Adventus mining (TSXV: ADZN; OTCQX: ADVZF) Salazar Resources (TSXV: SRL; OTCQB: SRLZF) have published the feasibility study for an 1,850 t / d surface mine and processing plant at their Curipamba copper-gold project in central London. ‘Ecuador. Concentrates of copper, zinc and lead with precious metal credits will be produced. Salazar is the operator and has a 75% stake in the project.

The feasibility study includes a first estimate of reserves, an update of the resource estimate of the El Domo volcanogenic massive sulphide (VMS) deposit. DRA Americas led the team that prepared the report, using prices of US $ 1,700 / oz. gold, US $ 23 / oz. silver, US $ 3.50 / lb. copper, US $ 0.95 / lb. lead, and US $ 1.20 / lb. zinc.

The Curipamba project has an after-tax net present value with an 8% haircut of US $ 259 million and an internal rate of return of 32%. The pit has an estimated life of 10 years and will generate an estimated cumulative after-tax undiscounted cash flow of US $ 495 million over the first six years of operation.

Average annual production would be 10,463 tonnes of copper or 21,390 tonnes of copper equivalent over the life of the mine.

The initial capital cost of the pit and mill is US $ 248 million and maintenance costs are US $ 316 million. The all-in sustaining cost per pound of copper equivalent would be US $ 1.26. The project will pay for itself in 2.6 years.

Open pit reserves are estimated at 6.5 million proven and probable tonnes grading 1.93% copper, 2.49% zinc, 2.52 g / t gold, 45.7 g / t silver and 0.25% lead.

The total El Domo deposit measured and indicated resources of 9 million tonnes grading 2.11% copper, 2.59% zinc, 2.36 g / t gold, 45 g / t silver and 0.24% lead. The assumed grade is 1.1 tonnes grading 1.72% copper, 2.18% zinc, 1.62 g / t gold, 32 g / t silver and 0.14% lead.

Adventus and Salazar are also updating their preliminary underground economic assessment prepared for Curipamba in 2019. At that time, the indicated underground resource was 2 million tonnes grading 2.48% copper, 2.18% zinc, 1.25 g / t gold, 28.1 g / t silver, and 0.13% zinc. The inferred portion was 2.13% copper, 2.46% zinc, 1.60 g / t gold, 26.4 g / t silver and 0.09% lead. These resources are independent of those of the open pit mine.

The PEA projected an after-tax NPV with an 8% haircut of US $ 49 million and a development cost of US $ 42 million. The average annual production for years 11 to 14 would be 20,000 tonnes of copper equivalent. (The same price assumptions as for the surface mine were used.)

Details of the Curipamba project are available at www.AdventusMining.com and www.SalazarResources.com.