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
(“ECR Minerals”, “ECR” or the “Company”)

 

ECR Minerals plc is pleased to announce that it has secured, at no cost to ECR, a 60 day extension to the date by which the Company is required to make a US$1.3 million cash payment to the owners of the Unchimé iron ore project in Salta Province, Argentina in part consideration for the acquisition of an initial ownership interest in the project of 70%.

More time is required for ECR to complete appropriate due diligence on the Unchimé project and decide whether to proceed with the acquisition.

Core samples from the diamond drilling programme completed by the Company at Unchimé during September are being analysed, however this process has been delayed due to a worldwide backlog of samples at suitable laboratories. In addition ECR is continuing to implement a programme of metallurgical testwork on samples from Unchimé.

In order to acquire an initial 70% interest in the Unchimé project ECR is now required to make a payment to the owners of the project of US$1.3 million on or before 1 December 2011, followed by an additional payment of US$500,000 not more than 7 months from the date of the previous payment.

For further information on ECR’s rights in respect of the Unchimé project please refer to the Company’s announcement of 5 July 2011.

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

“ECR is carrying out detailed due diligence on the Unchimé project in accordance with the substantial nature of the proposed acquisition. We are grateful to the present owners of the project for allowing us more time to do so.”

About ECR Minerals

ECR 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
Stephen Clayson, Director
Luca Tenuta, Non-Executive 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
Michael Parnes Tel: +44 (0) 20 7493 8188
Blythe Weigh Communications
Ana Ribeiro Tel: +44 (0)20 7138 3204
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702