Ecuador Gold & Copper Corp. announces joint venture with Guangshou Group for up to 300 tpd gold mineral extraction at the China

    




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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: [phone]E-mail: [e-mail] 


    

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