ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 28 MARCH 2014 - The board of directors of ECR Minerals plc (the “Board”) announces that at the Company’s annual general meeting (AGM) held at mid-day today all resolutions proposed were passed.
After the business of the meeting, the following statement was read by Paul Johnson, the Company’s Non-Executive Chairman:
“The Board would like to thank shareholders for their support in the year since ECR’s last AGM in March 2013. This past year has seen the Company secure the right to earn a 50% interest in the Itogon gold-silver project in the Philippines and go on to commence work at the project as operator. We consider the Itogon project very promising, and that promise will soon we hope be validated by a 1,050m drilling programme, which we expect to begin in early April 2014.
In addition, significant activities have now resumed at the Sierra de las Minas gold project in Argentina, which is 100% owned by ECR’s wholly owned subsidiary Ochre Mining SA, following a review and reinterpretation of the results of Ochre’s past exploration at the project. A positive start has been made to this year’s exploration fieldwork, and assay results from surface sampling announced in February 2014 included some very high grades of up to 272.9g/t gold.
ECR is therefore now focused on operations at two gold projects, and material developments with each project will be announced as and when they occur.
The Board is principally concerned with value generation for shareholders and we see this being best achieved by moving ECR’s projects as efficiently as possible towards production. In order to do that we are undertaking commercially driven exploration programmes and related activities, so as to build knowledge of ECR’s projects in a manner that will support our intention to make ECR a producing company.
There is much work to do to reach such a position, but with our entry into the Itogon project and reinterpretation of past results from Sierra de las Minas we believe we have laid strong foundations on which the work programmes now underway at both projects will build. In addition we continue to review new opportunities with a view to identifying any which have the potential to improve the overall position of ECR in line with our objective of attaining producing status.”
ECR is a mineral exploration and 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/James Thomas (nominated adviser)||Tel:||+44 (0)20 7776 6550|
|Colin Rowbury (broker)|
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.