Email Facebook Twitter

RNS EXCLUSIVE: Cabot praise 3D seismic mapping after successful winter programme

Alliance News

ECR Minerals Disputes Tiger Statement On Philippine Gold Project

Fri, 11th Nov 2016 13:29

LONDON (Alliance News) - ECR Minerals PLC on Friday disputed statements made by partner Tiger International Resources Inc regarding the Danglay gold project in the Philippines, saying it remains in compliance with the earn-in and joint venture agreement signed in April 2013.

In August, ECR terminated its earn-in option for the Danglay project, saying the new government in the Philippines has "not adopted a supportive stance towards the mining industry". ECR said that, to date, it has earned a 25% interest in the project.

On Thursday, Canada-listed Tiger said ECR had not complied with some provisions under the agreement between the two and so it will not acknowledge ECR's claim of equity in the project. It called on ECR to provide all necessary data supporting its claim over the equity.

Tiger itself has now stopped committing funds to the project, after Gina Lopez, the recently-appointed Secretary of Mining in the Philippines, said no new mines will be issued with exploration permits. Though the EP006 licence is a renewal, Tiger said it has no visibility when, or if, its permit will be renewed.

ECR said a number of the statements made by Tiger were "inaccurate" and said it was in full compliance with the agreement signed between the pair in 2013. It said it has provided over USD500,000 to cover the costs of the mine and, in doing so, earned a 25% equity interest in the project.

"ECR is seeking to cooperate with Tiger International in the interests of preserving the value of Cordillera Tiger and the Danglay gold project as far as reasonably possible," ECR said.

Shares in ECR were down 6.7% to 0.0042 pence on Friday.

By Sam Unsted;; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

Alliance News

Related Shares:

Back to Alliance News

Share Price, Share Chat, Stock Market news at
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.