INV Metals Reports Q2/2014 Results and Provides Update on Prefeasibility Study
TORONTO, ON – JULY 29, 2014 – INV Metals (“INV Metals” or “Company”) (TSX:INV) reports its financial results for the three month period ended June 30, 2014 and provides an update on the progress of the prefeasibility study (“PFS”) ongoing on its 100% owned Loma Larga gold property (“Loma Larga” or the “Project”), located in Ecuador.
The Company recorded a total loss of $462,390 or $0.01 per share for the three month period ended June 30, 2014, compared with a total loss of $2,196,505 or $0.04 per share for the corresponding period ended June 30, 2013. The Company’s cash balance as at June 30, 2014 was approximately $17.2 million, compared to approximately $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 Company and its consultants are currently completing the PFS to determine the economics of the Project at the pre-feasibility level under Ecuador’s medium-scale mining category. The results are expected to be released in September or early October.
The PFS will consider underground production at a rate of 1,000 tonnes per day using sequential flotation, producing two separate concentrates, a gold-silver concentrate and a gold-copper-silver-arsenic concentrate. The PFS will also include new resource estimates at higher cut-off grades, capital cost estimates, detailed mine plans, engineering studies and updated environmental studies.
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 Ecuador, Namibia, and Brazil. Currently, INV™ 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.