Salazar Resources Ltd. / SRL (TSX)

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    Adventus and Salazar Announce Purchase of Construction Camp Facilities for El Domo Project and Provide Status Update on Feasibility Study Activities

    https://www.newswire.ca/news-r…activities-856096488.html


    TORONTO, July 14, 2021 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (collectively the "Partners") are pleased to announce that a binding letter of intent has been issued for the purchase of a worker housing facility for the future construction of the El Domo project in Ecuador.
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    In anticipation of the El Domo feasibility study completion in the fourth quarter of 2021 (the "Feasibility Study"), the Partners are continuing to advance detailed planning for the final engineering design and mine construction commencement beginning in 2022. The opportunity to advance-purchase construction camp facilities aligns with the El Domo development strategy and will provide housing for personnel during the construction and commissioning phases of the mine. The camp is a previously-owned facility, having most recently been used for the construction of a bridge near the Fruta del Norte mine in southeastern Ecuador.


    The El Domo Feasibility Study continues to progress on budget and on schedule for completion in the fourth quarter of 2021. Adventus' Vice President of Projects, Dustin Small, commented, "We are very encouraged by the work completed on the Feasibility Study to date, and look forward to sharing the final results later this year. We are putting in significant effort now to enable Adventus to be in a position to immediately proceed with the execution phase of the project upon successful completion of the study."


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    Adventus and Salazar Announce Feasibility Study Results and Updated Mineral Resources for the Curipamba Copper-Gold Project

    https://www.newswire.ca/news-r…ld-project-832256752.html


    Highlights:

    • The Curipamba feasibility study covers the first 10 years of mine life with an open-pit Mineral Reserve ("Feasibility Study"). An updated preliminary economic assessment on the separate underground mine optionality envisioned in years 10 to 14 is also outlined ("Underground PEA")
    • US$12M Feasibility Study resulted in an increase in the resource base, improved metallurgy leading to high quality copper and zinc concentrates, grading 28% copper and 56% zinc respectively, and strong project definition with detailed geotechnical and hydrogeological drilling programs completed
    • Environmental, Social and Impact Assessment ("ESIA") for open-pit mine and mill development shall be submitted to the Ecuadorian Ministry of Environment in November 2021, which references the highest standards with respect to tailings design, water and waste management, and discharge quality
    • Adventus Mining has initiated a comprehensive review of all strategic development options, including concentrate off-take and project finance packages, as well as potential options for strategic investment or corporate transaction. Advanced discussions are underway for up to US$240M in non-equity financing
    • Detailed engineering for Curipamba development is expected to begin in Q1 2022
    • The tailings storage facility design has sufficient capacity for significant mineral reserve additions
    • Adventus Mining will host a 2021 Feasibility Study Webinar on Wednesday, October 27, 2021, at 11 am ET. Please register at: https://www.amvestcapital.com/webinar-directory/adventus102721

    Open Pit NI 43-101 Feasibility Study

    • After-tax Feasibility Study IRR of 32% and NPV8% of US$259 million for initial open-pit development only
    • 77% of life-of-mine revenues from payable copper and gold
    • Production C1 cash cost of US$1.14/lb and AISC of US$1.26/lb copper equivalent
    • Average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over the life-of-mine
    • Proven and Probable Mineral Reserves of 6.5 M tonnes at 1.93% Cu, 2.49% Zn, 2.52 g/t Au, 45.7 g/t Ag, 0.25% Pb

    Underground PEA Update ([1])

    • Underground mine plan based on Indicated and Inferred Resources, independent of those resources used in the open pit Feasibility Study
    • After-tax NPV8% of US$49 million, assuming underground production starts after the completion of the open-pit mine plan in year 10, and discounted to the same time zero as the open-pit Feasibility Study (year -2)
    • Additional Indicated and Inferred Mineral Resources of 1.9 million tonnes at 2.72% Cu, 2.38% Zn, 1.37 g/t Au, 31 g/t Ag, 0.14% Pb and 0.8 million tonnes at 2.31% Cu, 2.68% Zn, 1.74 g/t Au, 29 g/t Ag, 0.11% Pb, respectively
    • Option to upgrade underground Mineral Resources to reserves by an infill drilling, test-work program and completion of a separate feasibility study estimated to cost approximately US$8M over 2.5 years


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    Adventus and Salazar Complete the Environmental and Social Impact Assessment for the Curipamba Copper-Gold Project and Commence the Environmental Licensing Process with the Government of Ecuador
    https://ceo.ca/@newswire/adven…ete-the-environmental-and
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    ADVENTUS MINING AND SALAZAR RESOURCES SECURE US$235.5 MILLION WITH WHEATON PRECIOUS METALS AND TRAFIGURA TO CONSTRUCT THE CURIPAMBA COPPER PROJECT
    https://ceo.ca/@newswire/adven…r-resources-secure-us2355
    Highlights

    • Adventus Mining and Salazar have secured a total of US$235.5 million to advance and, following a construction decision, build the Curipamba Project, US$23.5 million of which will be available for pre-construction activities


        • Financial arrangement compares to an estimated capital cost of US$248 million outlined in the Feasibility Study
    • US$180.5 million financial commitment from Wheaton


        • US$175.5 million upfront cash consideration, with US$13 million early deposit for pre-construction activities, and US$500,000 for local community development initiatives as part of the Curipamba Project prior to production
        • Remainder to be available in four (4) staged installments during future construction, subject to certain customary conditions precedent being satisfied
        • PMPA provides certain gold and silver streaming rights to Wheaton over life-of-mine, but limited to volcanic massive sulphide deposits that can be milled within the proposed Feasibility Study process plant
        • Wheaton also intends to provide up to US$5M in equity to Adventus Mining, subject to a maximum Wheaton ownership level below 10%
    • US$55 million financial commitment from Trafigura


        • US$45 million senior debt facility, including US$5 million early deposit for pre-construction activities (the "Facility")
        • Remainder to be available in two (2) staged installments during future construction, subject to certain customary condition precedents being satisfied
        • OFA includes an offtake agreement that provides certain concentrate offtake rights to Trafigura for future production from the El Domo deposit over the life-of-mine, based on the offtake terms utilized in the Feasibility Study
        • Trafigura intends to provide US$10 million in equity to Adventus Mining, subject to certain conditions precedent being satisfied

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