INV Metals Inc. reported earnings results for the first quarter ended March 31, 2013. For the period, the company reported a total loss of $7,054,650 or $0.01 per share compared with a total loss of $300,013 or $0.01 per share for the corresponding period ended March 31, 2012. The 2013 drill program at Loma Larga commenced in late March. The company is utilizing one drill rig and plans to drill approximately 12 holes totalling 5,000 metres in two phases. Upon the completion of Phase 1, the results will be assessed and future plans developed and announced. To-date a total of three holes (1,297 metres) has been completed, and a fourth hole is currently underway. The first hole was drilled as a step out approximately 175 metres north of the Loma Larga National Instrument 43-101 compliant resource and about 40 metres north of two historic drill intersections containing 4.8 g/t gold over 8.3 metres and 15.0 g/t gold over 3.9 metres which was not included in the resource estimate. After completing the first hole, the drill rig was moved approximately 200 metres west of the Loma Larga deposit to initiate testing of the Loma Larga West target where three holes are planned. Two of these holes have been completed and drilling is on-going at the third hole. The Loma Larga West target is a 1.2 kilometre long north-west trending zone parallel to and west of the Loma Larga deposit. The magnetic-low signature of the target is similar to that over the Loma Larga deposit and positive drill indications in historic drilling are present at both ends of the magnetic anomaly.

INV Metals Inc. and Teck Resources Limited have entered into an option agreement with a private Brazilian company pertaining to the Rio Novo South property. Private Co. has the right to earn a 60% interest in Rio Novo South by funding $6 million in exploration expenditures by December 31, 2015. Private Co. has committed to fund exploration expenditures of $2.5 million on the property's copper and gold targets by December 31, 2014, including $1 million which must be expended by December 31, 2013. Within the $2.5 million of aggregate committed exploration expenditures, Private Co. must complete 6,000 metres of drilling, of which 5,200 metres must be drilled on copper targets previously indentified by INV Metals and Teck. If Private Co. fails to meet the committed expenditures by the dates noted above, the option will terminate and Private Co. will be obligated to pay an amount equal to one-half of the shortfall to each of INV Metals and Teck.

INV Metals Inc. announced that it has initiated its first drill program at the Quimsacocha gold project located in Ecuador and that it has re-named its Quimsacocha project, acquired from IAMGOLD Corporation in 2012, the Loma Larga gold project. The Company plans to drill an initial program of 6,000 metres exploring for extensions and possible stacked gold lenses above and below the known gold mineralization and for new discoveries elsewhere on the Property. In addition, a limited amount of drilling will be conducted to obtain core samples for additional metallurgical testing. The Company believes that the known resource remains open in several directions and has identified a number of potential extensions to the current Indicated Mineral Resource estimate of 3.3 million ounces gold within 32.6 million tonnes grading 3.2 g/t gold, 22 g/t silver and 0.20% copper. The deposit appears to be open to the north where several historic intersections, approximately 150 metres to the north of the resource, could represent a continuation of the deposit. These intersections are not included in the current resource estimates and include 4.8 g/t gold over 8.3 metres, 15.0 g/t gold over 3.9 metres, 7.4 g/t gold over 1.5 metres, and 4.6 g/t gold over 3.3 metres. A crosscutting northwest-southeast structure has been identified on surface by geological mapping. This structure hosts intense silica alteration in outcrop over a 450 metre strike length, beginning about 200 metres northwest of the Loma Larga deposit. In addition to the positive surface indications, there are several mineralized drill intersections not included in the current resource estimates, including 5.6 g/t gold over 11.2 metres, and 5.7 g/t gold over 38.1 metres, including 31.3 g/t gold over 3.7 metres. In addition, the data review indicated a potential for multiple stacked lenses above and below the known resource. The concept of stacked lenses is supported by the presence of a number of high-grade intersections above the defined resource including 8.4 g/t gold over 30.7 metres and 12.9 g/t gold over 13.6 metres and mineralized intersections approximately 75 metres below the known deposit, including 16.8 g/t gold over 9.1 metres and 3.0 g/t gold over 4.1 metres, separated by a horizontal gap of 375 metres with no previous drilling. The Company's high priority target that could represent a new deposit on the Property is Loma Larga West, a 1.2 kilometre long north-northwest trending zone parallel to and west of the known resource. It has a magnetic-low signature similar to that over the Loma Larga deposit and positive drill indications at both ends of the magnetic anomaly.