TORONTO, ONTARIO -- (Marketwire) -- 03/14/13 -- INV Metals ("INV Metals" or "Company") (TSX: INV) reports its financial results for the year ended December 31, 2012 and provides an update (see INV Metals' 2012 audited 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 Company recorded a total comprehensive loss of $3,218,944 or $0.03 per share for the year ended December 31, 2012, compared with a total comprehensive loss of $6,766,348 or $0.10 per share for the corresponding period ended December 31, 2011. The Company's cash balance as at December 31, 2012 was $25.3 million, compared to $12.7 million at year end 2011. The increase in the Company's treasury was a result of the financing completed in November in relation to the acquisition of the Quimsacocha gold property ("Quimsacocha" or "Project"), located in Ecuador. Working capital at the end of 2012 was $25.3 million compared to working capital of $12.4 million at December 31, 2011.
The Company's 2013 exploration and operating budget is estimated at $12.7 million, including planned exploration expenditures of $9.7 million at Quimsacocha (see the Company's press release dated February 19, 2013).
The 2013 drill program is expected to commence in late March and a detailed exploration update will be provided once it has been finalized by management. INV Metals is working with a geological consulting firm that has re-modelled the deposit and identified numerous high-priority drill targets. In order to update the 2008 pre-feasibility study, the Company is undertaking a gap analysis of all existing environmental data and has initiated an investigation of metallurgical processing options. The Company remains committed to its on-going social programs with the local communities.
The Quimsacocha deposit is a high sulphidation epithermal gold-copper-silver deposit with a high grade core of 2.1 million ounces grading 6.3 g/t gold, surrounded by a lower grade shell hosted by volcanic flows and volcaniclastics for a total Indicated Mineral Resource estimated at 3.3 million ounces gold within 32.6 million tonnes grading 3.2 g/t Au, 22 g/t Ag and 0.20% Cu, with an Inferred Mineral Resource estimated at 0.2 million ounces gold within 2.3 million tonnes grading 2.2 g/t Au, 27 g/t Ag and 0.22% Cu, both at an NSR cut-off value of US$22/tonne, equivalent to approximately a 0.4 g/t gold cut-off. The deposit is a flat lying, north-south striking, cigar shaped body which is considered to be amenable to both open pit and underground mining scenarios. The mineralized zone hosting the resource has a strike length of approximately 1,600 m north-south by 120 m to 400 m east-west and up to 60 m thick beginning approximately 120 m below surface. (See the Company's National Instrument 43-101 Technical Report titled "Technical Report on the Quimsacocha Project, Azuay Province, Ecuador", dated July 18, 2012, by Wayne W. Valiant, Katharine M. Masun, and John T. Postle, all Qualified Persons as defined under National Instrument 43-101, which is available on the Company's website at www.invmetals.com and the Company's profile on www.sedar.com.)
Mr. Robert Bell, P. Geo, of INV Metals is a "qualified person" as such term is defined in NI 43-101 and has reviewed and approved the technical information and data related to the Project included above.
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, Brazil, Namibia and Canada. Currently, INV Metals' primary assets are: (1) it's 100% interest in the 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.
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, risks related to the actual results of current 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, Canada, Namibia and Brazil, 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.
President and Chief Financial Officer
Chief Executive Officer
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