President of Ecuador Signs Pre-Legislative Consultation Decree: Confirming the Start of the Final Stage of El Domo ESIA Permitting
TORONTO, Nov. 30, 2022 /CNW/ - Adventus Mining Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the President of Ecuador has signed the eagerly awaited pre-legislative consultation decree on November 28, 2022 ("Decree"). This Decree will guide the formal comment process for the draft environmental consultation regulation ("Regulation") as part of the Environmental and Social Impact Assessment ("ESIA") approval process. For the El Domo copper-gold project ("El Domo"), this Decree builds on the technical ESIA approval granted by the Government of Ecuador in May 2022 and the investment contract approved by the Government of Ecuador in November 2022 (see May 31 and November 10, 2022 Adventus Mining news releases).
Upon completion of the comment process for the Regulation, which is expected shortly, the President of Ecuador is expected to enact the Regulation through Presidential Decree. From there, the Participants expect two rounds of community consultations led by the Government of Ecuador. These community consultations are expected to be similar to the many community consultations led by the Participants since the discovery of the El Domo deposit within the Curipamba project concessions in 2008. Current guidance from the Government of Ecuador is that the Regulation comment period and subsequent final consultation process governed by the Regulation are expected to require seven to nine months to the signed and full approval of the El Domo ESIA, at which point full construction activities can begin.
During this period, the Participants are expected to finalize four other necessary permits for construction to begin, including: (a) Water No Affect Permit (for discharge and covering potential impact to any water sources), (b) Water Usage Permit (surface water capture during construction), (c) Tailings Infrastructure and Waste Storage Approval Permit (certificate of technical feasibility received), and (d) Explosives Permit. The permits have advanced well in 2022 with strong government engagement, which followed the publication of the El Domo feasibility study and submission of the ESIA report in December 2021.
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.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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.
SOURCE Adventus Mining Corporation