INV Metals Reports Q1/2012 Results
TORONTO, ON – May 8, 2012 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three month period ended March 31, 2012 (see INV Metals’ unaudited 2012 condensed interim consolidated 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 $300,013 or $0.01 per share for the three month period ended March 31, 2012 (“Q1/2012”), compared with a net loss of $531,232 or $0.01 per share for the corresponding period ended March 31, 2011 (“Q1/2011”). The Company’s cash balance as at March 31, 2012 was $11.1 million, compared to $12.7 million at year end 2011; the decrease was mainly due to the Company’s exploration expenditures on its properties in Namibia and Brazil. The Company believes it has sufficient funds to conduct all of its currently planned exploration and business activities in 2012.
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 and Namibia. 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, risks associated with mining and mineral exploration activities, future prices of metals, economic and political stability in countries where INV Metals operates, increased infrastructure and/or operating costs, availability of future financing, 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.