Update on Danglay Gold Project, Philippines
ECR Minerals plc
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
UPDATE ON DANGLAY GOLD PROJECT, PHILIPPINES
LONDON: 11 NOVEMBER 2016 - The directors of ECR Minerals plc (the
“Board”) provide the following update regarding the Danglay gold project
in the Philippines. ECR notes the news release dated 10 November 2016 by
Tiger International Resources, Inc. (“Tiger International”), which the
Company considers to be inaccurate in a number of respects. The Company
had no prior notice of the Tiger International news release, and is
therefore making this announcement to provide timely clarification of
the situation.
ECR considers itself to be in compliance, in all material respects, with
the Earn-in and Joint Venture Agreement (the “Agreement”) between ECR,
Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”) and Tiger
International as announced on 26 April 2013 (as amended). As provided in
the Agreement, ECR has contributed more than US$500,000 of expenditures
in relation to the Danglay project and completed a Mineral Resource
estimate which has been disclosed by Tiger International in accordance
with Canadian NI 43-101. In fulfilling these two conditions, ECR has
earned a 25% interest in the Danglay project.
The current political climate in the Philippines is discouraging for the
mining industry. The Philippine Department of Environment and Natural
Resources (DENR) has declared a moratorium on new mining projects,
however the Company is not currently aware of any reason that the
application for renewal of the Exploration Permit (EP) pertaining to the
Danglay project would not be granted, as this is a permit for
exploration as distinct from mining. The timing of any renewal of the EP
is however highly uncertain and there can be no guarantee that it will
be granted.
ECR is seeking to cooperate with Tiger International in the interests of
preserving the value of Cordillera Tiger and the Danglay gold project as
far as reasonably possible. ECR notes that the political situation in
the Philippines as regards the mining industry may be subject to change,
and the Company will make further announcements in due course to keep
the market apprised of significant developments in respect of its
interest in the Danglay project.
ECR’s operational focus remains on the Avoca and Bailieston gold
projects in Victoria, Australia, plans in respect of which were
announced on 9 November 2016. The Company is also engaged in the review
of potential new projects.
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.
ABOUT ECR
ECR is a mineral exploration and development company. ECR’s wholly owned
Australian subsidiary Mercator Gold Australia has acquired 100%
ownership of the Avoca and Bailieston gold projects in Victoria,
Australia. ECR has earned a 25% interest in the Danglay epithermal gold
project, an advanced exploration project located in a prolific gold and
copper mining district in the north of the Philippines. An NI43-101
technical report was completed in respect of the Danglay project in
December 2015, and is available for download from ECR’s website.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc
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Tel: +44 (0)20 7929 1010
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William (Bill) Howell, Non-Executive Chairman
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Craig Brown, Director & CEO
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Email:
[email protected]
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Website: www.ecrminerals.com
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Cairn Financial Advisers LLP
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Tel: +44 (0)20 7213 0880
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Nominated Adviser
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Emma Earl / Jo Turner
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Optiva Securities Ltd
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Tel: +44 (0)203 137 1902
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Joint Broker
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Graeme Dickson / Jeremy King
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Vicarage Capital Ltd
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Tel: +44 (0)20 3651 2910
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Joint Broker
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Rupert Williams / Jeremy Woodgate
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Blytheweigh
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Tel: +44 (0)20 7138 3204
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Public Relations
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Tim Blythe / Camilla Horsfall / Nick Elwes
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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.
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