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: 17 OCTOBER 2007 - Mercator Gold plc (“Mercator” or the “Company”) (MCR.L) announces the placing (the "Placing") of convertible loan notes (“Notes”) with institutional investors to raise approximately £2.6 million before expenses.

The Notes carry interest of 8.5% per annum, will be redeemed at par on or before 16 October 2010 and are convertible into ordinary shares in the Company (“Ordinary Shares”) at a conversion price of 95p per Ordinary Share at any time on or after the first anniversary of their issue and at 120p per Ordinary Shares at any time on or after the second anniversary of their issue. The closing mid-market price of an Ordinary Shares on 16 October 2007 was 82p. Cenkos Securities plc, Ocean Equities Limited and Loeb Aron & Company Limited acted for the Company in the Placing of the Notes, which will not be admitted to trading on AIM.

Funds will be used to expedite pre-stripping at the Bluebird deposit and to drill the Company’s Euro Project. Commissioning of the Company’s Bluebird Mill is now well-advanced with production ramping up according to the Company’s schedule. Mill throughput of up to 240t/hour has been achieved whilst metallurgical recoveries have exceeded planned levels of 90%.

Patrick Harford, Managing Director of Mercator Gold, commented:

“Mercator is keen to proceed with the opening up of the Bluebird Pit and to drill the Euro Project. These projects will underpin the Company’s objective of producing 120,000 ounces over the next 12 months.”

 

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.    
   
   
   
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild    
Keith Irons    
Oliver Winters    
   
   
   
Cenkos Securities plc Tel: +44 (0) 20 7397 8924
Ian Soanes    
Adrian Hargrave    

 

Click Here for the full text PDF version of this Press Release