INV Metals Announces Positive Feasibility Study for the Loma Larga Gold-Copper-Silver Project
Friday, November 30th, 2018
INV Metals Inc. (“INV Metals” or the “Company”) is pleased to announce the positive results of the independent Feasibility Study (“FS”) prepared for its 100% owned Loma Larga gold-copper-silver project (“Loma Larga” or “Project”), located in Ecuador. Unless otherwise stated, all amounts are stated in U.S. dollars (“$”).
Ms. Candace MacGibbon, CEO stated, “With an after-tax 24.7% IRR and 2.6 year payback period, the Feasibility Study confirms the Project’s viability and demonstrates the strong profitability and economics of the Loma Larga gold-copper-silver project. During the projected 12 year mine life, 2.6 million gold equivalent ounces are forecasted to be mined, with an average of 227,000 gold equivalent ounces mined per year and an average of 294,000 gold equivalent ounces mined during the first four full years. Loma Larga will be a low-cost operation with expected life of mine (“LOM”) cash costs of $540/oz, all-in sustaining costs (“AISC”) of $609/oz, and all-in costs (“AIC”) of $768/oz. Initial pre-production capital expenditures are estimated at $279 million, with sustaining capital of $62 million and closure costs of $22 million. The Company has received indicative terms from various smelters that demonstrate strong interest for the purchase of both of the Loma Larga concentrates and reinforces their marketability.”
Ms. MacGibbon added, “Loma Larga is a relatively simple mining project that we are committed to executing in a socially responsible and environmentally sustainable manner. The underground mine and related processing infrastructure have been designed to have a very minimal footprint, with an estimated disturbance area of less than 80 hectares at the Project site. The process plant design, the use of paste backfill, and a filtered tailings disposal method will serve to minimize the use of surface water and reduce treated water discharge.”
She further added, “Loma Larga is one of five strategic mining projects identified by the Government of Ecuador and will be the next large-scale mining development project to be financed and permitted in the country, following upon the success of the Fruta del Norte gold project by Lundin Gold Corp. With the demonstrated strong support of the Ecuadorian government and our surrounding local communities of Chumblin, San Gerardo, and Victoria del Portete, INV Metals plans to aggressively move the Project forward aiming to break ground in early 2020, with the goal of achieving first gold concentrate production in late 2021. The positive social and economic impacts will be important both locally and nationally, and will provide exciting new employment, training, procurement and business opportunities throughout the region.”http://www.invmetals.com