RELEASE OF MERCATOR GOLD AUSTRALIA FROM ADMINISTRATION
ECR Minerals plc
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
RELEASE OF MERCATOR GOLD AUSTRALIA
FROM ADMINISTRATION
LONDON: 4 DECEMBER 2014 - ECR Minerals plc is pleased to announce
that its 100% owned Australian subsidiary Mercator Gold Australia Pty
Ltd (“MGA”) has been released from external administration. As
previously announced, MGA is estimated to possess tax losses of
approximately A$80 million.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“We are delighted that after a long wait, MGA has been released from
administration. Our intention now is to realise value from ECR’s 100%
shareholding by identifying a suitable purchaser for our shares in MGA
and concluding a sale at the earliest opportunity.”
The figure of approximately A$80 million is the latest available
estimate of MGA’s accumulated tax losses and is stated as at 30 June
2013. Analysis to confirm MGA’s tax loss position as at 30 June 2014 is
in progress (30 June being MGA’s financial year-end). The availability
of MGA’s tax losses is subject, inter alia, to MGA’s compliance with the
“continuity of ownership test”, as that term is used in the context of
Australian taxation, at all relevant times. Compliance with this test is
determined by reference to ECR’s register of shareholders and the
variations thereto that occur over time. The Company considers that at
the present time, MGA is in compliance with the continuity of ownership
test.
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: [email protected]
Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Emma Earl/David Coffman (Nominated Adviser)
Colin Rowbury (Broker)
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.
