ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
London: 11 February 2013 - ECR Minerals plc is pleased to announce that the sale of the Company’s 70% shareholding in Gold Crest Holdings Ltd (“Gold Crest”) to Mr Steve Iliev has now completed. Gold Crest is a holding company for the ACS Asia manufacturing business in Thailand.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“As described in the circular to ECR shareholders posted 27 December 2012, completion of the Gold Crest sale is an important step in the Company’s strategy of refocusing its efforts and resources on its core activities in the mineral sector.
The sale has brought in USD 75,000 cash and reduced the amount of the Company’s outstanding convertible loan notes by GBP 325,000. ECR also expects the repayment in quarterly instalments over the next 12 months of USD 150,000 owed to it by ACS Asia. Just as importantly, Gold Crest and ACS Asia are no longer a drain on ECR’s management and financial resources.
As well as seeking a joint venture partner or purchaser for the Sierra de las Minas gold project in La Rioja Province, Argentina, the Company presently has a number of potential new mineral projects under review, and we hope to crystallise one of these opportunities in the near future.”
ABOUT ECR MINERALS PLC
ECR is a mineral development company with, among other interests, 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; a 21% fully diluted 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; and a stake in Paniai Gold Ltd (unquoted), which has exposure to the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.
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|
|Daniel Stewart & Company plc|
|David Hart/Antony Legge||Tel:||+44 (0)20 7776 6550|