ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
UPDATE ON DANGLAY GOLD PROJECT, PHILIPPINES
LONDON: 11 NOVEMBER 2016 - The directors of ECR Minerals plc (the “Board”) provide the following update regarding the Danglay gold project in the Philippines. ECR notes the news release dated 10 November 2016 by Tiger International Resources, Inc. (“Tiger International”), which the Company considers to be inaccurate in a number of respects. The Company had no prior notice of the Tiger International news release, and is therefore making this announcement to provide timely clarification of the situation.
ECR considers itself to be in compliance, in all material respects, with the Earn-in and Joint Venture Agreement (the “Agreement”) between ECR, Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”) and Tiger International as announced on 26 April 2013 (as amended). As provided in the Agreement, ECR has contributed more than US$500,000 of expenditures in relation to the Danglay project and completed a Mineral Resource estimate which has been disclosed by Tiger International in accordance with Canadian NI 43-101. In fulfilling these two conditions, ECR has earned a 25% interest in the Danglay project.
The current political climate in the Philippines is discouraging for the mining industry. The Philippine Department of Environment and Natural Resources (DENR) has declared a moratorium on new mining projects, however the Company is not currently aware of any reason that the application for renewal of the Exploration Permit (EP) pertaining to the Danglay project would not be granted, as this is a permit for exploration as distinct from mining. The timing of any renewal of the EP is however highly uncertain and there can be no guarantee that it will be granted.
ECR is seeking to cooperate with Tiger International in the interests of preserving the value of Cordillera Tiger and the Danglay gold project as far as reasonably possible. ECR notes that the political situation in the Philippines as regards the mining industry may be subject to change, and the Company will make further announcements in due course to keep the market apprised of significant developments in respect of its interest in the Danglay project.
ECR’s operational focus remains on the Avoca and Bailieston gold projects in Victoria, Australia, plans in respect of which were announced on 9 November 2016. The Company is also engaged in the review of potential new projects.
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has acquired 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.
ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|William (Bill) Howell, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|Cairn Financial Advisers LLP||Tel: +44 (0)20 7213 0880|
|Emma Earl / Jo Turner|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|Graeme Dickson / Jeremy King|
|Vicarage Capital Ltd||Tel: +44 (0)20 3651 2910|
|Rupert Williams / Jeremy Woodgate|
|Blytheweigh||Tel: +44 (0)20 7138 3204|
|Tim Blythe / Camilla Horsfall / Nick Elwes|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous 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 because of new information, future events or for any other reason.