ECR Minerals plc Mercator Gold Australia Pty Limited - Tax Update
May 14 2019 - 9:16AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Mercator Gold Australia Pty Limited - Tax Update
ECR Minerals plc (LON:ECR), the precious metals exploration and
development company, is pleased to provide an update in respect of
a Research and Development refund received under the R&D Tax
Incentive from the Department of Industry, Innovation and Science
of the Australian Government.
Highlights:
-- Mercator Gold Australia Pty Limited ("MGA") ECR's 100% owned
Australian subsidiary has received a cash Research and
Development
refund of A$318,971.73 (approximately GBP171,000);
-- The refund received relates to qualifying expenditure incurred by MGA
in the year ended 30 June 2018;
-- In addition, MGA is entitled to submit a further claim for the year
ended 30 June 2019 and based on current estimated qualifying
expenditure the amount of the claim for the period to date will
be
approximately A$370,000 (approximately GBP198,000) which the
Company
would expect to receive in around August 2019, although there
can be
no guarantee that this amount will be obtained;
-- Finally, included within the MGA Tax Return for the year ended 30 June
2018, MGA has carried forward corporate income tax losses of
A$66,203,862 (approximately GBP35.5million) in respect of
historical
losses which are available for carry forward.
Craig Brown, Chief Executive Officer commented: "I am pleased to
confirm the receipt of a significant cash refund by MGA our
Australian subsidiary. This incoming cash augments existing cash
resources and will applied toward the Company's active gold
exploration programmes in Australia.
A further refund claim will be made for the year ended 30 June
2019 and based on current qualifying expenditure, we anticipate a
claim of A$370,000 against which we would expect to receive cash
payment around August 2019, based on our current planned financial
accounts and tax reporting schedule although there can be no
guarantee that this amount will be obtained.
We are grateful for the immense support offered by the
Australian Government which we believe demonstrates the
attractiveness of Australia as a destination for investment in
exploration and development projects.
As a result of Government support, the Company's cash resources
are bolstered, enabling it to maintain a considerable and active
exploration programme."
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website:www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia Pty
Limited has 100% ownership of the Avoca, Bailieston, Creswick,
Moormbool and Timor gold exploration licences in central Victoria,
Australia and the Windidda Gold Project in the Yilgarn Region,
Western 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 Argentine subsidiary Ochre Mining has 100%
ownership of 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190514005685/en/
This information is provided by Business Wire
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May 14, 2019 10:16 ET (14:16 GMT)
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