EGR EGR Exploration Ltd

EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is
pleased to provide an update on the Company's activities in Ecuador. EcuaGold
has one of the largest mineral interest positions in Ecuador, comprising nine
distinct exploration projects and covering approximately 99,000 hectares. The
Company's principal properties are the Molleturo, San Bartolome and the
Curiplaya Projects, for which Ecuador's Ministry of Mines and Petroleum has
approved EcuaGold's respective Environmental Impact Study submissions. In
addition, NI 43-101 reports were prepared for the Molleturo and Curiplaya
Projects in connection with EcuaGold's TSX Venture Exchange listing.


The Molleturo and San Bartolome Projects are high-grade polymetallic properties
with historic small-scale underground mining operations. The mean assay results
from historical sampling of the Roman and Isabel Veins at Molleturo are: 392.0
g/t Ag, 3.4 g/t Au, 0.69% Cu, 2.3% Pb and 4.24% Zn. San Bartolome is Ecuador's
largest historic silver producer, with reported historic grades of 20 oz/t Ag,
1.15% Pb and 2.9% Zn.


Plans to initiate a drilling program on the Molleturo Project in 2007 were
delayed principally because of persistent opposition to EcuaGold's exploration
activities by a small group within the Molleturo community. The opposition is
principally based close to the Molleturo drill target, the underground workings
of the former small-scale mining operation. Accordingly, EcuaGold's Molleturo
activities in 2007 were concentrated on community and government relations and
community projects. The objective of which was to enable the Company to move
forward on its planned exploration program.


During the fourth quarter of 2007, EcuaGold initiated a select grab sampling
program at the San Bartolome Project of mineralized waste dump vein material
from the previous small-scale mining operations. The results of this program
supported San Bartolome's reported historic high-grades, with the assays
returning 40.9 to 71.7 oz/t Ag; 2.87 to 5.15 g/t Au, 0.84 to 4.36% Pb and 2.66
to 10.84% Zn (See EcuaGold news release of November 1, 2007). Follow up programs
have included more detailed mapping of the concession, structural analyses and
further outcrop sampling, which have identified additional areas of interest
outside of the old mine workings, including a possible extension of the veins to
the southwest and a new mineralized area on strike with and 2.5 Km to the east
of the old mine workings. Assay results from this program are pending.


In November 2007, EcuaGold strengthened and restructured its community relations
team with the appointment of new community relation managers for the Molleturo
and San Bartolome Projects and a community relations coordination manager. A
community relations office was established in the city of Cuenca, which is
central to both projects, logistically and politically. In addition, EcuaGold
has been aggressively pursuing all political and legal options to ensure the
enforcement of its legal rights to carry out its planned exploration activities
at the Molleturo and San Bartolome Projects. The Company's objective is to
initiate a drilling program at either or both of these past producing projects
as soon as possible. The drill targets have been identified, at depth below the
previous mine workings, and EcuaGold has confirmed the availability of drill
rigs to carry out the programs.


During 2007, the majority of the Company's exploration expenditures were
incurred on the Curiplaya Project, where a 7,200 metre drilling program was
completed on the "Core Zone" copper-gold porphyry target, following a detailed
grid and geochemistry sampling program and magnetometry and IP surveys. In
general, the assay results from this drilling program returned anomalous
precious and base metals values, but did not identify any target that would
warrant a follow up drilling program. While there are several untested areas
within the "Core Zone" target, EcuaGold is presently focusing its efforts on
testing other major targets within the Curiplaya concession, including the "West
Zone", an epithermal breccia target with reported values of up to 6.0 g/t Au,
and the "Limon Zone", a copper/gold porphyry target with reported rock chip
values up to 1.78% Cu. A detailed grid has been completed on the West Zone, and
the related geochemistry sampling program is underway and will be finalized
during January 2008, with assay results expected in early February. The Limon
Zone grid is 75% complete and will be finalized, along with geochemistry
sampling, in February 2008. Follow up work, assuming favorable assay results,
will include magnetometry and IP surveys to help refine drill targets.


