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.
The company reports that the Constitutional Court of Ecuador has considered the application to hold a proposed referendum related to mining activities within the province of Azuay, as well as an application in the canton of Camilo Ponce Enriquez, and has denied the applications stating neither met the required criteria to proceed. The company's Loma Larga mineral resources and reserves are located within the province of Azuay.
Candace MacGibbon, chief executive officer, stated: "The company will commence its financing and permitting efforts within the laws and regulations of Ecuador with the support from our many stakeholders, the government and the mining industry. Loma Larga is one of five strategic mining projects identified by the Ministry of Energy and Nonrenewable Resources."
The Constitutional Court in its press release of Sept. 17, 2019, stated that it "will carry out a formal and material control, case by case, regarding the origin of popular consultations on metal mining, analyzing whether these violate rights or imply reforms to the Constitution, and if they meet the requirements of loyalty, clarity and transparency required by law to guarantee the rights of voters."
Many stakeholders submitted strong petitions detailing the legal arguments supporting the unconstitutionality of the applications and in support of the mining sector, including the Ministry of Energy and Nonrenewable Resources, the Attorney-General's Office, EP Petroecuador, the Chamber of Industry, the Chamber of Mines, numerous international mining companies operating within Ecuador, the Regional Mining and Geologist Association, and various supportive communities.
INV Metals, along with other international and Ecuadorian mining and exploration companies, hold legally granted concessions within Ecuador, and it will continue to work together with both the government and the mining industry to promote the significant benefits of responsible and sustainable mining development and to defend its legally granted mineral rights.
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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