INV Metals Advances Loma Larga Project and Begins Formal Permitting Process With Submission of Environmental Impact Study
April 26, 2021 07:00 ET
Source: INV Metals
TORONTO, April 26, 2021 (GLOBE NEWSWIRE) -- INV Metals Inc. (“INV Metals” or the “Company”) (TSX:INV) is pleased to announce the successful submission of the Environmental Impact Study (“EIS”) related to the Loma Larga gold-silver-copper project (“Loma Larga” or “Project”) and to provide an update to its ongoing efforts on Loma Larga, the Company’s 100% owned underground development project located in Ecuador.
Ms. Candace MacGibbon, CEO, stated, “We are pleased to announce the submission of the EIS for review and comment by the Ministry of Environment and Water (“MEW” or “Ministry”). The Company has been working with the MEW to achieve this key milestone over the past few months and we wish to thank the team at the Ministry for their support with the process. The EIS was completed mid-last year and is the culmination of a collaboration of work by the Company, various consultants and local universities based on many years of baseline data collection and study. Our team is looking forward to the EIS technical review and the subsequent citizen participation and consultation process, which are the next important steps in support of our goal of obtaining the Environmental Licence for Loma Larga’s development. We are also working closely with the Ministry of Energy and Natural Nonrenewable Resources (“MENNR”) and the Ministry of Production, Exterior Commerce, Investments and Fisheries (“MPRO”) to advance the Project towards exploitation.”
The submission of the EIS is the first major milestone in the well defined permitting process for large scale mining projects within Ecuador. The process provides for the timely technical review and comment by the MEW, followed by timely responses to comments by the Company. Subsequent to the completion of the technical review of the EIS by the MEW, INV Metals will commence the citizen participation and consultation phase. INV Metals will continue to work towards our goal of the development of Loma Larga and will provide further updates on key milestones to support a positive production decision by the Board of Directors as they are achieved.
As previously stated, INV Metals continues to hold discussions with a variety of financial institutions and partners. Concurrently with the permitting process, the Company will actively pursue a number of possible capital financing scenarios for Loma Larga including debt, equity, and a stream or royalty, with the objective of securing the capital requirements for construction prior to the receipt of the Environmental Licence.