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 announces that under the unapproved share option plan adopted by the board of directors of the Company on 19 November 2004 (the “Option Plan”) it has issued a total of 25 million options (“Options”) to directors, staff and consultants.

Each Option is exercisable to acquire one ordinary share of the Company at a price of 2.5p per share. The Options will remain valid, subject to the rules of the Option Plan, until the tenth anniversary of the date of grant. The Options will vest immediately.

The exercise price of the Options equates to a premium of approximately 30% to the closing mid-market price of the Company’s shares on AIM on 5 January 2011.

Options have been issued to directors of the Company as follows:

Michael Silver, Chairman - 6,000,000 Options
Patrick Harford, Managing Director - 5,800,000 Options
Mick Elias, Non-Executive Director - 2,500,000 Options

All unexpired Options previously issued under the Company’s Option Plan as announced on 19 November 2004, 15 April 2005, 22 July 2005, 11 July 2007, and 3 January 2008 and as disclosed in the Company’s annual financial statements have been cancelled.

 

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