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Ecr Minerals Share Price - ECR

Share Name Share Symbol Market Type Share ISIN Share Description
Ecr Minerals LSE:ECR London Ordinary Share GB00B0P4LQ95 ORD 0.001P
  Price Change Price Change % Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.00 -3.06% 0.02 0.02 0.03 0.03 0.02 0.02 43,403,809 16:02:50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) RN NRN
Mining 0.0 -7.5 -0.5 - 1.29

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Date Time Title Posts
27/11/201513:33ECR Minerals plc9,031
10/12/201415:41TipTV: ECR Minerals - 2nd Higher Dec low leading to....-
21/7/201410:45NEWS DUE81
08/12/201313:46News week6
29/11/201310:08Low Cash Cost and High Return2

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mrkeysersoze: RNS Number : 0576GMetal Tiger PLC18 November 2015 METAL TIGER PLC18 November 2015 ?Metal Tiger plc("Metal Tiger" or the "Company")Investment in ECR Minerals Metal Tiger (LON:MTR), the natural resources investing company is pleased to announce the Company's Direct Equities division has entered into a subscription agreement to acquire £100,000 of equity in ECR Minerals (LON:ECR), with attaching warrants.Readers are advised to review the announcement released by ECR in respect of this transaction, which can be viewed at www.ecrminerals.com.Highlights· Metal Tiger to invest £100,000 to acquire 500,000,000 new ordinary shares via a subscription in ECR Minerals plc at a price per ordinary share of 0.02p; · Metal Tiger will receive one share warrant with each new ordinary share acquired for a total of 500,000,000 warrants with an exercise price of 0.04p and a 3 year term from admission of the subscription stock; · In the event that ECR announces a total mineral resource estimate at their Danglay gold project in the Philippines exceeding 500,000 of gold equivalent, the exercise price of any unexercised warrants will increase to 0.06p per ordinary share. Cameron Parry, CEO of Metal Tiger commented: "We are please to announce a further Direct Equity transaction with this investment into ECR Minerals plc. Metal Tiger's Direct Equity division is focused on the identification of, and investment in, significantly undervalued listed natural resource companies.The currently challenging conditions in the natural resource sector have provided an extensive choice of investment opportunities for companies such as Metal Tiger, who have the working capital to take positions at what increasingly looks like a bottoming phase for the sector. In this case we feel the recent decline in share price of ECR and commensurate low valuation, combined with the upcoming potential news flow with regard to company operations, makes our investment a highly attractive opportunity.Furthermore, with the inclusion of warrants Metal Tiger and its shareholders have enhanced upside potential from any rise in the underlying share price.We look forward to further progress announcements from ECR Minerals over the coming weeks and months." ECR Minerals plc reported net assets at 31 March 2015 amounted to £4,515,381 and in the year ended 30 September 2014 ECR reported a net loss of £1,746,397.Mr K.
christianf12: 0.33p nearly here, oh dear Equity Elements YA has subscribed for 75,757,575 Ordinary Shares at a price of 0.66p per share, raising GBP 500,000 before costs. In addition, ECR has entered into the Equity Swap with YA in respect of the same number of Ordinary Shares. The period of the Equity Swap is approximately 12 months. The Equity Swap provides for monthly payments to either the Company or YA depending on the performance of the ECR share price in relation to the Benchmark Price of 0.66p. It also entails GBP 250,000 of the Subscription proceeds being placed into escrow and envisages this amount being released back to ECR in 12 equal monthly instalments (each a "Monthly Instalment"). In a given month, the figure that is 90% of the average of the lowest ten daily volume weighted average prices for ECR shares on AIM shall be deemed to be the market price of the shares (the "Market Price") for the purposes of the Equity Swap. If the Market Price for a given month is greater than the Benchmark Price, then in respect of a certain number of shares (the "Applicable Share Amount"), YA will pay to the Company a proportion of the difference between the Market Price and the Benchmark Price. If the Market Price exceeds 2p, this proportion will be increased. Any such amount would be received by ECR in addition to the relevant Monthly Instalment, and there is no upper limit on the additional amount that may be received by the Company pursuant to the Equity Swap. If the Market Price for a given month is less than the Benchmark Price, then in respect of the Applicable Share Amount, ECR will pay to YA the difference between the Market Price and the Benchmark Price. In practice any such payment would be satisfied first by deduction from the relevant Monthly Instalment, however if the Market Price were less than half the Benchmark Price, the amount due to YA would exceed the relevant Monthly Instalment. ECR would therefore not receive the Monthly Instalment and would be required to make a payment to YA.
