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

 

 

LONDON: 22 JANUARY 2015 - ECR Minerals plc is pleased to announce that the second phase of drilling by the Company at the Itogon gold project, Philippines commenced today. ECR is the operator of the Itogon project and has the right to earn a 50% interest therein. The objectives of the drilling programme were summarised in the Company’s announcement dated 22 December 2014.

Stephen Clayson, Chief Executive Officer of ECR, commented:

“2014 was a full year of exploration by ECR at the Itogon project, and the results have demonstrated that epithermal gold mineralisation is widespread within the main prospect area, comprising at least three subparallel mineralised structures over a strike length of 400m within a zone up to 250m wide at surface. Our first phase of drilling, which was completed in April 2014, as well as multiple phases of sampling within artisanal workings, indicates that the mineralisation occurs over a vertical extent of 250m, and remains open at depth.

The Itogon project is located within an established mining district in the Philippines, which is a country with an important mining industry and, in general, a relatively low cost of operations. Grid power is available close to the project, and the area is easily accessible by sealed and unsealed roads from Baguio City some 15km distant.

It is intended that the programme of diamond drilling now underway will answer key geological questions with regard to the mineralised structures identified to date, and evaluate the continuity of grade in the mineralised zones intercepted by previous drilling. These zones include a surficial zone of supergene enrichment, prior intercepts from which include 16m at 17.14g/t gold from 1m (with 2m at 119.53 g/t gold from 8-10m) in drill hole ERC008 and 30m at 1.63g/t gold from surface in drill hole ERC004.

Also worthy of follow up are deeper intercepts including 33m at 1.13g/t gold from 86m in drill hole ERC006, 7m at 5.33g/t gold from 138m (with 2m at 15g/t gold from 138m) in drill hole ERC005, and, in hole ERC002, 15m at 3.29g/t gold from 82m (with 2m at 18.25g/t from 92m) plus 17m at 1.57g/t gold from 101m (with 3m at 5.45g/t gold from 103m). In addition, there may be scope for the current programme to identify new mineralised structures.”

Drilling results contained in this news release are extracted from the Company’s new release dated 29 May 2014 and should be read in conjunction therewith. All widths given in this news release are apparent width.

ABOUT ECR

ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district in the north of the Philippines.

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

ECR continues to review potential new investments on a highly selective basis, with a concentration on precious, base and strategic metals projects in Asia and South America.

 

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    
Richard (Dick) Watts, Technical Director    
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
Website: www.ecrminerals.com    
     
Cairn Financial Advisers LLP    
Nominated Adviser Tel: +44 (0)20 7148 7900
Jo Turner/Liam Murray/Emma Earl    
     
     
Daniel Stewart & Company plc    
Broker Tel: +44 (0)20 7776 6550
Colin Rowbury    
     

 

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.