Ecuador Ministry of Energy and Mines Defines Development Phase Transition Rules for Medium Scale Mining Projects
Date:
News Release:
Ticker Symbols:
February 22, 2024
24-05
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 1 of 3 –
Ecuador Ministry of Energy and Mines Defines
Development Phase Transition Rules for Medium Scale Mining Projects
Toronto, February 22 , 2024 – 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 inform that the
Ministry of Energy and Mines of Ecuador has issued a reform to the existing i nstructive including regulations and
conditions for the transition of medium-scale mining projects from the exploration to production phases (the
"Instructive"). This announcement provides clarity to the national regulatory framework and supports the advancement
and development of medium-scale mining projects like the El Domo - Curipamba copper-gold project located in central
Ecuador (“El Domo” or the “Project”).
Transition to Production Phase Rules
The Instructive outlines the regulations and conditions under which the Government of Ecuador will provide authorization
for medium-scale mining projects to transition from the exploration to the production phase. Given that medium-scale
mining projects are not required to sign production contracts with the Government of Ecuador , this instructive provides
the needed clarity to advance.
Key elements of the Instructive and transition authorization resolution include:
• Recognition by the Ecuadorian State of pre-operational investments made within the mining concession area;
• Explicit acknowledgment of sectoral regulations applicable to the mining concessionaire;
• Specification of authorized activities during the production phase;
• Provision for extending the production phase period if new mineral resources are discovered or if the original
term is deemed insufficient for full production from mineral reserves;
• Authorization for the construction of necessary mining infrastructure and associated civil works;
• Responsibility of the concessionaire to diligently fulfill its environmental obligations as outlined in its
environmental license.
• Responsibilities of the State during the production phase, including coordination and support for normal mining
operations, provision of timely precautionary measures, and collaboration in relationships with public sector
entities and third parties, and;
• Rights granted to the mining concessionaire, such as freedom to trade minerals, suspension of terms due to
exceptional events, and prompt response from competent authorities in case of threats or illegal activities.
This Instructive provides the framework for the Participants to advance El Domo from the exploration phase to production.
The process is expected to be completed during the first half of 2024 which clears the way for the start of construction
which is consistent with previous guidance.
Date:
News Release:
Ticker Symbols:
February 22, 2024
24-05
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 is advancing the
215 sq. km majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El
Domo deposit. With the recent merger with Luminex Resources Corp., Adventus Mining also owns the Condor gold project and a large
exploration project portfolio that spans over 135,000 hectares – one of the largest holdings in Ecuador. The company’s strategic
shareholders include Ross Beaty’s Lumina Group, Altius Minerals Corporation, Wheaton Precious Metals Corp., and significant
Ecuadorian investors. 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.
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 El Domo and the timing thereof;
and the start of construction at El Domo and the timing thereof. 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 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 parts of environmental licensing will not be
approved; failure to obtain parts of environmental licensing approval for El Domo along with other permits and approvals and to start construction;
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; fluctuations in securities markets; fluctuations in spot and
forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, 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 (including the risks of
obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
Date:
News Release:
Ticker Symbols:
February 22, 2024
24-05
ADZN (TSXV), ADVZF (OTCQX), SRL (TSXV) SRLZF (OTCQB)
– 3 of 3 –
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 and follow us on Twitter: https://twitter.com/AdventusMining and LinkedIn:
https://ca.linkedin.com/company/adventus-mining-corporation.
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.