Adventus Mining and Salazar Resources Achieve Key Permitting Milestone with Granting of Certificate of No Affect of Water
Date:
News Release:
Ticker Symbols:
October 2, 2023
23-16
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 1 of 3 –
Adventus Mining and Salazar Resources Achieve Key Permitting Milestone
with Granting of Certificate of No Affect of Water
Toronto, October 2, 2023 – Adventus Mining Corporation (“Adventus”) (TSX-V: ADZN , OTCQX: ADVZF ) and Salazar
Resources Limited (“Salazar”) (TSX-V: SRL, OTCQB: SRLZF) (collectively the “ Participants”) are pleased to announce that
the El Domo – Curipamba copper-gold project (“El Domo”) has been issued a favourable Certificate of No Affect of Water
by the Ministry of Environment and Water of the Government of Ecuador (“MAATE”). This important certificate and
milestone allows the Participants to construct the planned and designed project infrastructure in an area with the
presence of surface and ground water sources.
As the country’s third modern metals and mining project to have secured a production focused investment contract
with the Government of Ecuador, the Participants are continuing to advance all permitting and licensing approvals
required for the start of El Domo construction – currently targeted for the second quarter of 2024. Key processes in
progress include:
• Storage and Use of Explosives: El Domo has received authorization from the local municipality and design
approval from the local municipal fire department for the installation of the project’s explosives storage related
infrastructure. The authorization and approval granted are prerequisites for the final authorization from the Joint
Command of the Armed Forces of Ecuador.
• Tailings Dam Construction Permit: The first step of this process was successfully completed with the design review
and favourable technical report from the Ministry of Energy and Mines of the Government of Ecuador. The design
is now under review by the Government’s Agency of Regulation and Control . A favourable technical report from
the Agency of Regulation and Control is the second and final step prerequisite for the issuance of the Tailings Dam
Construction Permit.
• Water Usage Permit : Request for water usage permits for El Domo construction have been submitted and
admitted for processing by MAATE and are currently under review.
• Environmental License : As previously reported by the Participants (see new releases dated August 2 and
September 11, 2023) the C onstitutional Court of Ecuador is reviewing a claim of unconstitionality of the
Presidential Decree 754 which regulates the process for the environmental consultation processes across all public
and private sectors and industries – not limited to the metals and mining sector. Completion of the environmental
consultation is the final step required for the issuance of the environmental license for El Domo which will allow
for construction to commence . On September 7, 2023, t he Constitutional Court declared the case a priority and
the public hearing occurred on September 18, 2023. The Constitutional Court is now in the process of formulating
its decision, and while there is no established timeline, the Participants expect that a ruling could be issued within
45 days of the hearing. A supportive ruling would provide a clear path forward for El Domo to complete the
environmental consultation and receive the environmental license, which would allow for the ramp -up of
employment and training plans in support of construction and future operations.
Date:
News Release:
Ticker Symbols:
October 2, 2023
23-16
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 2 of 3 –
About Adventus
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.
About Salazar
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 ow ned
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 release contains certain “forward looking statements” and certain “forward -looking information” as “defined under applicable Canadian and
U.S. securities laws. Forward -looking statements and information can generally be identified by the use of forward -looking terminology such as
“may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward -looking
information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating
to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events.
Forward-looking statements include but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a
strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof;
the start of construction at El Domo and the timing thereof; and the timin g and resolution of the Court . By their very nature, forward -looking
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be
materially different from any future resu lts, performance or achievements expressed or implied by the forward- looking statements. Such factors
include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments
at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that
environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El -Domo along with other key permits
and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period ; and general economic, business
and political conditions.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions,
which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that
management believes are r elevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things,
include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fl uctuations in s pot and
forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, contr ols, regulations and
political or economic developments; risks and hazards associated with the business of mineral explorat ion, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and
estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may
impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populati ons; availability of
Date:
News Release:
Ticker Symbols:
October 2, 2023
23-16
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 3 of 3 –
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of
obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no oblig ation to update forward -looking information except as required by applicable law. Such forward -looking
information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed
and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward -looking statements or
information.
For further information from Adventus Mining, please contact Christian Kargl -Simard, President and Chief Execut ive
Officer, at +1-416-230-3440 or [email protected]. Please also visit the Adventus Mining website at
www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at
+593 98 548 9355 or [email protected]. Please also visit the Salazar Resources website at
www.salazarresources.com.