Ecuador Gold & Copper Corp. announces joint venture with Guangshou Group for up to 300 tpd gold mineral extraction at the China
September 03 2012 - 1:35PM
PR Newswire (Canada)
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VANCOUVER, Sept. 5, 2012 /CNW/ - Ecuador Gold & Copper Corp. ,
formerly Enterprise Capital Corporation, (the "Company") is
pleased to announce that its Ecuador subsidiary Condormining
Corporation S.A. ("Condormining") has entered into a Letter of
Intent with Guangshou Group Co. Ltd. ("Guangshou") to form a Joint
Venture for exploration development of the Chinapintza deposit (the
"Chinapintza Deposit") at its Condor Gold Project in southeast
Ecuador ("Chinapintza JV") for up to 300 tonnes per day of gold
mineral extraction. Guangshou is an approximately 16% shareholder
of the Company and is an international Chinese mining company
operating a number of mines in China and Southeast Asia.
Chinapintza Joint Venture Details of the Chinapintza JV are being
finalized between the parties. At this stage, plans are to proceed
with exploration development of up to 300 tonnes per day of gold
mineral extraction at the Chinapintza Deposit pursuant to the
"Small Scale Mining Regime" under Ecuador law. All legal and
environmental requirements will be completed in accordance with
Ecuadorian laws and regulations. The development will involve
underground gold mineral extraction operations with gold processing
and tailings disposal facilities. Guangshou will be the majority
holder in the Chinapintza JV and will be responsible for supplying
the funds for the construction and development of the contemplated
development operations for the Chinapintza JV. The Chinapintza JV
will create numerous employment and development opportunities in
the southeast Ecuador region surrounding the proposed gold
exploration development operations. 10,000 Meter Phase I Drill
Program As previously announced, drilling commenced on 14(th)
August, 2012 in the Santa Barbara porphyry gold deposit in the
Condor Gold Project and the first hole is nearing completion. The
drill rig will be moved to the Los Cuyes deposit in the Condor Gold
Project in early September to drill the second hole of a 20 hole,
10,000 meter Phase I drill program. Cautionary Note The Company has
not completed a preliminary economic assessment or feasibility
study of the Condor Gold Project or the Chinapintza Deposit under
National Instrument 43-101, and there is no assurance that the
exploration development operations of the Chinapintza JV will be
economically or technically viable. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Ecuador Gold and Copper Corp. CONTACT: Carson
PhillipsVice-President, Corporate DevelopmentTelephone: (604)
569-0721E-mail: cphillips@ecuadorgoldandcopper.com
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