INV Metals Reports Update on Prefeasibility Study
TORONTO, ON – OCTOBER 16, 2014 – INV Metals (“INV Metals” or “Company”) (TSX:INV) is pleased to report an update on the status of the ongoing prefeasibility study (“PFS”) being conducted on its 100% owned Loma Larga gold property (“Loma Larga” or the “Project”), located in Ecuador.
The Company and its consultants are in the final stages of completing the PFS to determine the economics of the Project at the pre-feasibility level under Ecuador’s medium-scale mining category. The PFS has identified several alternative mine development scenarios to optimize the economics of the project. Accordingly, INV Metals’ management has decided to further study several mining sequences to optimize capital requirements, operating costs, along with production grades and rates. As a result, the release of the PFS will be later than previously anticipated.
Mr. Robert Bell stated, “We are encouraged with the results of the PFS to-date and are presently focusing on mine development design and sequencing to ensure optimal capital efficiency and low operating costs. Management is committed to the design of a low-cost and sustainable operation. We believe that the Project will benefit in the long-term by focusing further efforts now in the upfront engineering of mine development. The Company currently expects to release the PFS prior to year-end.”
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.