Adventus Receives Government Approval for Earn-In Agreement for Exploration Projects in Ireland and Commences Work Program With South32
TORONTO, April 14, 2020 /CNW/ - Adventus Mining Corporation ("Adventus") (TSX-V: ADZN; OTCQX: ADVZF) is pleased to announce the formal Irish government approval of the previously announced earn-in agreement and funding arrangement with South32 Base Metals Ireland Limited, a wholly-owned subsidiary of South32 Limited ("South32"), to advance through exploration the Rathkeale, Kingscourt and Fermoy projects (the "Projects") in the Limerick Basin of Ireland. The Projects are 100%-owned by Adventus through its wholly owned subsidiary, Adventus Zinc Ireland Limited ("AZIL"), and consist of prospecting licences covering an area of 1,100 km2 that is prospective for zinc-lead-silver mineralization.
The earn-in agreement grants South32 Base Metals Ireland the right to acquire a 70% interest in the Projects by sole funding EUR 3,500,000 in exploration on the Projects over a four-year period. AZIL will operate the exploration activities during the earn-in period. Please refer to the Adventus news release dated January 13, 2020 for further details.
In March 2020, AZIL received approval for the earn-in agreement and funding arrangement from the Irish Minister of Communications, Climate Action and Environment. Adventus and South32 also commenced the exploration program with the first technical committee meeting to approve the work plan for 2020 in late March. A budget of up to EUR 672,000 was approved for 2020 and the work plan includes detailed data compilation on the Projects in order to enhance existing target generation results ahead of planned field work in Ireland during the second half of 2020, which is subject to COVID-19 public health measures. This work is meant to advance the technical understanding and interpretation of the Projects so that formal decisions on field work can be made after a thorough review of the updated target generation studies at the end of the second quarter of 2020.
Adventus Mining Corporation (ADZN.V) (ADVZF.OTCQX) is a well-financed exploration and project development company, focused primarily in Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to date. Adventus also has an investment portfolio of equities in several junior exploration companies as well as exploration projects in Ireland with South32 as funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
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This press release contains "forward -looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Adventus expects or anticipates will or may occur in the future. Although Adventus has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus undertakes to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation