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”)

 

AIM: ECR
US OTC: MTGDY

COPPER FLAT PROJECT EXCEEDS 1 BILLION LBS COPPER IN
MEASURED & INDICATED RESOURCES

ECR Minerals plc is pleased to draw attention to the news release made yesterday by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC announced details of an updated NI43-101 compliant resource estimate for the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.

Highlights

  • Measured & Indicated resources now stand at 194Mst grading 0.26% copper, 0.008% molybdenum, 0.002 oz/t gold and 0.05 oz/t silver

  • Contained copper in Measured & Indicated categories increased 56% to an estimated 1,005,891,000 lbs (approximately 456,000 metric tonnes)

  • Re-assay of 2,969 historic drill sample pulps has resulted in the inclusion of gold and silver in the deposit’s NI43-101 compliant resources for the first time; the re-assay of further pulps is planned and intended to enable the inclusion of additional gold and silver

  • The Copper Flat orebody remains open and drilling is set to recommence in spring

 

The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The highlights above have been derived from the release made by THEMAC and should be read and interpreted in conjunction with it. All tons are short tons unless otherwise stated.

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:

“This is an excellent result for THEMAC and for ECR, and should substantively strengthen the economic case for the return of the Copper Flat deposit to production.

The re-assay of historic drill sample pulps has paid dividends in the form of the incorporation of part of the deposit’s gold and silver content into its NI43-101 resources, and we expect further gold and silver to be included in due course.

Additionally we understand that work is underway to explore the design of a mine plan that will allow early development of the deposit’s high grade central core. This may be expected to substantially enhance the NPV of the project. To this end, THEMAC’s spring 2012 drilling programme will focus on the high grade core.

It appears that good progress is being made towards completion of the mine permitting process, and we believe that the Copper Flat project has now entered a new and exciting phase of development in which permitting activities, an expanding resource inventory and ongoing feasibility studies combine to create an asset that is altogether more significant within the copper mining landscape of the American Southwest than was previously envisaged.

Moreover we feel confident that if Copper Flat continues to grow in scale and importance, as we expect it will, THEMAC has the capability to develop a copper mine with robust economics.”

 

ECR’s Interest in THEMAC

ECR currently has a holding of 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 31 January 2012 was C$0.66.

 

About ECR Minerals plc

ECR is a mineral development company with interests in Argentina, the USA, 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 & Chief Financial Officer
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
Paul Shackleton/Tessa Smith/David Hart 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