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: 5 MARCH 2015 - ECR Minerals plc advises that further to its announcements dated 18 December 2014 and 20 February 2015, the Company’s due diligence in respect of Mae Fah Mining Co., Ltd (“Mae Fah”) and the Phang Nga lithium-tantalum-tin project in Thailand has been completed, and ECR has decided not to proceed with the transaction.

Stephen Clayson, Chief Executive Officer of ECR, commented:

“While there were interesting aspects to the Phang Nga project, in the final determination our due diligence standards were not met. ECR continues to review a small number of other potential new projects, but would only proceed with an opportunity which the directors believe is of sufficient merit to materially strengthen ECR as an investment proposition.

Separately, we are continuing to advance the Itogon and SLM gold projects in the Philippines and Argentina, respectively. We look forward to announcing results from our announced exploration programmes, which include diamond drilling at the Itogon project, in due course.”

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  Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman    
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  Tel:  +44 (0)20 7148 7900
Nominated Adviser    
Jo Turner/Emma Earl    
     
Daniel Stewart & Company plc  Tel:  +44 (0)20 7776 6550
Broker    
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.