Ticker Symbols: March 1 8 , 20 20 20 - 0 6 ADZN – V , ADVZF - OTCQX , SRL - V – 1 of
Date:
News Release:
Ticker Symbols:
March
1
8
, 20
20
20
-
0
6
ADZN
–
V
, ADVZF
-
OTCQX
, SRL
-
V
–
1
of
3
–
ADVENTUS
AND SALAZAR
PLACE ECUADORIAN PROJECT
SITE
ACTIVITIES ON HOLD
AS A RESULT OF
GOVERNMENT’S
COVID
-
19
PUBLIC HEALTH
DECREE
Toronto,
March
1
8
, 2020
–
Adventus
Mining
Corporation
(“Adventus
”
) (TSX
-
V: ADZN; OTCQX: ADVZF)
and
Salazar Resources Limited ("Salazar") (TSX
-
V: SRL) (collectively the "Partners")
have
temporarily suspend
ed
site
activities at their Curipamba, Pijili and Santiago projects
,
(the “Projects”)
which is consistent with
the
Government of
Ecuador
’s
declar
ation of
a state of emergency
that is in effect from March 17, 2020 as a measure
to prevent the spread of C
OVID
-
19
.
The
Partners
continue to be
committed
first and foremost
to providing our
people
, communities, and stakeholders
with safe and healthy work
environment
s
, which includes this
decision
to
suspen
d
all
site
activities on our Projects until further notice (Salazar
has also suspended site activities at its
other
100%
-
owned projects in Ecuador)
.
Work at
site
will only rest
art
once the COVID
-
19 situation
h
as stabilized
and it
is deemed
safe to do so
by the national and regional authorities of Ecuador
who are working closely with
the World Health Organization
.
In recent weeks
as drilling and related activities had re
-
commenced at the Projects
, t
he Partners have been
actively implementing the government
public health
directives in the communities around the Projects
,
whic
h
includ
ed
education and awareness campaigns
to
encourag
e
measures that minimize the spread of COVID
-
19.
As part of this
work
suspension, s
ome environmental baseline studies have also been suspended,
which includes
the recently commenced
hydro
-
geological drilling
program
. Th
e suspension timing may
inhibit
the
fu
ll
implementation of
the planned
baseline field programs during the current rainy season
at the Curipamba
project
,
which
may
result in
a
minimum six
-
month delay
to the original
environmental and social impact
assessment (
ESIA
)
development timeline.
The feasibility study earn
-
in requirement of October 5, 2021 on the El
Domo deposit within the Curipamba Project will be delayed by the number of days that site activities are
shutdown for starting from March 17, 2020.
If
necessary, b
oth Adventus and Salazar have strong treasuries and can
self
-
fund a
n extended
care and
maintenance scenario
on the Projects
well
into 2021
.
Christian Kargl
-
Simard, President and CEO of Adventus
,
state
d:
“
While
it is
unfortunate to place our
project
activities
in Ecuador
on hold,
Adventus
fully support
s
the government
’s
proactive plan to protect its people from
the COVID
-
19 pandemic.
Our team together with our partner Salazar have worked hard to
recently
start
three
drill rigs at
our
Curipamba
project
and
completed the groundwork to start
exploration drilling at
our
Pijili
and
Santiago
projects
in
the second quarter of 2020, but our ex
citement must now be balanced with patience as we
tackle this greater public health challenge together
.
The economics of our
El Domo
deposit and exploration
potential within Curipamba
remain robust at spot pricing due to the
high copper grades and
signific
ant gold
credit
s
.
To our valued shareholders, w
e
look forward to continuing our very
exciting
progress once we can
restart
site
activities.
”
Fredy Salazar, President and CEO of Salazar states,
“
We are following
public health
guidelines carefully, and our
top priority is the safety and well
-
being of our employees and
the
communities
supporting the projects
.