whereareallthemugpuntersyachts: Wonder what the FCA would make of this situation ? Just over a year ago Fairdeal2008 was ramping ECR on advfn at 2p saying it would go to 7p (it is now 0.13p) Fairdeal2008 is Paul Johnson who is on the Board of ECR. Paul Johnson recently bought ECR shares at 0.7p and now months later it is trading at 0.13p Mining Maven a ramping website run by Paul Johnson has been actively promoting ECR Now we have anonymous avatars claiming to have spoken to Paul Johnson and received his blessing to publish on Bulletin Boards a load of tittle-tattle in order one guesses to ramp up the ECR share price ? What a low quality stock run by low quality promoters. Hope no low quality mug punters fall for all this low quality b.s.
manics: UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2011 AND UPDATE ECR Minerals plc is pleased to provide its unaudited interim results for the six months to 31 March 2011 along with the following update on its activities. HIGHLIGHTS Group surplus of £7,635,746 attributable to shareholders, comprising £4,034,199 of realised profit and £3,616,042 of revaluation gains, net of tax Net assets increased by 442% to £14,395,701 compared with 31 March 2010 Sale of option over Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA to THEMAC Resources Group completed ECR's holding of THEMAC shares and warrants valued at £12,376,066 as at 31 March 2011, using a share price of C$0.74; the closing price on 28 June 2011 was C$1.00 High grade results obtained from initial surface geochemical sampling programme at El Abra gold prospect in Argentina A$650,000 worth of Reed Resources shares due to be received by ECR via Mercator Gold Australia, management control of which is expected to return to the Company in July 2011 FINANCIAL RESULTS The Company as consolidated with its subsidiaries (the "Group") has recorded a surplus for the period of £7,436,715, net of tax. This surplus compares with a deficit of £2,291,840 for the six months ended 31 March 2010 and is composed of £3,834,241 of realised profit, £3,616,043 of revaluation gains and £13,569 of exchange translation adjustment. The surplus has arisen almost entirely from the successful sale of ECR's option over the Copper Flat project in New Mexico, USA to THEMAC Resources Group Ltd ("THEMAC"), which not only delivered to the Company 10.5 million shares and 10.5 million warrants of THEMAC by way of consideration, but also triggered the conversion of 4 million subscription receipts of THEMAC held by the Company to a further 4 million shares and 4 million warrants. The subscription receipts were acquired by ECR in May 2010 for consideration of C$0.15 per subscription receipt, or a total of C$600,000. The closing price of THEMAC shares on the TSX Venture Exchange on 28 June 2011 was C$1.00. The aggregate effect of the Copper Flat transaction, which completed on 4 March 2011, has enabled ECR to record an increase in its net assets of 442% to £14,395,701 as at 31 March 2011 (as compared with £3,257,306 as at 31 March 2010). As at the date of completion, the effective consideration received by ECR for the sale of its option over the Copper Flat project totalled some £10,359,061, a figure which includes US$5,271,076 of costs paid by THEMAC on ECR's behalf between the date in March 2010 on which initial terms of the transaction were agreed and the date of completion. This translates to an accounting profit for the transaction itself of £6,025,645. The Company has also recorded a revaluation gain of £4,853,935 pre-tax in respect of the increase in the value of its holding of THEMAC shares and warrants between 4 March and 31 March 2011 and in respect of the gain arising at 4 March 2011 on the difference between the value of the shares and warrants issued on conversion of the Company's THEMAC subscription receipts and the cost of the subscription receipts. As at 31 March 2011, ECR's holding of THEMAC shares and warrants was valued at a total of £12,376,066, a figure which would be substantially higher on the basis of THEMAC's share price at the time of writing. Of the Company's holding, some 4 million shares and 4 million shorter dated warrants are freely tradeable, with the remainder of the securities subject to a 4-month hold period imposed by the TSX Venture Exchange. This period will expire on 5 July 2011, from which date all THEMAC securities held by the Company will be freely tradeable. ECR currently holds 14.35 million shares and 14.35 million warrants of THEMAC. ECR's shareholding is equivalent to approximately 19.3% of THEMAC's issued shares, and combined with the Company's warrants gives a 21.3% fully diluted interest. THEMAC presently has a market capitalization of approximately C$74 million. All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. THEMAC RESOURCES GROUP LTD (TSXV: MAC) THEMAC through its wholly owned subsidiary New Mexico Copper Corporation ("NMCC") now holds a 100% ownership interest in the Copper Flat project. Since completing its acquisition of ECR's option, THEMAC has made the final US$7 million payment required to exercise the option and has also made a US$1 million payment towards the acquisition of water rights necessary for the proposed future operation of Copper Flat as a mine. Development of the Copper Flat Project THEMAC completed a preliminary economic assessment ("PEA") for