In January 2008, a detailed channel sampling program will be initiated at the
Curiacu Project to follow up on the positive results obtained from the initial
rock chip sampling work carried out in October 2007. This work confirmed that
copper/gold porphyry-style mineralization is present in the identified Curiacu
target areas and returned assay results of up to 3.46 g/t Au, 17.7 g/t Ag, 3.21%
Cu over three metres from the project's principal target area (See EcuaGold news
release of October of October 24, 2007).


The political reforms initiated in 2007 by the new President of Ecuador, Rafael
Correa, as well as uncertainties about the new government's future policies
regarding the mining industry, made it difficult for mining companies to
effectively operate in Ecuador during the last year. However, EcuaGold
management is encouraged by President Correa's statement in late 2007, "Yes to
mining, but with adequate controls, with adequate community consultations,
respecting the community, the environment and the state." The government has
acknowledged Ecuador's untapped mining potential and recognizes its potential
contribution to the future development of the country. As a responsible mining
company, with an excellent operating track record in Ecuador, EcuaGold is fully
committed to working with the government and the various mining chambers and
mining companies in Ecuador to arrive at a workable set of regulations for the
mining industry that will benefit the state, the communities, the environment
and our shareholders. Discussions are presently taking place among government
officials, the mining chambers and mining companies on proposed changes to
Ecuador's Mines Law. This process, along with future deliberations in the
Constitutional Assembly, will continue over the next several months, with the
final outcome uncertain at this time. However, the government has stated that
the new Mines Law should include, among others, provisions for a royalty payable
to the state, higher annual per hectare mining fees, environmental controls, and
community participation and programs.


Please refer to EcuaGold's website at www.ecuagoldresources.com for further
information on the Company's projects and activities.


Dr. William F. Lindqvist, a director of the Company, is the Qualified Person in
compliance with National Instrument 43-101 with respect to this release.


About EcuaGold Resources:

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential
development of primarily precious metals properties in Ecuador. The Company
presently controls, through wholly owned subsidiaries, a 100 percent interest in
13 concessions in Ecuador, comprising nine distinct projects. The company also
has pending applications for 21 more concessions that are associated with three
existing projects and two new projects. EcuaGold's current land position covers
more than 34,000 hectares and will increase to approximately 99,000 hectares if
the pending concession applications are granted in full.


The majority of EcuaGold's concessions are located in southern Ecuador, a highly
prospective region that is currently host to a number of projects. These
include, among others, Aurelian Resources' Condor Project, IAMGOLD's Quimsacocha
Project, International Minerals' Rio Blanco and Gaby Projects and Dynasty Metals
& Mining's Copper-Gold Belt, Zaruma and Jerusalem Projects.


EcuaGold's principal properties are the Molleturo Project, a high-grade
polymetallic vein system, and the Curiplaya Project, a gold-copper porphyry
system. NI 43-101 Reports were prepared for each project in connection with
EcuaGold's TSX Venture Exchange.


On Behalf of the Board of Directors of ECUAGOLD RESOURCES LTD. 

Anthony F. Ciali, President, CEO and Director 

The statements contained in this news release that are not purely historical are
forward-looking statements. Forward-looking statements may relate to the success
of any of the company's strategic initiatives, the company's expectations,
beliefs, growth and future prospects, and the company's position in the market
and future opportunities therein. Forward-looking statements may also include,
without limitation, any express or implied statement relating to future events,
industry performance, general business and economic conditions or circumstances,
regulatory and legal requirements, and other matters, many of which are beyond
the control of the company. Forward-looking statements involve risks and
uncertainties, which could cause actual results to differ materially from those
projected. All forward-looking statements included in this news release are
based upon information available to the company as of the date hereof and the
company does not undertake any obligations to update forward-looking statements
should circumstances or management's beliefs or opinions change.

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