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.

Electrum Resources plc is pleased to announce a placing (the “Placing”) of 100,000,000 new ordinary shares of 0.1p each ("the Placing Shares") at a price of 1.4pence per share to raise up to £1.4 million before costs.

The proceeds of the Placing will be applied to the continued development of the Company’s projects, the evaluation of new opportunities and for working capital purposes.

Daniel Stewart & Company plc, Nominated Adviser and joint Broker to the Company, acted for the Company in the Placing, which is conditional upon admission of the Placing Shares to trading on AIM.

Pursuant to this announcement application has been made for a total of 100,000,000 ordinary shares of 0.1 pence to be admitted to trading on AIM. Dealings are expected to commence on 23 December 2010. Following admission of these shares the Company will have a total of 472,750,639 shares in issue. The Placing Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Change of Name to ECR Minerals plc

The Company also announces that it has changed its name to ECR Minerals plc. The Company has elected to change its name in light of a trademark issue that has arisen in the USA.

Share dealings under the name ECR Minerals plc will therefore commence at 8.00 am on Friday 10 December 2010. The Company's TIDM will remain ECR. The ISIN carried by the Company’s ordinary shares of 0.1 pence will remain unchanged as GB00B0P4LQ95.

Patrick Harford, Managing Director of ECR Minerals plc, commented:

“ECR has raised additional capital to strengthen its financial position in order to prepare for a very active 2011. These funds will allow the Company to advance its existing projects more effectively and to take advantage of new opportunities.”

About ECR

ECR Minerals plc is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.

 

For further information please contact:

ECR Minerals plc
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Patrick Harford, Managing Director
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
Daniel Stewart & Company plc
Oliver Rigby/Tessa Smith Tel: +44 (0) 20 7776 6550
Old Park Lane Capital plc
Forbes Cutler Tel: +44 (0) 20 7518 2603
Director of Corporate Broking
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702