ECC Ethos Gold Corp

Ecometals Limited (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) - 

Further to its press release of 19th November 2010, Ecometals Limited (the
"Company") is pleased to announce that prepayment has commenced with regards the
first tranche of US$2m in respect of the sale of its Condor Gold project. The
closing of the sale transaction is expected to close on or before 30th December
2010, with the balance of the first tranche paid by that date. Also, the Company
reports that in an Agreement dated 15th December, Alca Gold Limited has assigned
its entire interest and obligations under the restated share purchase agreement
of November 19 2010 to Ecuador Capital Corp. ("ECC") also of Vancouver.


Ecometals has agree to sell its 90% shareholding in Condormining Corporation
S.A. ("Condor") and Condorview S.A. ("Condorview") for the sum of US$7 million
based on the following payment schedule;


1. $2,000,000 is being prepaid in tranches from today until Closing 
    
2. $2,500,000 is payable on or before May 31, 2011; 
    
3. $2,500,000 is payable on or before November 30, 2011. 
    
If after the initial payment of US$2,000,000 ECC fails to make the subsequent
payment(s) then the shares in Condor and Condorview will revert to Ecometals,
and Ecometals will not have to refund payment(s) made by ECC up to the point of
non payment.


About Ecometals

Ecometals Limited is a Canadian TSX Venture Exchange listed mineral exploration
and development company focused on mineral resources in Latin America. Apart
from its gold exploration in Ecuador, Ecometals also has significant manganese,
iron and gold projects in Brazil at grass roots and development planning stages.


Safe Harbour Statement:

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward looking information. Forward looking information in this news release
includes statements regarding the closing of the Transaction. Factors that could
cause actual results to differ materially from such forward-looking information
include, but are not limited to, failure of the purchaser to secure funding to
complete the purchase, failure of Ecometals and/or the purchaser to satisfy
conditions of closing, risks relating to changes in economic or regulatory
conditions and other risks set out in Ecometals' public documents filed on
SEDAR. Although Ecometals believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only applies as
of the date of this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. Ecometals disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.

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