INV Metals Reports Q2/2010 Results and Provides Operational Update
TORONTO, ON – August 5, 2010 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three and six month periods ended June 30, 2010 and provides an operational update (see INV’s unaudited 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).
Mr. Robert Bell, President and CEO, stated, “The drill programs at the Rio Novo property, Brazil and the Kaoko property, Namibia are on schedule and proceeding as planned. We are pleased with the progress of the drilling to-date and look forward to reporting the results of the programs once the assay results are received and interpreted.”
At Rio Novo, the planned diamond drill program is on-going with an estimated 1,500 metre drill program currently in progress at the RN-5 target. A total of 1,570 meters was drilled at the RN-7 target, while 1,971 meters were drilled at RN-11, assays pending. Further mapping and soil sampling at selected areas are also planned for the remainder of the year. Soil sampling is underway at the Rio Novo North area, after which an auger drill program is planned to assess the potential of the area. The eastern boundary of the Rio Novo North claim is located approximately two kilometres west of the well known Serra Pelada gold and precious metals deposit.
A 30 hole, 3,993 metre reverse circulation drill program at the Okohongo, Sesfontein and Horseshoe targets was completed in July. Assays are pending. A 1,200 meter diamond drill program is planned at the Manuela target within the next few months after an Induced Polarization (“IP”) survey is completed. INV Metals also expects to complete an IP survey at the Oruvandjai target. Regional mapping and prospecting are also expected to occur at a number of target areas for the remainder of the year to identify and prioritize a drill program for 2011.
As at June 30, 2010, the Company had cash resources of approximately $10.5 million. The Company recorded a net loss of $484,636 or $0.01 per share for the three month period ended June 30, 2010 (“Q2/2010”), compared with a net loss of $635,594 or $0.01 per share for the corresponding period ended June 30, 2009 (“Q2/2009”). General and administration expenses for Q2/2010 were $388,111, compared to $364,325 for Q2/2009.
About INV Metals Inc.
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, (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. Please also refer to INV Metals’ Management’s Discussion and Analysis dated May 11, 2010, available on SEDAR at www.sedar.com and the corporate presentation on INV Metals’ website at www.invmetals.com to view additional details relating to the properties.
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. In this news release 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, 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, 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 under the profile of International Nickel Ventures Corporation or INV Metals’ website at www.invmetals.com. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Rio Novo and Kaoko Properties to-date, and it is uncertain if further exploration will result in the target being defined as a mineral resource.