TORONTO, ONTARIO--(Marketwire - Oct. 15, 2012) - INV Metals Inc. (INV.TO) ("INV Metals" or the "Company") is pleased to announce that the Company has earned a 35% interest in the Kaoko copper-silver property ("Kaoko"), located in Namibia, and has amended its agreement with Teck Resources Limited ("Teck").
INV Metals and Teck have agreed to amend the terms of the option Agreement (defined below), such that INV Metals has immediately earned a 35% interest in the Kaoko property, thereby eliminating any additional earn-in options previously available to INV Metals or Teck under the Agreement. The Company has incurred $6.1 million in exploration expenditures as defined by the Agreement since acquiring the option to earn an interest in the property in 2009. As per the terms of the amendment, INV Metals will be carried for any future exploration expenditures incurred by Teck in an amount up to $6.1 million. The Company will have no funding commitments during this period except general corporate expenditures relating to its subsidiary that holds INV Metals' interest. A copy of the amendment dated October 3, 2012 will be filed on SEDAR.
Ms. Candace MacGibbon, President and CFO, stated, "The Company will successfully transition to an exploration and development company following the closing of the acquisition of the Quimsacocha gold property, located in Ecuador, from IAMGOLD Corporation (the "Acquisition"). The amendment of the agreement with Teck allows INV Metals to dedicate its management and cash resources to the exploration and development of the Quimsacocha gold property. INV Metals will continue to hold its 35% interest in the Kaoko property and still believes the property to be extremely prospective." She also stated, "The Company continues to be in partnership with Teck with its 50% interest in the Rio Novo property."
A copy of the original agreement dated July 30, 2009 and titled "Option Agreement for Kaoko Property Between Teck Namibia Ltd. and International Nickel Ventures Corporation and Teck Resources Limited" (the "Agreement") is also available on SEDAR.
About INV™ Metals
INV™ Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Namibia. Currently, INV™ Metals' primary assets are: (1) its 50% interest in the Rio Novo property, located in Brazil; and (2) its 35% interest in the Kaoko property, located in Namibia. Please also refer to the INV™ Metals' website at www.invmetals.com to view additional details relating to the properties.
This press release contains certain forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, delay or failure to receive regulatory, shareholder or other required approvals to complete the Acquisition, timing and ability to raise capital on acceptable terms, not realizing the potential benefits of the Acquisition, risks related to the actual results of exploration activities, conclusions of economic evaluations, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, including, without limitation, the assumptions on which such estimates are based, changes in project parameters as plans continue to be refined, future prices of metals, economic and political stability in Ecuador, Namibia, Brazil and Canada, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals' properties. For a more detailed discussion of such risks and other factors, refer to INV Metals' annual information form filed with Canadian securities regulators available on www.sedar.com.