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INV Metals Update on Larga Gold Copper Silver Property in Ecuador

Mining News - Published on Tue, 04 Aug 2020

Image Source: INVTM Metals Larga Gold Copper Silver
INV Metals has provided an update on the 100% owned Loma Larga gold-copper-silver property in Ecuador. The Company is in the process of finalizing the Environmental Impact Study for the Loma Larga gold-copper-silver project and expects to submit the EIS in the near term to the Ministry of Environment and Water for review and comment. The EIS is the culmination of a collaboration of work by the Company, various consultants and local universities based on many years of baseline data collection and study. Once submitted, the Company will enter the permitting and financing phase of the Project with the goal to commence the development of Loma Larga in 2021.

The Prefect of Azuay submitted another referendum request today regarding mining activities in the Canton of Cuenca for consideration to the Constitutional Court. The Company is of the opinion that the request, and any other potential referendum requests, are politically motivated in advance of the 2021 presidential elections. The request is the third such request by this individual to attempt to negatively influence mining via a referendum and we have been advised by legal counsel that the request is unconstitutional and, like the previous requests, does not meet the criteria and standards for approval by the Constitutional Court. Two previous referendum applications by the Prefect of Azuay related to mining activities in the Province of Azuay were denied by the Constitutional Court. We expect that this new request will also be rejected by the Constitutional Court. The Loma Larga deposit is located in the Canton of Cuenca.

The Company and various stakeholders will defend this, and any future requests. Our team will continue with the goal of the sustainable and responsible development of Loma Larga. The Company will provide further information when available.

The Company has a Technical Cooperation Agreement in effect with ETAPA, the University of Cuenca, and the University of Azuay, and the Ministry of Mining, whereby the Company works together with the universities for the universities to carry out independent monitoring programs on the biodiversity of the area and prepare technical studies and reports related with water issues. ETAPA is a public utilities company owned and operated by the city of Cuenca, which provides landline telephone, internet, water, and sanitation and sewage services within the canton of Cuenca.

The development of Loma Larga is expected to provide substantial economic benefits to the future employees of INV Metals, our communities, and the local, provincial and federal governments of Ecuador. The development and operation of the Loma Larga mine will also provide numerous employment and business opportunities for the local communities and within the region. Various benefits are expected to include:

INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga gold exploration and development property in Ecuador, and (2) its 100% interests in exploration concessions in Ecuador, including the Tierras Coloradas, La Rebuscada and Carolina exploration projects.

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Posted By : Yogender Pancholi on Tue, 04 Aug 2020
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