VANCOUVER, March 2, 2020 /CNW/ - Solaris Resources Inc. ("Solaris" or the "Company") and its subsidiary, Lowell Mineral Exploration Ecuador S.A., are pleased to announce the completion of a pilot project on its Warintza Project in southeast Ecuador, which was facilitated by the government in advance of the establishment of a Prior Consultation norm for the country.
The Ministry of Energy and Non-Renewable Natural Resources of the Republic of Ecuador carried out the assessment in late 2019 within the indigenous communities of Warints and Yawi, which belong to the Shuar Nation, within the Company's Warintza Project concessions.
The purpose of Prior Consultation is to create opportunities for transparent dialogue in order for Indigenous people to reach agreement and consensus regarding development in their communities within the broader regional and national development frameworks.
The pilot project successfully met the objectives to empower these citizens and strengthen their capacities to participate in a free and informed manner. The process strengthened trust with the communities and facilitated an understanding of the social, cultural and political dynamics to be observed in future Prior Consultation processes.
Enrique Gallegos, Vice Minister of Energy and Non-Renewable Natural Resources, comments, "Having a modern, socially and environmentally responsible commercial mining industry in Ecuador is now a reality. This pilot project represents an important step toward establishing a framework for dialogue and consensus-building to foster greater participation in the next wave of projects by the remote and indigenous communities that host them."
Franklin Kuja, Indigenous Leader of the Warints community, states, "Ecuador is a megadiverse country, and we came to PDAC to show the industry that it is possible to develop mining projects in a responsible and inclusive way and that we are the main guarantee of the Warintza Project moving forward."
Daniel Earle, President & CEO, added, "We would like to thank the Government of Ecuador for facilitating this important initiative and the Warints and Yawi communities for participating. We're very proud to have been able to present this project at PDAC to an audience that included the Vice Minister of Energy and Non-Renewable Natural Resources, Enrique Gallegos, and Undersecretary of Strategic Development of the Vice President's Office, Freddie Villao. We are hopeful the success of this pilot project can inform the design of a model Prior Consultation process for the rest of the country and we are looking forward to building on this foundation of trust to further advance our innovative community social relations program on the Warintza Project."
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through the 60%-interest in the development-stage La Verde joint-venture project with Teck Resources in Mexico. Solaris Resources operates as a reporting issuer, however, is not currently listed on a designated stock exchange.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Solaris can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Solaris' periodic filings with Canadian securities regulators. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE Solaris Resources Inc.
For further information: Jacqueline Wagenaar, VP Investor Relations, Direct: 416-366-5678 Ext. 203, Email: [email protected]
About Solaris Resources Inc. Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the...