RNS OUT3 Aug 2018 08:31
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https://www.investegate.co.uk/ecr-minerals-plc--ecr-/bus/option-agreement---iceberg-gold-project-weste---/20180803070000Z2732/
ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to announce the signing of an agreement with Pacific Trends Resources Pty Limited, securing an option over the Iceberg Gold Project in Western Australia.
Highlights:
The Iceberg Gold Project comprises 3 tenements under application totalling 137km² of ground immediately along strike and adjacent to the Tropicana gold mine (circa 8m ounces of gold mineral resource estimate) operated by AngloGold Ashanti and Independence Group under Joint Venture;
The Iceberg Gold Project represents a portfolio of ground lying within a Proterozoic belt and within the Plumridge terrane that hosts the Tropicana deposit;
Proterozoic belts are host to known significant deposits of gold, copper, nickel and uranium;
Option fee payable of £25,000 securing 60 day option period and comprising £10,000 cash which is payable immediately and £15,000 through the immediate issue of 1.5m new ordinary shares in ECR Minerals at a deemed price of 1.0p per share (the “Option Shares”):
Should ECR wish to exercise the option it may acquire a 100% interest in the Iceberg Gold Project through a further payment of £225,000 satisfied by way of the issue of 22.5m new ordinary shares in ECR Minerals (at the same deemed price of 1.0p per share);
In the event that ECR or a member of it’s group develops the Iceberg Gold Project and enters into production, a further payment to the vendors, Pacific Trends Resources Pty Limited, will be payable through the issue of a further 30,000,000 new ordinary shares in ECR Minerals (at the deemed price of 1p per share);
ECR Minerals will produce a further information update for shareholders in respect of this Iceberg Gold Project in due course, along with updates as its due diligence work progresses.
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