the Copper Flat project in June 2010, and in June 2011 announced that it intends to award a contract to an independent engineering firm for the completion of a prefeasibility study on the project. Completion of the prefeasibility study is expected towards the end of 2011, and it is expected that Copper Flat will enter production in late 2014 or 2015. On June 21 2011 THEMAC commenced an 18,000m core and reverse circulation (RC) drilling programme at Copper Flat. This programme will consist of infill and step-out holes and aims to achieve an upgrade of the current Copper Flat NI43-101 resource to higher categories along with a more precise definition of the ore body, and will also provide geotechnical data and samples for metallurgical test work. A number of drill holes will be targeted to test anomalies outlined by a major geophysical programme carried out at Copper Flat earlier in the year, offering the prospect of the discovery of additional mineralisation and increased total mineral resources at Copper Flat in the future. Management of THEMAC Resources THEMAC has succeeded in assembling a highly credible management team for the development of the Copper Flat project. THEMAC's Chairman and largest shareholder is Kevin Maloney, founder of The MAC Services Group Ltd, a leading Australian provider of remote area mining accommodation and services which was recently acquired by Oil States International Inc. for in excess of US$600 million cash; Barrett Sleeman, CEO and Director is an experienced mining engineer; and John Cook, Director has extensive mining sector financial experience. THEMAC has appointed two independent directors: Joel Schneyer, currently a Managing Director at Headwaters MB, a US investment bank focused on the mining industry; and Ken Pickering, who formerly held the role of Vice President of Major Projects, Closed Mines and North American Assets for BHP Billiton Base Metals. At the project level, THEMAC has appointed W. Ferol Baker, who was most recently employed as Mine Manager at the Franke Mine in Chile operated by QuadraFNX Mining Ltd, as General Manager of NMCC; Ann Carpenter, who has over 30 years of international mineral development experience, including as President and COO of US Gold Corporation, as Project Director; and Mike Anglin, who has held numerous senior roles with BHP Billiton, as Executive Adviser to THEMAC and NMCC. ARGENTINA - OUTSTANDING RESULTS FROM SAMPLING AT EL ABRA In May 2011 ECR announced the results of an initial geochemical sampling programme completed at its 100%-owned El Abra gold prospect in La Rioja Province, Argentina during the first quarter of the calendar year. A total of 900m of outcropping gold-bearing quartz veins have been identified at the El Abra prospect to date, and sampling of the veins and the mineralised selvage (vein margins) returned numerous high grades including 80.78 g/t Au, 44.98 g/t Au and 39.74 g/t Au. High gold grades (greater than 5 g/t Au) are distributed broadly across the known veins, and the combination of veins and margins has historically been worked to widths of several metres in some areas of the prospect. ECR acquired 100% ownership of El Abra, which forms part of the Company's Sierra de las Minas project area, in January 2011 for consideration of US$60,000 plus a 2% net smelter return royalty. The purchase of El Abra built on the acquisition of the Sierra de las Minas and Los Aquirres gold projects, which was announced in October 2010. The Sierra de las Minas project area covers approximately 75,000 hectares of La Rioja Province, with numerous historic small scale gold mining areas and other known gold and base metal occurrences. Access to the main prospects within the Sierra de las Minas project area, including El Abra, is considered good. The Los Aquirres project area is largely unexplored and extends over approximately 5,000 hectares some 50km due north and along strike from Sierra de las Minas. La Rioja Province is located in the northern central part of Argentina approximately 800km northwest of Buenos Aires. Further Work at El Abra The Company proposes a programme of ground based geophysics followed, if warranted, by drilling in order to evaluate the continuity to depth of the high grade mineralisation identified on surface. It is anticipated that the geophysical programme will be initiated before the end of August. Further mapping and geochemical sampling at El Abra and within the wider Sierra de las Minas project area is also planned. ECR's primary exploration objective for the Sierra de las Minas project area is to identify one or more high grade, small tonnage gold deposits that may be suitable for development to production within a relatively short timescale, and El Abra is judged to be a promising prospect of this type. The Company is additionally evaluating the prospectivity of the Sierra de las Minas project area for copper porphyry mineralisation. PANIAI GOLD - SALE OF DEREWO RIVER PROJECT TO WEST WITS MINING IN PROGRESS A sale of the interest held by Paniai Gold Ltd ("Paniai") in the Derewo River gold project in Papua, Indonesia to West Wits Mining Ltd ("West Wits") was agreed in February 2011, and since that time steady progress has been made towards the completion of this transaction. ECR holds 16% of Paniai's issued shares, and may seek to increase its shareholding in future via