Information  X 
Enter a valid email address

ECR Minerals plc (ECR)

  Print   

Thursday 04 December, 2014

ECR Minerals plc

RELEASE OF MERCATOR GOLD AUSTRALIA FROM ADMINIS...

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.


a d v e r t i s e m e n t