We hope
that b
y acting quickly
now the Government of Ecuador will be able to shorten the time to lift the travel restrict
ions
Date:
News Release:
Ticker Symbols:
March
1
8
, 20
20
20
-
0
6
ADZN
–
V
, ADVZF
-
OTCQX
, SRL
-
V
–
2
of
3
–
and allow economic activity to return to the country. We look forward to resumption of our work programs both
with Adventus and at our 100% owned properties
for the benefit of all our stakeholders
.
”
About Adventus
Adventus Mining
Corporation (ADZN.V) (ADVZF.OTCQX) is a well
-
financed exploration and project development company, focused in
Ecuador. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, Whe
aton
Precious Metals
Corp., and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the
Curipamba copper
-
gold project in Ecuador as part of an earn
-
in agreement to obtain a 75% ownership interest. In addition, Adventus
is engaged in a
country
-
wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects
to date. Adventus also has an investment portfolio of equities in several junior exploration companies as well as exploration
projects
in Ireland with South32 as funding partner. Adventus is based in Toronto, Canada, and is listed on the TSX
-
V under the symbol ADZN
and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources (SRL.V) (CCG.F) is a mineral resource company
engaged in the exploration and development of mineral deposits in
Ecuador and Colombia. The company has a proven Ecuadorian discovery team led by ex
-
head of Newmont Ecuador, Fredy Salazar; a
team of 40 people including fifteen geologists; three drill rigs
and an unrivalled Ecuadorian 'grass roots' network. The Salazar team has
been involved with many discoveries in Ecuador, including Curipamba (Adventus Mining and Salazar Resources), Fruta Del Norte
(Lundin Gold), the Mozo deposit, Cangrejos (Lumina Gold)
Rio Blanco (Junefield Mineral Resources and Hunnan Gold), and Gaby
(ENAMI).
Salazar Resources aspires to be Ecuador's leading project generator with the right partners at the right time making the comp
any self
-
funding. Salazar Resources has an agreement with Adventus on the Curipamba VMS discovery, whereby Adventus can earn 75% of
the project by funding exploration and development expenditures of US$25 million before October 2022. A feasibility study is
expected
to be completed during 2021, after which Adventus is required to fund 100% of the development and construction expenditur
es to
commercial production. In addition, Salazar Resources has a funded exploration alliance with Adventus on two other projects,
Pijili
and Santiago, within a defined Area of Interest. Salazar Resources is advancing its 100% owned Rumiñahui, Macara, and
Los Osos
projects with the aim of making Ecuador's next significant copper
-
gold discovery.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven
ture
Exchange) accepts responsibility f
or the adequacy or accuracy of this news release.
This press release contains “forward
-
looking information” within the meaning of applicable Canadian securities laws. Any statements
that express or involve discussions with respect to predictions, expect
ations, beliefs, plans, projections, objectives, assumptions or
future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expec
ts”, “is
expected”, “scheduled”, “estimates”, “pending”, “intends”,
“plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and
phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be tak
en”, or
“occur” and similar expressions) are not stat
ements of historical fact and may be forward
-
looking statements.
Forward
-
looking information herein includes, but is not limited to, statements that address activities, events or developments that
Adventus and Salazar expect or anticipate will or may occ
ur in the future. Although Adventus and Salazar have attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward
-
looking
information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate, and actual results and future events could differ materi
ally from
those anticipated in such information.
Accordingly, readers should not place undue reliance on forward
-
looking information. Adventus
and Salazar undertake to update any forward
-
looking information except in accordance with applicable securities laws.
Date:
News Release:
Ticker Symbols:
March
1
8
, 20
20
20
-
0
6
ADZN
–
V
, ADVZF
-
OTCQX
, SRL
-
V
–
3
of
3
–
For further information from Adventus, plea
se contact Christian Kargl
-
Simard, President and Chief Executive
Officer, at 1
-
416
-
230
-
3440 or
.
For further information from Salazar, please contact
.