INV Metals ("INV Metals" or "Company") reports its financial results for the three month period ended March 31, 2014 and provides an update on the progress of the PFS ongoing on its 100% owned Loma Larga (formerly Quimsacocha) gold property ("Loma Larga" or the "Project"), located in Ecuador.
The Company recorded a total loss of $549,085 or $nil per share for the three month period ended March 31, 2014, compared with a total loss of $7,054,650 or $0.01 per share for the corresponding period ended March 31, 2013. The Company's cash balance as at March 31, 2014 was $17.9 million, compared to $19.1 million as at December 31, 2013. For additional financial information please see INV Metals' unaudited condensed interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on the Company's web site at www.invmetals.com.
The preparation of the prefeasibility study ("PFS") on the Company's 100% owned Loma Larga (formerly Quimsacocha) gold property in Ecuador is ongoing with mine planning and engineering design underway. INV Metals anticipates its completion in the first half of 2014. The Loma Larga PFS will include new resource estimates using higher cut-off grades, capital and operating cost estimates, detailed mine plans, engineering studies and updated environmental studies.
Corporate and Project expenditures continue to be minimized to the extent possible until the results of the PFS have been received and clarification and approval is obtained for the qualification of the Project under the Government of Ecuador's new medium-scale mining category.
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 Ecuador, Namibia, and Brazil. Currently, INV™ Metals' primary assets are: (1) its 100% interest in the Loma Larga (formerly Quimsacocha) gold property in Ecuador, (2) its 35% interest in the Kaoko property, located in Namibia and (3) its 50% interest in the Rio Novo southern claims, located in Brazil.