INV Metals Reports Q2/2011 Results
TORONTO, ON – August 9, 2011 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three and six month periods ended June 30, 2011 (see INV Metals’ unaudited 2011 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 $559,926 or $0.01 per share for the three month period ended June 30, 2011 (“Q2/2011”), compared with a net loss of $488,374 or $0.01 per share for the corresponding period ended June 30, 2010 (“Q2/2010”). The Company’s cash balance as at June 30, 2011 was $17.1 million, compared to $21.3 million at year end 2010; 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 2011.
Kaoko Property, Namibia
At the Kaoko property, located in northwest Namibia, drilling has been completed at the Oruvandjai, Omatapati, Otjohorowara and Okohongo targets and the Company is awaiting results. Drilling is on-going to test an additional six target areas. Regional geological and geological surveys are also underway in prospective areas to further evaluate the approximately 9,370 km2 property for additional targets.
Rio Novo Property, Brazil
At the Rio Novo property, located in the Carajás district, Brazil, drilling is underway at the Rio Novo North target, which is contiguous with and along strike from the Serra Pelada precious metals deposit. In addition to testing for extensions to the fold structure which hosts the Serra Pelada deposit, drilling will test three other gold-palladium-platinum targets at Rio Novo North. In the southern portion of the property, a drill program is planned to assess approximately three target areas for copper-gold potential. Additional soil sampling and geological surveys over selected areas are also on-going.
The Company expects to commence drilling at the 100% owned Itaporã gold property, located in Pará state, in late August or early September.
INV Metals entered into agreements with subsidiaries of Teck Resources Limited which provide INV Metals’ subsidiaries the right to acquire an initial 50% interest in the extensive Kaoko property located in northwest Namibia and an initial 50% interest in the Rio Novo property located in Brazil.
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, (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 the INVTM 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. 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, risks associated with mining and mineral exploration activities, 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, availability of future financing, 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 filed with Canadian securities regulators available on www.sedar.com.