INV Metals Reports Q1/2014 Results And Provides Update On PFS
TORONTO, ON – MAY 8, 2014 – INV Metals (“INV Metals” or “Company”) (TSX:INV) reports its financial results for the three month period ended March 31, 2014 and provides an update on the progress of the PFS ongoing on its 100% owned Loma Larga (formerly Quimsacocha) gold property (“Loma Larga” or the “Project”), located in Ecuador.
The Company recorded a total loss of $549,085 or $nil per share for the three month period ended March 31, 2014, compared with a total loss of $7,054,650 or $0.01 per share for the corresponding period ended March 31, 2013. The Company’s cash balance as at March 31, 2014 was $17.9 million, compared to $19.1 million as at December 31, 2013. For additional financial information please see INV Metals’ unaudited 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 preparation of the prefeasibility study (“PFS”) on the Company’s 100% owned Loma Larga (formerly Quimsacocha) gold property in Ecuador is ongoing with mine planning and engineering design underway. INV Metals anticipates its completion in the first half of 2014. The Loma Larga PFS will include new resource estimates using higher cut-off grades, capital and operating cost estimates, detailed mine plans, engineering studies and updated environmental studies.
Corporate and Project expenditures continue to be minimized to the extent possible until the results of the PFS have been received and clarification and approval is obtained for the qualification of the Project under the Government of Ecuador’s new medium-scale mining category.
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 Ecuador, Namibia, and Brazil. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga (formerly Quimsacocha) gold property in Ecuador, (2) its 35% interest in the Kaoko property, located in Namibia and (3) its 50% interest in the Rio Novo southern claims, 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 including the proposed PFS, 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, uncertainty surrounding metallurgical test results, future prices of metals, economic and political stability in Ecuador, Canada, Namibia and Brazil, the results of discussions with the Ecuador government, 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.