite, NS Showing and Epunguwe targets, follow-up drilling at the Omatapati and Okozonduno targets if warranted and the completion of an extensive soil sampling program which commenced in 2011. The Company is also undertaking an extensive structural basin analysis to determine controls on mineralization which may aid in the further identification of large scale targets which are not exposed at surface.
Rio Novo Property, Carajás, Brazil
At the Rio Novo North target, located in the Carajás district, Brazil, which is contiguous and along strike to the Serra Pelada precious metals deposit, drilling is on-going to continue to test the potential for high grade precious metals mineralization.
The exploration program at Itaporã consists of two diamond drill holes to complete the program initiated in late 2011. INV Metals is currently awaiting the results of the two holes completed in 2011. The program was designed to test gold in soil geochemical anomalies and to follow up on previous drilling completed by INV Metals in 2009.
For further information regarding the Kaoko property’s Okohongo initial inferred resource please refer to the Company’s technical report filed on SEDAR at www.sedar.com and entitled “Technical Report on the Okohongo Copper-Silver Property in Northwest Namibia” prepared by Philip John Hancox and Sivanesan Subramani and dated effective March 31, 2011. There has been insufficient exploration to-date to define a mineral resource on the Rio Novo or Itaporã properties and it is unknown if further exploration will result in such properties being delineated as a mineral resource.
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 and the Rio Novo property, located in Brazil (see INV Metals’ press release dated August 4, 2009).
All scientific and technical information contained in this press release has been prepared under the supervision of, and verified by Keith Webb, an INV Metals employee and a “qualified person” within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
About INV™ Metals
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, and (3) its 100% owned Itaporã gold properties, located in Brazil.
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.