the conversion of an outstanding loan to Paniai into shares. Paniai was formed to advance the Derewo River project in joint venture with a local partner. The project comprises a granted 40 hectare mining licence, an application for a further mining licence of 491 hectares, and exploration licence applications extending over around 129,000 hectares. The Derewo River has been the site of significant small scale gold mining and the objectives of the joint venture are to establish a modern alluvial mining operation and to explore a wider area for new gold and copper-gold deposits. As a result of the transaction with West Wits, which is listed on the ASX with the ticker WWI, Paniai and its shareholders are expected to become West Wits' largest shareholder bloc. Consequently ECR will retain a significant interest in the Derewo River project, which it identified in 2008 before orchestrating a transaction to place the project with Paniai. As part of this process ECR sourced highly experienced management for Paniai and facilitated the raising of more than A$700,000 of seed financing from investors in Australia. ACS ASIA ACS Asia, the Thai steel products business in which ECR holds a 70% interest, recorded a gross profit of £437,340 for the period under review compared with £874,058 for the six months ended 31 March 2010, which reflects testing trading conditions encountered by the business during 2010 and the early part of 2011. Turnover for the six months ended 31 March 2011 was £2,019,477 versus £3,163,130 for the same period ending in 2010. However trading conditions for ACS are improving and a better second half to the financial year is expected, in part thanks to a number of significant export orders secured in recent months. WARM SPRINGS RENEWABLE ENERGY CORPORATION Warm Springs Renewable Energy Corporation ("WSREC"), in which ECR currently has a 90% interest, is operating at a reduced level of activity while the impact of recent changes in the state government of New Mexico and developments in the US renewable power sector are evaluated. WSREC's objective is the development of a new solar power plant in the vicinity of the Copper Flat project in New Mexico. Its activities are managed by Remote Energy Solutions LLC, a renewable energy consultancy with numerous clients in the US mineral sector. Work towards permitting of a number of sites in the vicinity of Copper Flat for solar development has laid the groundwork to exploit future opportunities, which may begin to crystallise as the time at which the Copper Flat project is expected to enter production and become a significant new consumer of electricity in the area draws nearer. In the meantime WSREC remains on the alert with respect to opportunities to supply local utilities. MERCATOR GOLD AUSTRALIA - A$650,000 SHARES SECURED FROM REED RESOURCES TRANSACTION Completion of the acquisition of the Meekatharra gold project in Western Australia held by ECR's 100% subsidiary Mercator Gold Australia Pty Ltd ("MGA"), in administration since 2008, by Reed Resources Ltd (ASX: RDR) ("Reed") is expected to occur on 30 June 2011. Shortly after completion ECR expects to resume management control of MGA, based on the approval recently secured from MGA's creditors for a revised Deed of Company Arrangement ("DOCA"). MGA will be left with A$650,000 worth of Reed Resources shares under the terms of the revised DOCA. The benefit of these shares, which form part of the consideration being paid by Reed Resources for the Meekatharra gold project, will accrue to ECR as MGA's sole shareholder. The remainder of the consideration will be applied by the administrators of MGA to repay MGA's single secured creditor, to pay any outstanding employee entitlements, towards the administrators' own costs, and to partially repay unsecured creditors of MGA with the exception of ECR. In order to secure creditors' approval for the revised DOCA providing for the sale of the Meekatharra project to Reed Resources, ECR elected to waive any further share in the proceeds of the sale in exchange for certainty as to the receipt, subject to the completion of the sale, of A$650,000 worth of Reed Resources shares. This was judged to be the most prudent course of action in the circumstances, and the impending completion of the sale will bring to a close the chapter in the Company's history represented by the Meekatharra project. MGA will however retain in the region of A$100 million of tax losses, which are expected to be of substantial value in future. OUTLOOK I am delighted to be reporting to shareholders a substantial surplus for the period, and I expect that the magnitude of gain generated by the Copper Flat transaction will be the first of many such gains for the Company. ECR's business model of locating undervalued assets and structuring transactions to place them in preferred corporate vehicles for capital raising has now been strongly validated, and we continue to cast our net widely in order to locate other attractive assets, as well as working diligently to advance our existing portfolio. Patrick Harford Managing Director
dontshootthemessenger: I guess that is why ECR share price is crashing. People are waking up to the fact that ECR could be left with no real assets and just be a 'shell' with massive liabilities. Muppet Maven / Fairdeal2008 makes another huge error of judgement.
