ECR Minerals plc ACQUISITION OF TIGER SHARES INCREASES ECR's EXPOSURE TO ITOGON GOLD PROJECT, PHILIPPINES
November 24 2014 - 6:36AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
ACQUISITION OF TIGER SHARES INCREASES ECR's EXPOSURE TO
ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 24 NOVEMBER 2014 - ECR Minerals plc is pleased to
announce that it has purchased 358,000 common shares of Tiger
International Resources, Inc. ("Tiger") for consideration of C$0.20
per share. Tiger shares are listed on Canada's TSX Venture Exchange
with the symbol TGR. ECR now holds approximately 3.67% of Tiger's
issued share capital. ECR's fully diluted interest in Tiger is also
3.67%, as Tiger currently has no share options, warrants or
comparable instruments in issue.
Tiger is the parent company of Cordillera Tiger Gold Resources,
Inc. ("Cordillera Tiger"), a Philippine corporation which holds the
exploration permit comprising the Itogon gold project in Benguet
Province, Philippines. ECR has the right to earn a 50% interest in
the Itogon project pursuant to an earn-in and joint venture
agreement (the "Agreement") entered into in April 2013 between the
Company, Tiger and Cordillera Tiger. Under the Agreement, ECR is
currently the operator of the Itogon project, through Cordillera
Tiger. Previous announcements of the Company disclose material
results of exploration obtained from the project since the date of
the Agreement.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"In view of the promising results from our exploration at Itogon
to date, we are pleased to have secured additional exposure to the
project via a shareholding in Tiger. Exploration at Itogon and the
SLM gold project in Argentina remain ECR's highest priority
activities, although we continue to review potential new investment
opportunities on a very selective basis."
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 on the island
of Luzon in the north of the Philippines.
ECR has a 100% interest in the Sierra de las Minas 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 holds a substantial minority stake in THEMAC Resources Group
Ltd (TSX-V: MAC), which is focused on the development of the Copper
Flat copper-molybdenum-gold-silver porphyry project in New Mexico,
USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director &
Chief Executive Officer
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
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.
This information is provided by Business Wire
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