ECR is a mineral exploration and development company, incorporated in the UK.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. Mercator Gold Australia is estimated to have tax losses of approximately AUD 66M as at 30 June 2015, which may be available, subject to certain conditions (as described in ECR’s announcement dated 4 December 2014), to reduce MGA’s future taxable profits.

ECR has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines. Danglay is an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja Province, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

 

ECR shares are listed on the AIM market of the London Stock Exchange with the symbol ECR.

ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)

 

AIM: ECR

US OTC: MTGDY

 

LONDON: 2 APRIL 2013 - The board of directors of ECR Minerals plc (the “Board”) announces that at the Company’s annual general meeting (AGM) held at 10am on Saturday 30 March 2013 all resolutions proposed were passed.

At the meeting, the following statement was read by Paul Johnson, the Company’s Non-Executive Chairman:

“Last year’s AGM, which saw significant changes effected to the constitution of the Board by shareholders, started a process of far reaching change in ECR Minerals. That process has now delivered a rationalised and restructured business. This result has taken much time and effort to achieve, and unfortunately, against a backdrop of collapsing share prices across the junior mineral sector, the benefits of the changes that have taken place may have seemed largely invisible.

But as we stand today, ECR Minerals has a focused management team with the skills and experience in project assessment, operations and finance necessary to succeed in this sector. With the various Board changes that have taken place over the last year the Company has drastically reduced its management costs, and no longer carries the burden, in terms of financial risk and of management time and attention, of its 70% interest in Gold Crest Holdings, the sale of which was completed in February.

We continue to work towards a joint venture or sale of the Company’s Sierra de las Minas gold project in Argentina, and we have now forged a new working relationship with THEMAC Resources Group and its controlling shareholder to ensure ECR’s interests are properly represented and that we identify all opportunities that may arise for a transaction in relation to the Company’s interest in THEMAC.

Now to the future. For a company of its size, ECR Minerals has a substantial following amongst UK investors, and the Board is grateful for that interest and support. We intend to deliver a company with assets that offer sufficient upside to both retain existing investors and attract new ones. To this end the Board has considered an array of new project opportunities for the Company.

We are conscious of the fact that no project undertaken by ECR to date has yet succeeded in generating a return on investment in cash terms, and we are rigorously appraising potential new projects on the basis of specific criteria including: realistic financial commitments; security of tenure; scope for ECR to add value technically and otherwise; ease and cost of management given local conditions; and potential to easily articulate the merits of the opportunity to investors.

We also recognise the need for ECR to access new types of financing, and doing so is a key matter for the Board. There are various ways to achieve this, but crystallisation of value from existing assets is one and the use of new project opportunities to attract strategic investment is another.

We promised not to hide away during this junior mineral sector crisis and we stand by that promise. The Company continues to undertake reviews of potential new projects in detail and will keep shareholders informed of specific developments at the appropriate time.”

 

ABOUT ECR MINERALS PLC

ECR is a mineral development company with, among other interests, 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; and a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

ECR Minerals plc    
Paul Johnson, Non-Executive Chairman Tel: +44 (0)20 7929 1010
Stephen Clayson, Director & Chief Executive Officer    
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
Website: www.ecrminerals.com    
     
     
Daniel Stewart & Company plc    
David Hart/Antony Legge Tel: +44 (0)20 7776 6550