Adventus Zinc appoints new independent director and Vice President of Projects, grants options and plans name change to reflect copper focus
TSX VENTURE: ADZN
TORONTO, Jan. 23, 2019 /CNW/ - Adventus Zinc Corporation (TSXV: ADZN OTCQX: ADVZF) ("Adventus") and its board of directors are pleased to announce the appointment of Barry Murphy as independent director and Gunther Sotomayor as Vice President, Projects.
Mr. Murphy is a mining professional with over 30 years of experience on copper, gold, and platinum projects on three continents. He has held senior executive positions with Anglo American and Yamana Gold where he led both technical and project development teams. His most recent experience includes the development of open-pit and underground mines in Chile, Peru, Argentina, and Brazil. Prior to these projects, Mr. Murphy held management positions at engineering and construction services firms Hatch and Murray & Roberts Cementation Limited. He holds a Bachelor of Science degree in Mechanical Engineering from the University of Witwatersrand, Johannesburg and a Bachelor of Commerce degree from the University of South Africa. Mr. Murphy is a registered Professional Engineer with the Engineering Council of South Africa and a Project Management Professional with the Project Management Institute.
Mr. Sotomayor is a project management professional with over 20 years of international experience in project development for mining and petroleum industries. As a member of owner's teams and as a consultant, he has held leadership roles in project management and construction on various mining projects in Latin America, including Freeport McMoRan Inc.'s expansion of Cerro Verde in Peru, and most recently Lundin Gold Inc.'s Fruta del Norte project in Ecuador. Over his extensive project career, Mr. Sotomayor has worked on all stages of engineering study and construction, from NI 43-101 standard preliminary economic assessments, pre-feasibility and feasibility studies to construction of process plants and support infrastructure on both green and brownfield developments. Mr. Sotomayor is a native of Guayaquil, Ecuador and hold a Bachelor of Science degree in Mechanical Engineering from Escuela Superior Politécnica del Litoral (ESPOL). Mr. Sotomayor will be based in Ecuador.
As Adventus embarks on significant exploration and engineering work in advancing the Curipamba, Pijilí and Santiago projects in Ecuador, it continues to build its core management team. On behalf of the board of directors, Christian Kargl-Simard, President and Chief Executive Officer of Adventus, commented: "We are pleased and excited to welcome both Barry Murphy and Gunther Sotomayor to our growing company. Both individuals bring extensive engineering, design and construction experience from successful mining projects in Latin America, which will provide valuable oversight and hands-on contributions to our team as we advance Curipamba and our other Ecuadorian copper-gold projects."
Adventus has today granted 100,000 stock options to Mr. Murphy and 400,000 stock options to Mr. Sotomayor. These options are exercisable at C$0.78 per share expiring in five years and vesting over a 3-year period in accordance with the terms of Adventus' Stock Option Plan and subject to regulatory approval.
With the focus now on copper in Ecuador, Adventus will be asking its shareholders to consider and approve a name change to "Adventus Mining Corporation" at the next annual meeting in June 2019. Mr. Kargl-Simard commented: "Adventus spent close to two years evaluating over 240 zinc-related assets around the globe. While we were unable to acquire a zinc-dominant opportunity that met our stringent investment criteria, we were able to identify and form a partnership for the Curipamba copper-gold project in Ecuador. With our focus in Ecuador and increasing knowledge of the country's mineral prospectivity, Adventus secured two additional exploration projects in 2018 as we seek to build a portfolio of attractive projects in-country. With respect to zinc, we will continue to monitor and update the intellectual property that we have developed, but as such, we believe the name change to be appropriate at this time. Adventus will continue to have zinc exposure through our equity shareholding in Canstar Resources Inc., future transactions and programs involving our non-core portfolio of projects in Ireland, and as part of our flagship Curipamba project."
Adventus is a well-financed company focused on base metals exploration and project development globally. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Resource Capital Funds, and Wheaton Precious Metals Corp.; as well as other highly respected investors in the mining business. The focus of Adventus is the advancement of the Curipamba copper-gold-zinc project in Ecuador as part of an earn-in agreement to obtain a 75% ownership interest. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, incorporating two projects to date. Elsewhere globally, Adventus owns a large prospective mineral land package in Ireland totalling 1,950 km2 and, through its ownership interest in Canstar Resources Inc., is actively participating in the exploration upside of a prospective mineral land package in Newfoundland and Labrador, Canada totalling 550 km2. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN and on the OTCQX under the symbol ADVZF.
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