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Title : INV Metals (INV.to) and its January 2019 Feasibility Study
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INV Metals (INV.to) and its January 2019 Feasibility Study

In response to the result of vote against mining in the Quimsacocha páramo in Ecuador, INV Metals (INV.to) published this NR:

TORONTO, March 25, Mar 25, 2019 (GLOBE NEWSWIRE via COMTEX) -- TORONTO, March 25, 2019 (GLOBE NEWSWIRE) -- INV Metals Inc. ("INV Metals" or the "Company") (INV) provides an update on the 100% owned Loma Larga property, located in Ecuador.

The Company reports that it will relocate the proposed processing and tailings facilities outside of Giron canton. INV Metals will continue the engineering work required to locate the facilities in the same canton as our Mineral Resources and Reserves.

Ms. Candace MacGibbon, CEO, stated, "Loma Larga will continue to advance towards development. We thank our employees for their hard work, as well as the Ministry of Energy and Nonrenewable Resources and our local communities for their previous and ongoing support."

The Company also reports that the result of the referendum held in Giron canton on March 24, 2019 was not in favour of mining activities in the canton. Giron canton is an adjacent jurisdiction which does not contain the Loma Larga Mineral Resources and Reserves. INV Metals will seek further legal clarification on the result and the potential implications.

Which I found fascinating. I mean, aside from the bland "vote was not in favour" when the result was 86.87% of locals voting NO, the whole, "Oh, no worries, we'll just move the processing plant and tailing facility somewhere else" attitude was most impressive. Particularly when you consider that the company has just filed a 43-101 compliant Feasibility Study (not a PEA, not a PFS, but a fully blown FS) upon which it was going to run its permitting and capital raising in 2019. With an effective date of January 11th 2019, the FS has already turned into a mind-blowing waste of time and money. For example, when considering the social and community side of the Loma Larga project it states the following:

"Based on the available information, there are currently no environmental and social considerations that pose a material threat to the Project."

What do you say to that, Owly?

In other words, the INV.to Feasibility Study has been rendered out of date and inaccurate  just two and a half months after its completion. Who paid for this document? That must be some kind of record and while we're at it, the whole blasé "let's move the mine!" thing doesn't pass the smell test, either. Here's how they envisaged the mine in the FS and note how even though the orebody is over there on the right, for special reasons they decided to run a 4km pipeline and locate the processing plant and the tailings facility on the other side of the continental divide (to the left drainage to the Pacific, to the right drainage to the Atlantic).

Once again, at the very least the Feas Study is now defunct as the whole engineering plan needs to be thrown out (10 weeks ago! Jeesh...). However, one wonders just why they were so keen on putting the messy bits over that side of the divide. 

The capex for this mine is set at $310m, money that INV does not have and will need to raise. With the local community voting overwhelmingly against mining activity in this very zone in an officially sanctioned and legally binding referendum (plus the election saw the leader of the anti-mining movement, Yaku Pérez, elected as prefect of the whole Azuay province on a mandate to ban all mining activity in the whole region) do they honestly think there are financiers stupid enough to sponsor this project? Apparently so, according to the ridiculous NR from the hand of the increasingly desperate Candace MacGibbon last night.

Thus Article INV Metals (INV.to) and its January 2019 Feasibility Study

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