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

 

22 JANUARY 2014  

ECR Minerals plc is pleased to provide the following update on its activities.

 

ITOGON GOLD-SILVER PROJECT, PHILIPPINES

At the Itogon gold-silver project in the Philippines (“Itogon”) a programme of surface channel sampling has commenced and assay results are expected in the first quarter of 2014. In addition it is planned that during the first quarter an initial 1,000m drilling programme will be completed, and tenement wide stream sediment and soil sampling and rehabilitation of a historical exploratory tunnel will commence. Details of these programmes were provided in the Company’s announcement dated 9 December 2013.

ECR has the right to earn a 50% interest in Itogon and is currently the operator of the project, pursuant to an earn-in and joint venture agreement between the Company, Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”), which is the holder of the exploration permit (EP) pertaining to the project, and Tiger International Resources, Inc.

 

SIERRA DE LAS MINAS GOLD PROJECT, ARGENTINA

ECR has now constituted an exploration team for the Sierra de las Minas (“SLM”) gold project area in Argentina, following the decision announced on 12 November 2013 to recommence significant exploration activity at SLM. The SLM project area comprises numerous gold prospects and is 100% owned by the Company’s wholly owned Argentine subsidiary Ochre Mining SA.

Exploration at SLM is underway, and is currently focusing on the Corral-Carmincita prospect in the southern part of the SLM project area. This prospect has previously undergone only very limited appraisal by the Company but is now being assessed by surface mapping and sampling. Work is being guided by recently acquired historical data relating to past exploration by other companies. Assay results from surface sampling are expected during the first quarter of 2014.

 

REVIEW OF POTENTIAL NEW PROJECTS

The Company continues to review in detail certain opportunities to acquire interests in new mineral projects. The criteria on the basis of which these opportunities are being considered include the following: realistic financial commitments; security of tenure; strong potential for ECR to add value technically; no impediment to effective management of the project by a local team and the team in the UK; and overall potential that is easy to articulate to investors.

 

ABOUT ECR

ECR is a mineral development company with, among other interests, the right to earn a 50% interest in the Itogon gold-silver project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines, and benefits from an extensive historical dataset.

ECR has a 100% interest in the Sierra de las Minas gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.

ECR holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.

 

FOR FURTHER INFORMATION PLEASE CONTACT:

ECR Minerals plc    
Paul Johnson, Non-Executive Chairman Tel: +44 (0)20 7929 1010
Stephen Clayson, Director & Chief Executive Officer    
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
Website: www.ecrminerals.com    
     
     
Daniel Stewart & Company plc    
David Hart/Antony Legge Tel: +44 (0)20 7776 6550
     
     

 

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements.  Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations.  There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward looking statements.  Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.