ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
22 JANUARY 2014
ECR Minerals plc is pleased to provide the following update on its activities.
ITOGON GOLD-SILVER PROJECT, PHILIPPINES
At the Itogon gold-silver project in the Philippines (“Itogon”) a programme of surface channel sampling has commenced and assay results are expected in the first quarter of 2014. In addition it is planned that during the first quarter an initial 1,000m drilling programme will be completed, and tenement wide stream sediment and soil sampling and rehabilitation of a historical exploratory tunnel will commence. Details of these programmes were provided in the Company’s announcement dated 9 December 2013.
ECR has the right to earn a 50% interest in Itogon and is currently the operator of the project, pursuant to an earn-in and joint venture agreement between the Company, Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”), which is the holder of the exploration permit (EP) pertaining to the project, and Tiger International Resources, Inc.
SIERRA DE LAS MINAS GOLD PROJECT, ARGENTINA
ECR has now constituted an exploration team for the Sierra de las Minas (“SLM”) gold project area in Argentina, following the decision announced on 12 November 2013 to recommence significant exploration activity at SLM. The SLM project area comprises numerous gold prospects and is 100% owned by the Company’s wholly owned Argentine subsidiary Ochre Mining SA.
Exploration at SLM is underway, and is currently focusing on the Corral-Carmincita prospect in the southern part of the SLM project area. This prospect has previously undergone only very limited appraisal by the Company but is now being assessed by surface mapping and sampling. Work is being guided by recently acquired historical data relating to past exploration by other companies. Assay results from surface sampling are expected during the first quarter of 2014.
REVIEW OF POTENTIAL NEW PROJECTS
The Company continues to review in detail certain opportunities to acquire interests in new mineral projects. The criteria on the basis of which these opportunities are being considered include the following: realistic financial commitments; security of tenure; strong potential for ECR to add value technically; no impediment to effective management of the project by a local team and the team in the UK; and overall potential that is easy to articulate to investors.
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. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines, and benefits from an extensive historical dataset.
ECR has a 100% interest in the Sierra de las Minas gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR holds 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|
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.