ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
ACQUISITION OF TIGER SHARES INCREASES ECR’s EXPOSURE TO
ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 24 NOVEMBER 2014 - ECR Minerals plc is pleased to announce that it has purchased 358,000 common shares of Tiger International Resources, Inc. (“Tiger”) for consideration of C$0.20 per share. Tiger shares are listed on Canada’s TSX Venture Exchange with the symbol TGR. ECR now holds approximately 3.67% of Tiger’s issued share capital. ECR’s fully diluted interest in Tiger is also 3.67%, as Tiger currently has no share options, warrants or comparable instruments in issue.
Tiger is the parent company of Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”), a Philippine corporation which holds the exploration permit comprising the Itogon gold project in Benguet Province, Philippines. ECR has the right to earn a 50% interest in the Itogon project pursuant to an earn-in and joint venture agreement (the “Agreement”) entered into in April 2013 between the Company, Tiger and Cordillera Tiger. Under the Agreement, ECR is currently the operator of the Itogon project, through Cordillera Tiger. Previous announcements of the Company disclose material results of exploration obtained from the project since the date of the Agreement.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“In view of the promising results from our exploration at Itogon to date, we are pleased to have secured additional exposure to the project via a shareholding in Tiger. Exploration at Itogon and the SLM gold project in Argentina remain ECR’s highest priority activities, although we continue to review potential new investment opportunities on a very selective basis.”
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 La Rioja Province, 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||Tel: +44 (0)20 7929 1010|
|Paul Johnson, Non-Executive Chairman|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
Daniel Stewart & Company plc
Tel: +44 (0)20 7776 6550
|Emma Earl/David Coffman (Nominated Adviser)||
|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.