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Adventus and Salazar Announce Feasibility Study Results and Updated Mineral Resources for the Curipamba Copper-Gold Project


  • The Curipamba feasibility study covers the first 10 years of mine life with an open-pit Mineral Reserve (“Feasibility Study”). An updated preliminary economic assessment on the separate underground mine optionality envisioned in years 10 to 14 is also outlined (“Underground PEA”)
  • US$12M Feasibility Study resulted in an increase in the resource base, improved metallurgy leading to high quality copper and zinc concentrates, grading 28% copper and 56% zinc respectively, and strong project definition with detailed geotechnical and hydrogeological drilling programs completed
  • Environmental, Social and Impact Assessment (“ESIA”) for open-pit mine and mill development shall be submitted to the Ecuadorian Ministry of Environment in November 2021, which references the highest standards with respect to tailings design, water and waste management, and discharge quality
  • Adventus Mining has initiated a comprehensive review of all strategic development options, including concentrate off-take and project finance packages, as well as potential options for strategic investment or corporate transaction. Advanced discussions are underway for up to US$240M in non-equity financing
  • Detailed engineering for Curipamba development is expected to begin in Q1 2022
  • The tailings storage facility design has sufficient capacity for significant mineral reserve additions
  • Adventus Mining will host a 2021 Feasibility Study Webinar on Wednesday, October 27, 2021, at 11 am ET. Please register at:

Open Pit NI 43-101 Feasibility Study

  • After-tax Feasibility Study IRR of 32% and NPV8% of US$259 million for initial open-pit development only
  • 77% of life-of-mine revenues from payable copper and gold
  • Production C1 cash cost of US$1.14/lb and AISC of US$1.26/lb copper equivalent
  • Average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over the life-of-mine
  • Proven and Probable Mineral Reserves of 6.5 M tonnes at 1.93% Cu, 2.49% Zn, 2.52 g/t Au, 45.7 g/t Ag, 0.25% Pb

Underground PEA Update ([1])

  • Underground mine plan based on Indicated and Inferred Resources, independent of those resources used in the open pit Feasibility Study
  • After-tax NPV8% of US$49 million, assuming underground production starts after the completion of the open-pit mine plan in year 10, and discounted to the same time zero as the open-pit Feasibility Study (year -2)
  • Additional Indicated and Inferred Mineral Resources of 1.9 million tonnes at 2.72% Cu, 2.38% Zn, 1.37 g/t Au, 31 g/t Ag, 0.14% Pb and 0.8 million tonnes at 2.31% Cu, 2.68% Zn, 1.74 g/t Au, 29 g/t Ag, 0.11% Pb, respectively
  • Option to upgrade underground Mineral Resources to reserves by an infill drilling, test-work program and completion of a separate feasibility study estimated to cost approximately US$8M over 2.5 years

[1] The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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