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 draw attention to the news release made on 5 October 2011 by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC provided an update on progress at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.

Highlights

  • From a total historic copper-molybdenum assay database for the Copper Flat project of 15,018 samples, a subset of 4,625 samples (2,969 of which were historic pulps re-assayed by THEMAC) have been shown to contain an average of 0.1 g/st gold and 2.36 g/st silver, in line with historic reserve grades

  • This data has been provided to International Mining Consultants (IMC), the consultants responsible for resource estimation as part of the ongoing Copper Flat prefeasibility study, for incorporation into IMC’s resource modelling

  • The first phase of drilling by THEMAC at Copper Flat has concluded with a total of 14 holes totalling 16,539ft drilled and assay results now being returned

  • The Copper Flat prefeasibility study presently being conducted by M3 Engineering is currently scheduled for completion early in the first quarter of 2012

 

The full release made by THEMAC can be viewed on SEDAR (www.sedar.com).

THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.

 

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

“The incorporation of the gold and silver content of the Copper Flat deposit into the deposit’s NI43-101 compliant resources will, we expect, allow the ongoing prefeasibility study to fully reflect Copper Flat’s economic potential.

We are also pleased to note the progress made by THEMAC in its drilling at Copper Flat and look forward to the availability of assay results from the first phase of the programme.”

ECR’s Interest in THEMAC

ECR currently holds 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR’s holding is equivalent to approximately 19% of THEMAC’s issued shares (21% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 5 October 2011 was C$0.60.

About ECR Minerals plc

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