INV Metals Initiates Drilling at the Rio Novo Au-Pt-Pd Property, Brazil
TORONTO, ON – NOVEMBER 17, 2010 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) is pleased to announce a diamond drill program has commenced at the Rio Novo North gold, platinum and palladium target, located in the prolific Carajás mineral province of Brazil.
Mr. Robert Bell, CEO, stated, “The results of the soil geochemistry performed by INV Metals to-date are encouraging and confirm the potential for the Rio Novo North area to host a gold-platinum-palladium deposit similar to that of Serra Pelada. The historic Serra Pelada pit is located approximately two kilometres from the property boundary and recent results reported by Colossus Minerals Inc. indicate highly mineralized new zones have been discovered trending towards the Rio Novo property. The Rio Novo property is located in one of the most prolific mining camps in the world and we look forward to the results of the initial drill program at the Rio Novo North target.”
A planned five hole, 1,000 metre (m) diamond drill program at the eastern portion of the Rio Novo North claim commenced in early November to test a strong gold-palladium-platinum soil anomaly, approximately 350 m wide by 850 m long, and a strong airborne electromagnetic anomaly which flanks the soil geochemical anomaly. The initial program is expected to be complete prior to year-end, subject to the rainy season which typically begins in December.
INV Metals’ wholly owned Brazilian subsidiary is currently earning a 50% interest in the Rio Novo property from Teck Resources Limited’s wholly owned Brazilian subsidiary (“Teck”). INV Metals may earn an initial 50% interest in the Rio Novo property by funding exploration expenditures of $7 million over 3 years with guaranteed expenditures of $4 million over 2 years, after which a joint venture will be formed on a 50% basis, subject to certain back-in rights by Teck and INV Metals.
Scott Jennings, P. Geo, an employee of INV Metals, is the designated Qualified Person pursuant to NI 43-101 of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release. Please see the Company’s most recent technical report titled Technical Report on Recent Exploration at the Rio Novo Copper-Iron-Gold-Platinum-Palladium Property in the Carajás District, Para, Brazil (dated and filed on SEDAR on October 27, 2010) for further details regarding the Rio Novo property.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to-date to define a mineral resource on the Rio Novo property and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
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 Brazil, Namibia and Canada. Currently, INV™ Metals’ primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario.
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV Metals’ ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. 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, changes in project parameters as plans continue to be refined, future prices of metals, economic and political stability in 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. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form with Canadian securities regulators available on www.sedar.com or INV Metals’ website at www.invmetals.com.