ECR Minerals plc Update on Due Diligence
March 05 2015 - 2:29AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UPDATE ON DUE DILIGENCE
LONDON: 5 MARCH 2015 - ECR Minerals plc advises that further to
its announcements dated 18 December 2014 and 20 February 2015, the
Company's due diligence in respect of Mae Fah Mining Co., Ltd ("Mae
Fah") and the Phang Nga lithium-tantalum-tin project in Thailand
has been completed, and ECR has decided not to proceed with the
transaction.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"While there were interesting aspects to the Phang Nga project,
in the final determination our due diligence standards were not
met. ECR continues to review a small number of other potential new
projects, but would only proceed with an opportunity which the
directors believe is of sufficient merit to materially strengthen
ECR as an investment proposition.
Separately, we are continuing to advance the Itogon and SLM gold
projects in the Philippines and Argentina, respectively. We look
forward to announcing results from our announced exploration
programmes, which include diamond drilling at the Itogon project,
in due course."
ABOUT ECR
ECR is a mineral exploration and development company with, among
other interests, the right to earn a 50% interest in the Itogon
gold project in the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated Adviser
Jo Turner/Emma Earl
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Colin Rowbury
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.
This information is provided by Business Wire
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