ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
London: Monday, 19 November 2012 - The board of ECR Minerals plc (“the Board”) announces the retirement from the Company of Mr Patrick Harford, Managing Director. Mr Harford has resigned as a director of the Company effective 15 November 2012 and his current terms of engagement will otherwise terminate with effect from the end of the month.
Mr Harford has served as Managing Director of ECR and Mercator Gold plc (as ECR was previously known), since March 2004 and was instrumental in the development of the Meekatharra gold project in Western Australia as well as in the acquisition of new projects and interests by the Company from 2008 onwards.
ECR is pleased to advise that Mr Harford will work with the Company during the remainder of 2012 and 2013 under a consultancy agreement in order to effect an orderly transition of his responsibilities and to assist the Board with various tasks, including the process of realising value from ECR’s interest in THEMAC Resources Group Ltd (“THEMAC”).
Mr Stephen Clayson, a director of the Company and currently Chief Financial Officer (CFO), has been appointed Chief Operating Officer (COO) effective immediately, with responsibility for managing the Company’s day-to-day operations. ECR will seek to appoint a new CFO as soon as practicable and, in the meantime, Mr Paul Johnson, a non-executive director, Chartered Accountant and chairman of ECR’s Audit Committee, will take a greater role in the management of the Company’s financial affairs. It is the Board’s intention to appoint a new chief executive officer in due course.
ECR’s focus remains the crystallisation of value for shareholders and, subject to successful progress with this objective, the Company will be undertaking the review of various mineral projects, some with established management teams, which may be suitable for acquisition or joint ventures. As part of this process, ECR will be seeking to establish a Technical Evaluation Group led by Dick Watts, a non-executive director and a highly experienced mining engineer and consultant. ECR plans to ensure that this group will be able to draw on the expertise of a highly qualified and experienced technical team, covering all areas vital to the technical appraisal, evaluation and development of mineral projects.
Keith Irons, Non-Executive Chairman of ECR Minerals plc, commented:
“Since the appointment of three new directors in May 2012, the Board has refocused ECR’s strategy on its core business of mineral development with a focus on projects in which the Company is able to exercise managerial and technical control. Consequently, ECR is committed to realising value from its investments in THEMAC and West Wits Mining, and is in negotiations for the disposal of its interest in ACS Asia. We recognise the importance of building a strong business for the future and the Board will be researching opportunities which could provide a positive future for the Company and its shareholders.
“ECR is continuing to evaluate the potential of its assets in Argentina. Exploration undertaken by ECR at the El Abra gold prospect, part of the Sierra de las Minas project area, has so far proved inconclusive, although high grade gold mineralisation has been identified in several places by numerous work programmes. It remains the case that several other prospects controlled by the Company within the project area, such as the Maestro Agüero prospect, may merit more detailed examination and evaluation. We continue to consider the most appropriate next step as to how the Company may progress the Sierra de las Minas gold project, possibly by means of a joint venture, or in combination with other operations in the region.”
About ECR Minerals plc
ECR is a mineral development company with 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry deposit in New Mexico, USA to production; and stakes in West Wits Mining Ltd (ASX: WWI) and Paniai Gold Ltd (unquoted), both of which have interests in the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.
For further information please contact:
|ECR Minerals plc|
|Keith Irons, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Financial Officer|
|Daniel Stewart & Company plc|
|Paul Shackleton/David Hart||Tel:||+44 (0)20 7776 6550|