mrkeysersoze: Sleveen, Not quite sure how you arrive at... "At interims the current liabilities were £970k v current assets of £500k." Please see below. Mr K. FINANCIAL RESULTS For the six months ended 31 March 2015 the financial statements of the Company as consolidated with its subsidiaries (the "Group") record a total comprehensive expense of GBP896,320, the largest component of which is other administrative expenses of GBP629,183, which relate primarily to the operation of the Company's projects. The Group reported a total comprehensive expense of GBP986,553 for the six months ended 31 March 2014. During the period, ECR disposed of its entire holding of common shares in THEMAC Resources Group Ltd ("THEMAC") for proceeds of GBP54,286. This disposal was motivated by the Directors' view of the prospects of THEMAC and its Copper Flat project given the prevailing copper price and the generally adverse financial environment for companies in the mineral sector. The Group's net assets were GBP4,515,381 at 31 March 2015 compared with GBP5,282,905 at 31 March 2014, reflecting the reduction in available-for-sale financial assets and other financial assets following the disposal of the Company's interest in THEMAC, as well as a lower figure for cash and cash equivalents of GBP302,754, versus GBP599,431 at 31 March 2014. Exploration assets at 31 March 2015 were GBP1,766,779, versus GBP1,032,276 at 31 March 2014, reflecting the investments made in the Company's projects. With the release of Mercator Gold Australia Pty Ltd ("MGA") from external administration in December 2014, MGA has become, in accounting terms, a subsidiary of the Company once again, having been excluded from the Group since MGA became subject to external administration in October 2008. A discussion of the accounting implications of this development is provided in note 2 below. http://uk.advfn.com/stock-market/london/ecr-minerals-ECR/share-news/ECR-Minerals-plc-Half-yearly-Report/67502534
swrxf06: Date : 29/04/2014 @ 12:10 Source : UK Regulatory (RNS & others) Stock : Ecr Minerals (ECR) Quote : 0.215 0.0 (0.00%) @ 11:56 HOME » LSE » LSE » Ecr Minerals share price ECR Minerals plc INITIAL DRILLING COMPLETED AT ITOGON GOLD-SILVER PROJECT, PHILIPPINES Print Alert TIDMECR ECR MINERALS plc ("ECR Minerals", "ECR" or the "Company") AIM: ECR US OTC: MTGDY INITIAL DRILLING COMPLETED AT ITOGON GOLD-SILVER PROJECT, PHILIPPINES LONDON: 29 APRIL 2014 - ECR Minerals plc is pleased to announce that further to its announcements of 2 and 14 April 2014, the initial phase of reverse circulation (RC) drilling at the Itogon gold-silver project was completed on 28 April 2014. Assay results from this phase of drilling are expected to be available by the end of May 2014, along with assay results from underground sampling within an extensive exploration tunnel developed by a former operator of the project and referred to in previous announcements. Assay results from surface channel sampling at Itogon are expected to be available in early May 2014. All samples obtained from the Itogon project by ECR, including those from the RC drilling, will be analysed by an accredited independent laboratory. Stephen Clayson, Chief Executive Officer of ECR, commented: "The initial phase of drilling at the Itogon project has been completed smoothly and we look forward to receiving the assay results, along with those from the other exploration programmes referred to above. Accordingly, ECR's operations at Itogon will soon start to bear fruit in terms of significant data, which will provide important indications as to whether the potential of the project is as substantial as we currently believe."
mrkeysersoze: I share the same view as MTR, unfortunately I had to pay a 30% premium last week to the placing price of 0.02p"In this case we feel the recent decline in share price of ECR and commensurate low valuation, combined with the upcoming potential news flow with regard to company operations, makes our investment a highly attractive opportunity."Mr K.
