Adventus Mining Announces a Refresh to its Board of Directors

TORONTO, Sept. 28, 2022 /CNW/ - Adventus Mining Corporation ("Adventus Mining") (TSX-V: ADZN) (OTCQX: ADVZF) is pleased to announce the appointment of two new independent board members as a result of the departure of two existing board members. This will result in a continuation of six directors, with a seventh to be announced shortly. Mr. Paul Sweeney is resigning for personal reasons as part of his retirement plans and Mr. Mike Haworth is resigning as part of other business commitments and also reallocating his time to Greenstone's larger investment exposure. An extensive outreach process was run by Adventus Mining, with a view to the development of the Curipamba-El Domo copper-gold project in Ecuador. The two new independent board members are:

  • Mr. Stephen Williams – Stephen is currently Vice President Corporate Development & Investor Relations at Bluestone Resources Inc, a Lundin Group company. He was previously a Director at Canaccord Genuity Corp. in the metals and mining investment banking team. Stephen is a professional engineer by background and worked for Freeport-McMoRan in an operational and process development capacity. He holds a B.A.Sc. in Metallurgical Engineering from the University of British Columbia and an MBA from the W. P. Carey School of Business, Arizona State University.
  • Mr. Leif Nilsson – Leif is currently CEO and Director of Surge Copper Corp., an exploration and development stage company with copper projects located in British Columbia. Prior to joining Surge Copper, he dedicated 15 years to a career in mining advisory and investment banking for various Canadian and international firms, most recently serving as Senior Vice President at the Australian multinational investment bank Macquarie Capital. He has advised on many high-profile M&A and Canadian capital markets transactions and has built a reputation for excellence and integrity. Leif holds an Honours Bachelor of Science in Physics and Exploration Geophysics from the University of Toronto and a Masters in Finance from INSEAD.

The new Board will be constituted by five independent directors, including Independent Chairman, Mr. Mark Wellings, and with President and Chief Executive Officer Mr. Christian Kargl-Simard as the only non-independent director.

Mark Wellings, Chairman of Adventus Mining commented: "On behalf of our entire organization, we want to thank Mike Haworth and Paul Sweeney's effort and long-time commitment to our board, since the company's founding in 2016 and 2018, respectively. Adventus Mining has come a long way in a short time from an exploration company to the upcoming construction of the next copper-gold mine in Ecuador, with both Mike and Paul having been strong contributors to that vision."

Michael Haworth, outgoing board member commented: "As a founding shareholder and original director, I have watched the Adventus Mining team grow and advance El Domo with great interest and respect – highlighted by the recent and significant financial commitments by Wheaton Precious Metals and Trafigura this year. The Adventus Mining team and its strategic shareholders and partners continue to demonstrate their resolve to unlock significant long-term value for all stakeholders. Greenstone remains a significant shareholder in Adventus Mining and will continue to support their investment."

Paul Sweeney, outgoing board member commented, "Working alongside the Adventus Mining team over the last years to grow the team, and advance El Domo and the Company's exploration assets, has been a pleasure. Despite difficult markets, Adventus Mining has raised the capital it needs to advance its projects in the least dilutive way possible, and with excellent corporate governance. I am confident in the Adventus team's ability to move the El Domo project into construction."

Grant of Stock Options to New Board Appointees

Adventus Mining announces the granting of an aggregate of 200,000 incentive stock options (the "Options") under its share compensation plan at an exercise price of C$0.375 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 majority 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 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 the funding participant. 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.

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 Adventus Mining 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 expects or anticipates will or may occur in the future. Although Adventus Mining 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 Mining undertakes to update any forward-looking information except in accordance with applicable securities laws.

SOURCE Adventus Mining Corporation