INV Metals Reports Q2/2012 Results and Provides Update
TORONTO, ON – August 14, 2012 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three and six month periods ended June 30, 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 has vested its initial 50% interest in the Rio Novo property, located in Brazil, from Teck Resources Limited (“Teck”) having met its $7 million exploration expenditure commitment.
The Company has re-scheduled its annual and special meeting from August 15th, 2012 to September 14th, 2012 to consider the election of directors and the re-approval of its stock option plan, among other matters. The Company will hold another shareholder meeting at a date to be determined to consider the acquisition of the Quimsacocha project from IAMGOLD Corporation.
The Company recorded a net loss of $959,344 or $0.01 per share for the three month period ended June 30, 2012 (“Q2/2012”), compared with a net loss of $559,926 or $0.01 per share for the corresponding period ended June 30, 2011 (“Q2/2011”). The Company’s cash balance as at June 30, 2012 was $9.4 million, compared to $12.7 million at year end 2011. The Company believes it has sufficient funds to conduct all of its currently planned exploration and business activities in 2012.
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 and Namibia. Currently, INV™ Metals’ primary assets are: (1) its 50% interest in 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 INV™ 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.