ADVENTUS MINING & SALAZAR APPOINT GENERAL MANAGER AND AWARD ENGINEERING AND PROCUREMENT CONTRACT FOR THE CURIPAMBA PROJECT
Ticker Symbols: ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV), SRLZF (OTCQX)
TORONTO, Feb. 15, 2022 /CNW/ - Adventus Mining Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQX: SRLZF) (collectively the "Participants") are pleased to announce the appointment of Skott Mealer as General Manager of Curimining S. A. in Ecuador, where he will immediately lead all on-site development, pre-construction, and stakeholder engagement activities for the Curipamba copper-gold project. Mr. Mealer will also join the Adventus Mining executive management team as a Vice President and Officer of the company. The Participants have also issued a letter of intent ("LOI") to award an Engineering & Procurement ("EP") contract to DRA Americas Ltd. ("DRA") to complete the detailed engineering and long lead equipment procurement for the Curipamba project.
Mr. Mealer is a project and construction management professional with over 15 years successfully executing projects in the Americas, most recently with Kinross Gold Corporation over the last 10 years. He is fluent in Spanish and English and has extensive project experience in Ecuador from his involvement with both major mines currently in operation within the country – the Fruta del Norte mine development while under Kinross ownership, and the Mirador mine while owned by Corriente Resources. Most recently, Mr. Mealer managed the restart of Kinross's La Coipa Mine in Chile and will relocate to Ecuador to lead the Curipamba project. As General Manager at site, Mr. Mealer will be taking a 'hands-on' approach to the execution of the project and will report to Dustin Small, Vice President of Projects at Adventus Mining, and work closely with the Salazar team.
Following the successful completion of the Curipamba feasibility study led by DRA, Adventus Mining has secured DRA to continue with the EP phase of the project. Detailed engineering work has commenced, with the aim to be well advanced by the expected receipt of ESIA approval. Certified vendor data will be procured for major process equipment, and the detailed engineering work will culminate with the preparation and tender of major contracts packages that will provide a high degree of cost certainty prior to the construction decision.
Christian Kargl-Simard, President and Chief Executive Officer of Adventus Mining, commented: "We are excited to welcome Skott with his extensive 'boots-on-the-ground' project experience across South America back to Ecuador. Skott will be the key leader of the Curipamba project focused on execution and will work closely with Adventus's multi-disciplinary management team based in Toronto and Quito. We are also pleased to continue our work with DRA to advance the engineering programs at Curipamba which will allow the Participants to start pre-construction activities during 2022. In addition to hiring Skott, Adventus Mining is building momentum on executing key hires to round out the team."
Grant of Restricted Share Units and Stock Options to New Construction-Related Employees
Adventus Mining announces the award of an aggregate of 315,000 restricted share units ("RSUs") under its share compensation plan. Each RSU represents a right to receive one common share, following the vesting of such restricted share units following a two-year period. Adventus Mining has also granted an aggregate of 1,250,000 incentive stock options (the "Options") under its share compensation plan at an exercise price of C$0.81 per optioned share, exercisable for a period of five years from the date of grant and vesting over a three-year period.
About Adventus Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is 75%-owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance with its partner in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as funding partner. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
This press release contains "forward -looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the management of the Participants as of the date the statement is published, and the Participants assume no obligation to update any forward-looking statement, except as required by law. In certain cases, forward–looking statements can be identified by the use of words such as "plans", "expects", "outlook", "guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining and Salazar expect or anticipate will or may occur in the future. Although Adventus Mining and Salazar have 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 Mining and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
Please also visit the Adventus Mining website at www.adventusmining.com.
Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation