ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 25 JUNE 2013 - ECR Minerals plc announces that further to the Company’s news release of 29 April 2013 regarding its entry into an earn-in and joint venture agreement (the “Agreement”) with Tiger International Resources Inc. (“Tiger”) and Tiger’s subsidiary Cordillera Tiger Gold Resources Inc. (“Cordillera Tiger”), the parties have agreed that ECR shall complete its due diligence with respect to the Agreement within 90 days of the date thereof, rather than 60 days.
ECR’s due diligence is well advanced, however more time is required to complete all necessary procedures. The period during which, pursuant to the Agreement, ECR may exercise its right to earn a 50% interest in Cordillera Tiger’s Itogon gold-silver project in the Philippines will run for 5 years commencing on the later of: the date ECR notifies Tiger that ECR has completed due diligence to its satisfaction; the date Cordillera Tiger receives absolute confirmation that the exploration permit pertaining to the Itogon project has been extended for a further two years; and the date on which, if required, TSX Venture Exchange approval of the Agreement is received by Tiger or Tiger elects to proceed without such approval.
ABOUT ECR MINERALS PLC
ECR is a mineral development company with, among other interests, the right to earn a 50% interest in the Itogon gold-silver project in the Philippines; 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; and a substantial minority 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.
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|