ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 20 OCTOBER 2015The directors of ECR Minerals plc (the “Directors”) are pleased to announce details of an amendment to the earn-in and joint venture agreement (the “Agreement”) between the Company, Tiger International Resources, Inc. (“Tiger”) and Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”).
The terms of the Agreement, which pertains to the Itogon gold project in the Philippines, were summarised in ECR’s announcement dated 29 April 2013.
The effect of the amendment is that ECR may exercise the Earn-in Option in the following manner: by ensuring the completion of such work and the making of such expenditures as may be necessary to obtain for Cordillera Tiger a mining licence in respect of the Itogon project on or before the tenth anniversary (previously the fifth anniversary) of the Commencement Date, subject to force majeure provisions. The Commencement Date is 6 December 2013.
Capitalised terms used in this announcement have the meanings ascribed thereto in the Company’s announcement dated 29 April 2013, unless otherwise defined herein.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“Obtaining licences and permits tends to be one of the principal risk areas for mining projects, and timelines are often unpredictable. It is in this light that the amendment announced today has been agreed between the parties. We are grateful to Tiger and its board for their understanding in agreeing to the amendment, which gives the Directors additional confidence in continuing ECR’s work in relation to the Itogon project.”
ECR is a mineral exploration and development company with the right to earn a 50% interest in the Itogon epithermal gold project in the Philippines. Itogon is an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines.
ECR 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc|
|William (Bill) Howell, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
|Cairn Financial Advisers LLP|
|Nominated Adviser||Tel:||+44 (0)20 7148 7900|
|Emma Earl/Jo Turner|
|Vicarage Capital Ltd & Company plc|
|Broker||Tel:||+44 (0)20 3651 2910|
|Rupert Williams/Jeremy Woodgate|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason.