ECR Minerals PLC Further re the sale of Non-Core Assets (7305Z)

TIDMECR

RNS Number : 7305Z

ECR Minerals PLC

15 January 2024

ECR MINERALS plc

("ECR Minerals" or the "Company")

Further to the Sale of Non-Core Assets

ECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that further to its announcement of December 18 2023 re the sale of non-core assets (see RNS here ), ECR's Australian subsidiary Mercator Gold Australia Pty Limited ("Mercator") has today received the first payment of A$53,000 (excluding GST) relating to the hire purchase sale agreement with a mining operations company for its Coretech Drilling Rig.

The total sale consideration for the Coretech Drilling Rig is A$350,000. A further A$33,000 is due every month for nine months until title in the asset transfers. The full payment obligations under the agreement are guaranteed by a related company to the purchaser.

Additional Disposals

ECR continues to push ahead with plans to sell its remaining non-core assets including 20 acres of land at Springmount in Victoria. Further updates will be provided as appropriate.

The monies raised from these sales will be utilised to progress work on the Company's portfolio.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
ECR Minerals plc                       Tel: [phone] 
David Tang, Non-Executive Chairman 
 Nick Tulloch, Managing Director 
 Andrew Scott, Director 
Email: 
 [e-mail] 
Website: www.ecrminerals.com 
 
WH Ireland Ltd                         Tel: [phone] 
Nominated Adviser 
 Katy Mitchell / Andrew de Andrade 
 
SI Capital Ltd                         Tel: [phone] 
Broker 
Nick Emerson 
 
Novum Securities Limited               Tel: [phone] 
Broker 
 Jon Belliss 
 
Brand Communications                   Tel: [phone] 
Public & Investor Relations 
Alan Green 
 
 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR's wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX") which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

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January 15, 2024 07:46 ET (12:46 GMT)