ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 10 NOVEMBER 2014 - ECR Minerals plc is pleased to provide the following update regarding its 100% owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
Further to the Company’s announcement of 14 October 2014, the external administrators of MGA (the “Administrators”) have informed the Company that a small number of dividend cheques remain unpresented, and that the Administrators continue to make efforts to see that the relevant parties present their cheques as soon as possible. The Administrators have also informed the Company that payment of the dividend by cheque is a requirement under the Australian Corporations Act 2001.
ECR’s investigations into the feasibility of a sale of its shares in MGA lead the Company to believe that such a sale would under certain circumstances be feasible without affecting the validity of MGA’s tax losses (which would be the motivation for any purchaser of the shares). If a suitable purchaser can be identified and attractive terms of sale secured, a sale of ECR’s shares in MGA may be preferable to the investment of financial and other resources of the Company into the establishment of profitable business activities for MGA in Australia.
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold 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.
ECR has a 100% interest in the Sierra de las Minas gold project in Argentina, the exploration strategy for which is to delineate multiple medium to 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|
|Richard (Dick) Watts, Technical Director|
|Daniel Stewart & Company plc|
|Emma Earl/David Coffman (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.