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INV Metals Offers Update on the 100% Owned Loma Larga Property

INV Metals Inc. has offered an update on the wholly-owned Loma Larga property, situated in Ecuador.

An application to possess a projected referendum associated with mining activities within the Province of Azuay was presented to the Constitutional Court of Ecuador for consideration.

The Company expects that the Constitutional Court will take into account the constitutionality and the validity of the application in the following weeks. The Loma Larga Mineral Resources and Reserves of the Company are situated within the Province of Azuay.

The Government of Ecuador has recently reiterated its strong support for the mining industry, recognizing that the development of mining resources using responsible environmental and social practices, will provide substantial economic benefits for both the country and local communities.

Ms. Candace MacGibbon, CEO, INV Metals Inc.

Ms. MacGibbon continued, “In June, the Vice President and the Minister of Energy and Nonrenewable Resources announced Ecuador’s commitment to mining, along with the details of the New Public Mining Policy of Ecuador 2019-2030.

Ms. MacGibbon further added, “Several diplomatic delegations and multilateral organizations have also provided support for the future development of a responsible mining sector within Ecuador. INV Metals will continue to work with the mining industry, our communities, and the Government to preserve our interests.”

INV Metals, along with other international and Ecuadorian mining and exploration companies, holds legally granted concessions within the Province of Azuay, and we will work together with both the Government and the mining industry to continue to promote the significant benefits of responsible and sustainable mining development and to defend our legally granted mineral rights.

Ms. Candace MacGibbon, CEO, INV Metals Inc.

The legal counsel, supported by previous challenges by the Ministry of Energy and Nonrenewable Resources and other stakeholders, has advised INV Metals that such referendums are not constitutional.

Recently, on procedural grounds, the Constitutional Court did not accept an application to hold a referendum on mining activities within many parishes and cantons, situated in the northern provinces of Carchi and Imbabura, effectively reporting that the application was not prepared correctly.

The Constitutional Court has made administrative or procedural decisions on two such referendum requests and has not yet given an opinion on the benefits of the constitutionality of referendums on mining activities.

In both cases, several shareholders filed strong petitions describing the legal arguments supporting the unconstitutionality of the application and in support of the mining sector, including the Attorney General’s Office, the Ministry of Energy and Nonrenewable Resources, the Chamber of Mines, the Chamber of Industry, several mining companies operating within Ecuador, and a range of supportive communities.

Loma Larga is one of five strategic mining projects recognized by the Ministry of Energy and Nonrenewable Resources and INV Metals will carry on with its permitting efforts in 2019 within the laws and regulations of Ecuador with the support from the mining industry, the Government, and many stakeholders.


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