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.

MERCATOR GOLD plc
(“Mercator Gold”, “Mercator” or “the Company”)

AIM: MCR

US OTC: MTGDY

 

LONDON: 19 NOVEMBER 2004 - In its Admission Document issued on 1 October 2004, the Company indicated that, following the admission of its Ordinary Shares of 1p each to trading on AIM, it intended to establish a share option scheme for the benefit of Executives and senior employees of the Mercator Group. The Company announces that the Board has today approved the adoption of the Mercator Gold plc Unapproved Share Option Plan ("the Scheme").

The Principal features of the Scheme are as follows:

Eligibility

Options may only be granted to Executives of the Mercator Group which may include Directors and any person whose services are provided to the Mercator Group through a personal services company.

 

Grant of Options

No Options under the Scheme may be granted after 18 November 2014.

An Optionholder shall be issued with an Option Certificate which contains an undertaking by the Optionholder to be bound by the rules of the Scheme. In addition, the Optionholder must confirm his acceptance of the Option grant by the execution and delivery to the Company of a form of acceptance and election.

 

Exercise Price

The exercise price of Ordinary Shares comprised in an Option shall be the greater of the middle market quotation for an Ordinary Share (as derived from the Official List for the ten dealing days immediately preceding the date of grant) and the nominal value of an Ordinary Share.

Exercise of Options

Save for certain circumstances, an Option may be exercised at any time after the date of grant and not later than the end of the day preceding the tenth anniversary of the date of grant.

The Company also announces that, pursuant to the Scheme, options have been granted today in respect of an aggregate of 4,500,000 Ordinary Shares to the Directors of the Group as follows:

Director Number of Ordinary Shares under option Exercise Price per Ordinary Share Exercise Period
Terry Strapp 750,000 10p 19.11.2004 to 18.11.2014
Patrick Harford 750,000 10p 19.11.2004 to 18.11.2014
Michael de Villiers 750,000 10p 19.11.2004 to 18.11.2014
Dr Julian Vearncombe 750,000 10p 19.11.2004 to 18.11.2014
Michael Elias 500,000 10p 19.11.2004 to 18.11.2014
Nicholas Allen 500,000 10p 19.11.2004 to 18.11.2014
Paul Loudon 500,000 10p 19.11.2004 to 18.11.2014

 

For further information please contact:

Mercator Gold plc    
Patrick Harford, Managing Director Tel: +44 (0) 20 7929 1010
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
   
   
   
Phillip Securities UK Limited    
Nick Bealer Tel: +44 (0) 20 7553 8281
     
     
     
Parkgreen Communications    
Justine Howarth / Ana Ribeiro Tel: +44 (0) 20 7493 3713

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