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 is pleased to draw attention to the announcement made by Silver Swan Group Limited (ASX: SWN) (“Silver Swan”) on 6 April 2010 regarding the completion of a maiden resource statement for Silver Swan’s Austin copper-zinc-gold-silver discovery in Western Australia. The Austin discovery is a volcanogenic massive sulphide (VMS) deposit located within the package of exploration tenements sold to Silver Swan by Mercator in 2008.

Mercator holds 4 million performance shares in Silver Swan, which convert to ordinary shares subject to certain conditions, the most significant of which is the identification by Silver Swan of a minimum 350,000 oz gold equivalent in the JORC Indicated Mineral Resource category (or higher) on the tenements sold to it by Mercator.

 

Austin Discovery – Maiden Resource Statement

Category Tonnes Cu (%) Zn (%) Au (g/t) Ag (g/t)
Measured 463,428 1.22 1.41 0.30 4.38
Indicated 703,286 0.97 1.47 0.22 3.28
Inferred 317,708 0.85 1.17 0.18 2.74
Measured & Indicated 1,166,714 1.07 1.45 0.25 3.72
Total Resources 1,484,421 1.02 1.39 0.24 3.51

 

Gold Equivalent (oz) for Measured & Indicated Mineral Resource Categories

Cu: 87,442oz Zn: 35,772oz Ag: 2,213

Total gold equivalent: 134,805oz

(Based on copper at US$7,950/t, zinc at US$2,400/t, gold at US$1,135/oz, silver at US$18/oz)

 

Silver Swan’s full announcement can be viewed at:

http://www.silverswangroup.com.au/pdf/Announcements/2010/APR10/100406-Austin_Maiden_Resource_Statement.pdf

 

Patrick Harford, Managing Director of Mercator Gold plc, comments:

“Silver Swan’s maiden resource statement for the Austin discovery is a major step towards the 4 million Silver Swan performance shares held by Mercator being converted to freely tradeable ordinary shares.

We are pleased to note that Silver Swan remains well funded, having raised in excess of A$17 million in equity financing to date, and we look forward to the results of further exploration at the Austin discovery and at Silver Swan’s other areas of focus.”

 

For further information please contact:

Mercator Gold plc
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Patrick Harford, Managing Director +1 646 239 9087
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
Daniel Stewart & Company plc
Oliver Rigby Tel: +44 (0) 20 7776 6550
Old Park Lane Capital plc
Forbes Cutler Tel: +44 (0) 20 7518 2603
Director of Corporate Broking
Bankside Consultants Ltd Tel: +44 (0) 20 7367 8888
Simon Rothschild
Oliver Winters
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702

 

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