Sale of Bendigo Property Raises A$950,000

LONDON--(BUSINESS WIRE)-- 

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 27^th 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 6^th 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: [phone]
David Tang, Non-Executive Chairman Andrew Haythorpe, CEO
Email: [e-mail]
Website: www.ecrminerals.com
WH Ireland Ltd	Tel: [phone]
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd	Tel: [phone]
Broker
Nick Emerson
Novum Securities Limited	Tel: [phone]
Broker
Jon Belliss
BlytheRay	Tel: [phone]
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.