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: 28 MAY 2015 - ECR Minerals plc advises that further to ECR’s announcement dated 1 May 2015, full assay results from the diamond drilling programme completed at the Itogon gold project in April 2015 are now expected to be available in June 2015.

Availability of the assay results has been delayed by factors beyond ECR’s control, namely extended QA/QC procedures at the Company’s chosen independent assay laboratory, and the hospitalisation of a key laboratory employee with dengue fever. 

Trenching and aerial survey work commenced at the Itogon project in May 2015 as planned, and will continue during June 2015. 

The Company continues to expect the results of bulk sampling carried out at the Maestro Agüero gold prospect in Argentina in March 2015 to be available in June 2015. 

A programme of further geological mapping at the JV gold prospect in Argentina commenced in May 2015 as planned, and in addition, the geologist responsible for the mapping programme has this week commenced an inspection of historical drill core from the JV prospect with a view to gleaning additional geological insight.  Information regarding historical exploration data for the JV prospect is available in the Company’s announcement dated 24 June 2014.

 

Stephen Clayson, Chief Executive Officer of ECR, commented:

“It has been ECR’s policy to provide the market with relatively specific indications as to the anticipated timing of significant exploration results. However, the Company is reliant on independent laboratories for assay results, and sometimes unforeseen delays can occur which are beyond our control. We hope that the delay in this case will be brief.”

 

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:

Richard (Dick) Watts, Technical Director  

ECR Minerals plc  Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman    
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    
     
     
Cairn Financial Advisers LLP  Tel:  +44 (0)20 7148 7900
Nominated Adviser    
Emma Earl/Jo Turner    
     
Daniel Stewart & Company plc  Tel:  +44 (0)20 7776 6550
Broker    
Martin Lampshire    

 

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.