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27 Jun 2012 12:47
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
POSITIVE DRILLING UPDATE FROM THEMAC RESOURCES
London: 27 June 2012 - ECR Minerals plc is pleased to draw attention to the news release made today by THEMAC Resources Group Ltd ("THEMAC") in relation to THEMAC's 100% owned Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
ECR owns approximately 19% of THEMAC's issued share capital and has a fully diluted interest in THEMAC of approximately 21%. THEMAC is listed on the TSX Venture Exchange with the code MAC.
Highlights
Assay results for the first seven holes of the 25 hole 2012 Copper Flat drilling programme released Best intersection 0.72% copper and 0.13 oz silver per ton over first 305 ft of hole CF12-07 and footprint of deposit expanded to the southwest by hole CF12-01 Copper Flat prefeasibility study (PFS) to be published during July and latest drilling results being incorporated into PFS reserve estimate Mine permitting process well advanced and environmental impact statement (EIS) targeted for completion in third quarter of 2013The highlights above have been derived from the release made by THEMAC and should be read and interpreted in conjunction with it. The full release can be viewed on THEMAC's website (www.themacresourcesgroup.com).
Patrick Harford, Managing Director of ECR Minerals plc, comments:
"THEMAC has reported substantial progress at Copper Flat on a number of fronts and the drilling results announced today are likely to have a positive impact on the project's resource base. It is particularly encouraging to note the extension of the deposit to the southwest and the higher than usual copper and silver grades encountered. We eagerly await the publication of the Copper Flat prefeasibility study next month."
ECR's Interest in THEMAC
ECR holds 14.35 million common shares and 14.35 million common share purchase warrants of THEMAC. 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.
About ECR Minerals plc
ECR is a mineral development company with 100% ownership of the Sierra de las Minas gold project in La Rioja Province, Argentina; a 21% fully diluted stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry deposit in New Mexico, USA to production; and stakes in West Wits Mining Ltd (ASX: WWI) and Paniai Gold Ltd (unquoted), both of which have interests in the Derewo River alluvial gold mining and exploration project in Papua, Indonesia.
For further information please contact:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| Patrick Harford, Managing Director | ||
| Stephen Clayson, Director & Chief Financial Officer | ||
| Email: info@ecrminerals.com | ||
| Website: www.ecrminerals.com | ||
| Daniel Stewart & Company plc | Tel: +44 (0)20 7776 6550 | |
| Paul Shackleton/Tessa Smith/David Hart | ||
Copyright Business Wire 2012
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