US OTC: MTGDY
ECR MINERALS plc
(“ECR Minerals”, “ECR”, the “Company” or the “Group”)
LONDON: 3 AUGUST 2016 - The directors of ECR Minerals plc (the “Board”) announce the resignation of Stephen Clayson as a director and as CEO of the Company. Mr Clayson’s resignation will be effective 31 August 2016, to allow time for an orderly handover of responsibilities.
The Company wishes to point out that the three remaining directors, Richard Watts, Craig Brown and William Howell, have many years of public company and mining industry experience. The Board expects to provide operational updates regarding the Company’s activities in Australia later this month.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. Mercator Gold Australia is estimated to have tax losses of approximately AUD 66M as at 30 June 2015, which may be available, subject to certain conditions (as described in ECR’s announcement dated 4 December 2014), to reduce MGA’s future taxable profits. This is considered particularly significant in view of an opportunity which may exist at Avoca to establish relatively near term gold production from the reprocessing of historical mine dumps, with the potential for sale of gravel and sand by-products. A competent person’s report in relation to the Avoca and Bailieston projects is available for download from ECR’s website.
ECR has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines. Danglay is 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 Province, 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|
|Stephen Clayson, Director & CEO|
|Craig Brown, Finance Director|
|Richard (Dick) Watts, Non-Executive Technical Director|
|Cairn Financial Advisers LLP||Tel: +44 (0)20 7148 7900|
|Emma Earl / Jo Turner|
|Vicarage Capital Ltd||Tel: +44 (0)20 3651 2910|
|Rupert Williams / Jeremy Woodgate|
|Blytheweigh||Tel: +44 (0)20 7138 3204|
|Tim Blythe / Camilla Horsfall|
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.