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.


Income statement

 

 

 

 

For the 12 months ended 30 June 2009

       
   

2009

2008

   

£

£

Income

     

Sales

 

2,417,703

-

Negative goodwill earned on acquisition

 

187,620

-

Other income

 

132,371

-

Operating income

 

2,737,694

-

Expense

     

Impairment of investment in and loans to subsidiary

 

(2,205,882)

(30,044,000)

Administrative expenses

 

(3,478,134)

(1,656,015)

Operating expense

 

(5,684,016)

(31,700,015)

Operating loss

 

(2,946,322)

(31,700,015)

Financial expense

 

(194,133)

(220,224)

Financial income

 

15,364

22,504

   

(5,862,785)

(31,897,735)

Minority interest

 

(130,049)

 

Loss of associate company attributable to the Company for the period

 

(371,630)

(45,860)

Total expense

 

(6,364,464)

 

(Loss) for the period, before taxation

 

(3,626,770)

(31,943,595)

Corporation tax

 

-

60,116

(Loss) for the period attributable to equity shareholders of the Company

 

(3,626,770)

(31,883,479)

Loss the period on continuing operations

 

(3,967,845

(31,883,479)

Profit for the period from acquisition

 

341,075

-

 

 

(3,626,770)

(31,883,479)

(Loss) / profit per share (basic and diluted)

 

(5.1)p

(50.9)p

                   

Consolidated statement of recognised income and expense

 

 

 

 

 

 

2009

2008

 

 

 

Gain in value of investment in associate on dilution of holding

331,211

-

Revaluation of investment on cessation of associate status

1,022,645

-

Loss on translation

(4,848)

-

 

1,349,008

-

Loss for the period

(3,626,770)

(31,883,479)

Total recognised expense for the period

(2,277,762)

(31,883,479)