bam bam rubble: The involvement of Stephen Clayson, who wrote puff pieces to promote the shares while a teenager and the installing of Mr MiningMaven as a figurehead gave away that ECR is just a stock promotion scheme. ECR Scents Gold in WA, by Stephen Clayson (aged 19), Aug 2005 MD Patrick Harford calls the company's new Annean project "a very high quality asset" with real promise. ECR also has a technological advantage in a computer programme that attempts to predict successful drill sites and high grade zones. After listing on AIM last year at just over 80p, it has since fallen below 60p. If it announces an initial resource it will likely recover and any delineation of more resources could see further share price appreciation with a possibility of a buyout in the far distance. Ergo, investors should be taking a look at ECR. m.resourceinvestor.com/2005/08/30/mercator-scents-new-gold-in-western-australia London's No.1 Gold Play? by Stephen Clayson, Mar 2006 ECR expects to be producing in a year's time yet at 75p its share price nowhere near reflects its potential - making now the time when investors could position themselves to make a killing. The acquisition in WA turned Mercator from a good investment proposition into an ASTOUNDINGLY GOOD one. It's now targeting a five million ounce resource and the use of mine modelling software should boost that return to shareholders. Additional plus's are it needs absolutely no debt to fund a move to production, there are no metallurgical issues, local infrastructure is top class, and risks are minimal. With the timetable to be producing at an annual rate of 150,000 oz by year end, the cash flow that could accrue to the company will be substantial. Investors should be falling over themselves in a rush to get a slice of the pie. hxxp://www.resourceinvestor.com/2006/03/17/londons-no-1-gold-play Sep 2010: ECR appoints tipster Stephen Clayson (24) as Chief Financial Officer. Stephen has been extensively involved in the Company's affairs for some years and already plays a central role in the management of its operations. http://uk.advfn.com/news/UKREG/2010/article/44601618 Apr 2011: ECR announces that tipster Stephen Clayson will now act as the CEO. http://uk.advfn.com/news/UKREG/2011/article/47148956 May 2012: ECR announces yet another tipster has joined the BoD, Paul Johnson. http://uk.advfn.com/news/UKREG/2012/article/52314969
swrxf06: ECR Minerals plc Renewal of Exploration Permit for Itogon Gold-Silver Project Date : 22/11/2013 @ 08:51 Source : UK Regulatory (RNS & others) Stock : Ecr Minerals (ECR) Quote : 0.635 0.02 (3.25%) @ 08:39 HOME » LSE » LSE » Ecr Minerals share price ECR Minerals plc Renewal of Exploration Permit for Itogon Gold-Silver Project Share On Facebook PrintAlert TIDMECR ECR MINERALS plc ("ECR Minerals", "ECR" or the "Company") AIM: ECRUS OTC: MTGDY RENEWAL OF EXPLORATION PERMIT FOR ITOGON GOLD-SILVER PROJECT LONDON: 22 NOVEMBER 2013 ECR Minerals plc is pleased to announce that the exploration permit (the "EP") pertaining to the Itogon gold-silver project in the Philippines held by Cordillera Tiger Gold Resources Inc. ("Cordillera Tiger") has been renewed for a period of two years from 1 October 2013. ECR has the right to earn a 50% interest in the Itogon project. Although the EP renewal has been issued dated 1 October 2013, due to Philippine government procedures the renewal was not received by Cordillera Tiger until 21 November 2013. The EP renewal has been issued subject to the submission by Cordillera Tiger of certain documents to the Philippine Mines & Geosciences Bureau within 15 days of the date the renewal was received. These documents relate primarily to the compliance of Cordillera Tiger with its obligations under the first two year term of the EP from 15 February 2011, and to Cordillera Tiger's financial capability. Submission of all required documents by Cordillera Tiger will satisfy the only remaining condition for the commencement of ECR's earn-in to the Itogon project. A further announcement will be made when this has occurred. Stephen Clayson, Chief Executive Officer of ECR, commented: "After what has seemed like a long wait I am pleased to report that ECR will shortly be able to commence its earn-in to this very promising gold project in the Philippines. The renewed EP is valid for two years from 1 October 2013 and is renewable again for up to two further two year terms following the expiry of the present term in 2015. The renewal of the EP allows work to commence on the ground at Itogon, and we will in due course release details of the activities planned."

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