ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
COPPER FLAT PROJECT EXCEEDS 1 BILLION LBS COPPER IN
MEASURED & INDICATED RESOURCES
ECR Minerals plc is pleased to draw attention to the news release made yesterday by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC announced details of an updated NI43-101 compliant resource estimate for the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
- Measured & Indicated resources now stand at 194Mst grading 0.26% copper, 0.008% molybdenum, 0.002 oz/t gold and 0.05 oz/t silver
- Contained copper in Measured & Indicated categories increased 56% to an estimated 1,005,891,000 lbs (approximately 456,000 metric tonnes)
- Re-assay of 2,969 historic drill sample pulps has resulted in the inclusion of gold and silver in the deposit’s NI43-101 compliant resources for the first time; the re-assay of further pulps is planned and intended to enable the inclusion of additional gold and silver
- The Copper Flat orebody remains open and drilling is set to recommence in spring
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The highlights above have been derived from the release made by THEMAC and should be read and interpreted in conjunction with it. All tons are short tons unless otherwise stated.
THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
“This is an excellent result for THEMAC and for ECR, and should substantively strengthen the economic case for the return of the Copper Flat deposit to production.
The re-assay of historic drill sample pulps has paid dividends in the form of the incorporation of part of the deposit’s gold and silver content into its NI43-101 resources, and we expect further gold and silver to be included in due course.
Additionally we understand that work is underway to explore the design of a mine plan that will allow early development of the deposit’s high grade central core. This may be expected to substantially enhance the NPV of the project. To this end, THEMAC’s spring 2012 drilling programme will focus on the high grade core.
It appears that good progress is being made towards completion of the mine permitting process, and we believe that the Copper Flat project has now entered a new and exciting phase of development in which permitting activities, an expanding resource inventory and ongoing feasibility studies combine to create an asset that is altogether more significant within the copper mining landscape of the American Southwest than was previously envisaged.
Moreover we feel confident that if Copper Flat continues to grow in scale and importance, as we expect it will, THEMAC has the capability to develop a copper mine with robust economics.”
ECR’s Interest in THEMAC
ECR currently has a holding of 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR’s holding is equivalent to approximately 19% of THEMAC’s issued shares (21% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 31 January 2012 was C$0.66.
About ECR Minerals plc
ECR is a mineral development company with interests in Argentina, the USA, Indonesia, Thailand and Australia.
For further information please contact:
|ECR Minerals plc|
|Michael Silver, Chairman||Tel:||+44 (0) 20 7929 1010|
|Patrick Harford, Managing Director|
|Stephen Clayson, Director & Chief Financial Officer|
|Luca Tenuta, Non-Executive Director|
|Daniel Stewart & Company plc|
|Paul Shackleton/Tessa Smith/David Hart||Tel:||+44 (0) 20 7776 6550|
|Old Park Lane Capital plc|
|Michael Parnes||Tel:||+44 (0) 20 7493 8188|
|Blythe Weigh Communications|
|Ana Ribeiro||Tel:||+44 (0)20 7138 3204|
|Barry Kaplan Associates|
|Larry Kaplan||Tel:||+1 732 747 0702|