Constitutional Court of Ecuador Prioritizes the Environmental Consultation Process Writ
Date:
News Release:
Ticker Symbols:
September 11, 2023
23-15
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 1 of 2 –
Constitutional Court of Ecuador Prioritizes the Environmental Consultation Process Writ
Toronto, September 11, 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 provide an
update from the writ issued by the Constitutional Court of Ecuador (the “Court”), which follows the news release from
August 2, 2023. On August 1, 2023, the Court admitted for processing an unconstitutionality claim filed by the indigenous
group CONAIE and other complainants against Presidential Decree 754 (the "Decree") which regulates the environmental
consultation process. All environmental consultation processes across all public and private sectors were suspended and
were to await resolution of the matter by the Court, including the Participants’ El Domo – Curipamba project (“El Domo”).
On September 7, 2023, in a follow-on writ, the Court declared the process as priority and set a public hearing for
September 18, 2023. Historically, the Court can be expected to issue a resolution within two to three months following
the public hearing commencement. Such ruling is expected to provide clarifications to the Decree and corresponding final
step in the El Domo environmental consultation process.
The ruling is expected to give a clear path forward for the El Domo environmental license. Once the environmental
consultation process is restarted, the timing for final environmental and social impact assessment approval for El Domo
could be as short as two months, with construction activities commencing shortly thereafter. In light of this update, the
Participants have updated execution plans for the potential start of construction activities in the second quarter of 2024.
Working closely with El Domo stakeholders, the Participants continue to advance and finalize detailed engineering,
secondary permits, as well as a financial investment through strategic discussions with third parties.
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. Th e
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 ful ly carried
through to a construction decision.
Date:
News Release:
Ticker Symbols:
September 11, 2023
23-15
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 2 of 2 –
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 forwar d-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 environmental licensing approval for the El-Domo and the timing thereof; the start of construction
at El Domo and the timing thereof; and the timing 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 materiall y different from any
future results, 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 lice nsing will not be
approved; failure to obtain the environmental licensing approval for the El-Domo 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 opi nions,
which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that
management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, amon g other things,
include: business integration risks; fluctuations in general macroeconomic conditions; f luctuations in securities markets; fluctuations in spot 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 exploration, 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
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (inc luding the risks of
obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation 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 Executive
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.