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.

 

Balance sheet

 

Group

Company

At 30 June 2009

 

 

 

 

 

 

 

 

 

 

 

2009

2008

2009

2008

 

Note

£

£

£

£

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

483,546

3,686

973

3,686

Investments in subsidiaries

 

3,396,858

3,201,760

6,006,828

3,201,760

Investment in associate

 

-

1,093,339

-

1,093,339

Other investment

 

2,269,219

-

174,999

-

Other non current assets

 

1,253

-

-

-

 

 

6,150,876

4,298,785

6,182,800

4,298,785

Current assets

 

 

 

 

 

Trade and other receivables

7.2

1,527,341

79,996

927,533

79,996

Cash and cash equivalents

7.2

126,969

24,902

34,588

24,902

 

 

1,654,310

104,898

962,121

104,898

Inventory

 

1,241,820

-

 

-

Taxation

 

12,940

-

 

-

Other current assets

 

86,918

-

12,940

-

Current assets

 

2,995,988

104,898

975,061

104,898

Total assets

 

9,146,864

4,403,683

7,157,861

4,403,383

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Interest bearing borrowings

 

2,526,747

2,206,214

2,526,747

2,206,214

Current liabilities

 

 

 

 

 

Trade and other payables

7.2

1,984,358

339,074

621,061

339,074

Total liabilities

 

4,511,105

2,545,288

3,147,808

<

2,545,288

 

 

 

 

 

 

Net assets

 

4,635,759

1,858,395

4,010,053

1,858,395

Equity attributable to shareholders

 

 

 

 

 

Share Capital

 

7,275,991

6,267,491

7,275,991

6,267,491

Share premium

 

30,837,845

27,182,233

30,837,845

27,182,233

Other reserves

 

785,857

722,423

785,857

722,423

Minority interest

 

327,579

 

 

 

Retained losses

 

(34,591,513)

(32,313,752)

(34,889,641)

(32,313,752)

Total equity

 

4,635,759

1,858,395

4,010,053

1,858,395

 

The financial statements were approved and authorised for issue by

the Board of Directors on 30 December 2009.