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INV Metals Inc (2)
Symbol C : INV
Shares Issued 97,297,960
Close 2019-07-30 C$ 0.34
Recent Sedar Documents

INV awaits Ecuadorean referendum application decision

2019-07-31 01:52 ET - News Release

Ms. Candace MacGibbon reports

INV METALS PROVIDES UPDATE ON THE LOMA LARGA PROJECT

INV Metals Inc. has provided an update on the 100-per-cent-owned Loma Larga property, located in Ecuador.

An application to hold a proposed referendum related to mining activities within the province of Azuay was submitted for consideration to the Constitutional Court of Ecuador. The company anticipates that the Constitutional Court will consider the validity and the constitutionality of the application in the coming weeks. The company's Loma Larga mineral resources and reserves are located within the province of Azuay.

Candace MacGibbon, chief executive officer, stated: "The government of Ecuador has recently reiterated its strong support for the mining industry, recognizing that the development of mining resources using responsible environmental and social practices will provide substantial economic benefits for both the country and local communities. In June, the vice-president and the Minister of Energy and Non-renewable Resources announced Ecuador's commitment to mining, along with the details of the New Public Mining Policy of Ecuador 2019-2030. Several diplomatic delegations and multilateral organizations have also provided support for the future development of a responsible mining sector within Ecuador. INV Metals will continue to work with the mining industry, our communities and the government to preserve our interests."

Ms. MacGibbon continued: "INV Metals, along with other international and Ecuadorean mining and exploration companies, holds legally granted concessions within the province of Azuay, and we will work together with both the government and the mining industry to continue to promote the significant benefits of responsible and sustainable mining development and to defend our legally granted mineral rights."

INV Metals has been advised by its legal counsel, supported by previous challenges by the Ministry of Energy and Non-renewable Resources and other stakeholders, that such referendums are not constitutional. Recently, an application to hold a referendum on mining activities within several parishes and cantons, located in the northern provinces of Carchi and Imbabura, was denied by the Constitutional Court on procedural grounds, effectively stating the application was not prepared properly. The Constitutional Court has rendered administrative or procedural decisions on two such referendum requests, and has not yet opined on the merits of the constitutionality of referendums on mining activities. In both cases, many stakeholders submitted strong petitions detailing the legal arguments supporting the unconstitutionality of the application and in support of the mining sector, including the Ministry of Energy and Non-renewable Resources, the attorney-general's office, the Chamber of Industry, the Chamber of Mines, numerous mining companies operating within Ecuador, and various supportive communities.

Loma Larga is one of five strategic mining projects identified by the Ministry of Energy and Non-renewable Resources, and INV Metals will continue its permitting efforts in 2019 within the laws and regulations of Ecuador with the support from the mining industry, the government and the company's many stakeholders.

About INV Metals Inc.

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

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