TIDMECR
AIM: ECR
US OTC: MTGDY
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
UPDATE ON DANGLAY GOLD PROJECT, PHILIPPINES
LONDON: 24 FEBRUARY 2017 - The directors of ECR Minerals plc
(the "Directors"), a gold exploration company with assets in
Australia, Argentina and the Philippines, provide the following
update regarding the Danglay gold project in the Philippines.
Highlights
-- ECR continues to monitor political developments in the Philippines
affecting the mining industry and to assert the Company's rights
in
respect of the Danglay project
-- A proposal has been made by ECR to Tiger International Resources, Inc.
("Tiger International") that would entail ECR acquiring a
strategic
shareholding in Tiger International
-- The Directors, with advice from ECR's auditors, are reviewing the
carrying value of the Company's investment in Danglay in
preparing the
audited financial statements for the year ended 30 September
2016
In accordance with the terms of the Earn-in and Joint Venture
Agreement (the "Agreement") between ECR, Cordillera Tiger Gold
Resources, Inc. ("Cordillera Tiger") and Tiger International, the
Directors consider it clear that ECR has earned a 25% interest in
the Danglay project, as previously announced. Although ECR has
terminated its Earn-in Option (as that term is defined in the
Agreement) in relation to Danglay, ECR has fulfilled the two
necessary conditions under the Agreement to earn a 25% interest in
the project: estimation of a Mineral Resource in accordance with
Canadian NI 43-101, and expenditure of more than US$500,000 on
exploration.
Tiger International presently refuse to acknowledge ECR's 25%
interest in the Danglay project (via Cordillera Tiger) and are not
engaging with ECR to discuss the future of the project. Tiger
International has also criticised the adequacy of the exploration
data produced by ECR as a result of the Company's past work at
Danglay. The Directors consider these criticisms to be without
basis.
In January 2017, ECR appointed legal counsel to begin the
process of enforcing the Company's rights in relation to Danglay
either in court or through arbitration. In parallel, the Company
has submitted a proposal to Tiger International to encourage an
amicable resolution of the dispute. The Company will keep the
market apprised of material developments.
Further to the Company's announcement of 11 November 2016
regarding the renewal of the Exploration Permit (the "EP")
comprising the Danglay project, the Company advises that notice of
renewal of the EP for a further two-year term has still not been
received by Cordillera Tiger. ECR remains unaware of any reason for
the application for renewal not to be granted, although there can
be no guarantee that it will be granted.
The carrying value of ECR's investment in the Danglay project in
the Company's unaudited financial statements for the six months to
31 March 2016 was GBP1,082,000. Taking into account the matters set
out above, the Directors, with advice from ECR's auditors, are
reviewing the status of the investment in the project in preparing
the Company's year-end audited financial statements.
Craig Brown, CEO of ECR, commented:
"Although ECR's operational focus remains on the Avoca and
Bailieston gold projects in Victoria, Australia, and the SLM gold
project in Argentina, the Danglay project with its NI 43-101
Mineral Resource remains a promising project.The mining industry in
the Philippines currently faces an uncertain operating environment,
however we remain hopeful that the situation may improve in
future.Therefore whilst we advance ECR's other projects, the
Directors are determined to protect ECR's investment in the Danglay
project and drive the project forward as far as possible."
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the
publication of this announcement via Regulatory Information Service
(RIS), this inside information is now considered to be in the
public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell, Non-Executive Chairman
Craig Brown, Director & CEO
Ivor Jones, Director & COO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall / Nick Elwes
ABOUT ECR
ECR is a mineral exploration and development company. In
addition to the Danglay project discussed in this update, ECR's
wholly owned Australian subsidiary Mercator Gold Australia has 100%
ownership rights in respect of the Avoca and Bailieston gold
projects in Victoria, Australia. ECR's wholly owned subsidiary
Ochre Mining has a 100% interest in the SLM gold project in La
Rioja, Argentina. Exploration at SLM has focused on identifying
small tonnage mesothermal gold deposits which may be suitable for
relatively near term production.
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to numerous 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 because of new information,
future events or for any other reason.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170224005508/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 24, 2017 10:29 ET (15:29 GMT)
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