Sale of Bendigo Property Raises A$950,000

LONDON--()-- 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Sale of Bendigo Property Raises A$950,000

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary Mercator Gold Holdings Pty Ltd (“MGA”) has executed a sale and purchase agreement for the sale of the Company’s ‘Bendigo’ property located at 177 Bassett Road, Sebastian.

Highlights:

  • The Bassett Road property was purchased on September 27th 2021 for A$887,500
  • The agreed sale price of A$950,000 will mark the first disposal from selected non-core assets as outlined in the announcement of July 6th 2022
  • Completion and settlement is expected to occur around 30 days from today’s date.

CEO Andrew Haythorpe commented: “I am pleased to announce that we have actioned the first in a series of planned disposals of non-core assets as outlined in our recent strategic update. The agreed Bassett Road property sale price is at a slight premium to the purchase price in 2021 and the funds will add a significant cash sum to our existing resources.”

“Our actions here will ensure that ECR can maintain all scheduled exploration and drilling activities for the foreseeable future. I look forward to providing further updates in due course.”

Sale of 177 Bassett Road, Sebastian

On 6 July 2022, the Company outlined plans for the potential disposal of a series of non-core assets. A reasonably buoyant Victoria property market provided MGA with an opportunity to dispose of the ‘Bendigo’ property at 177 Bassett Road, Sebastian. The sale price of A$950,000 is at a slight premium to the purchase price in 2021. A ‘Contract of Sale’ for the Bassett Road property was executed today, with settlement and completion anticipated to occur around 30 days from today’s date. A deposit of A$95,000 is now due with the balance due on completion. In addition, MGA have retained the right to remain at the property until 1 January 2023 for a nominal sum.

As previously announced, further asset disposals are planned, and we will update the markets in due course as appropriate.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

 

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

 

 

Email: info@ecrminerals.com

 

 

Website: www.ecrminerals.com

 

 

 

 

 

WH Ireland Ltd

 

Tel: +44 (0) 207 220 1666

Nominated Adviser

 

 

Katy Mitchell / Andrew de Andrade

 

 

 

 

 

SI Capital Ltd

 

Tel: +44 (0) 1483 413500

Broker

 

 

Nick Emerson

 

 

 

 

 

Novum Securities Limited

 

Tel: +44 (0) 20 7399 9425

Broker

 

 

Jon Belliss

 

 

 

 

 

BlytheRay

 

Tel: +44 (0) 207 138 3204

Public Relations

 

 

Tim Blythe

 

 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region. https://mercatorgold.com.au/

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia. https://luxexploration.com/

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

Category Code: MSCH
Sequence Number: 954116
Time of Receipt (offset from UTC): 20220729T082637+0100

Contacts

ECR Minerals plc

Contacts

ECR Minerals plc