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: 20 OCTOBER 2015The directors of ECR Minerals plc (the “Directors”) are pleased to announce details of an amendment to the earn-in and joint venture agreement (the “Agreement”) between the Company, Tiger International Resources, Inc. (“Tiger”) and Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”).

The terms of the Agreement, which pertains to the Itogon gold project in the Philippines, were summarised in ECR’s announcement dated 29 April 2013.

The effect of the amendment is that ECR may exercise the Earn-in Option in the following manner: by ensuring the completion of such work and the making of such expenditures as may be necessary to obtain for Cordillera Tiger a mining licence in respect of the Itogon project on or before the tenth anniversary (previously the fifth anniversary) of the Commencement Date, subject to force majeure provisions. The Commencement Date is 6 December 2013.

Capitalised terms used in this announcement have the meanings ascribed thereto in the Company’s announcement dated 29 April 2013, unless otherwise defined herein.

Stephen Clayson, Chief Executive Officer of ECR, commented:

“Obtaining licences and permits tends to be one of the principal risk areas for mining projects, and timelines are often unpredictable. It is in this light that the amendment announced today has been agreed between the parties. We are grateful to Tiger and its board for their understanding in agreeing to the amendment, which gives the Directors additional confidence in continuing ECR’s work in relation to the Itogon project.”

ABOUT ECR

ECR is a mineral exploration and development company with the right to earn a 50% interest in the Itogon epithermal gold project in the Philippines. Itogon is an advanced exploration project located in a prolific 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. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

 

 

FOR FURTHER INFORMATION PLEASE CONTACT:

ECR Minerals plc    
William (Bill) Howell, 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
Emma Earl/Jo Turner    
     
     
Vicarage Capital Ltd & Company plc    
Broker Tel: +44 (0)20 3651 2910
Rupert Williams/Jeremy Woodgate    
     

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.