Funds From Sale of Bailieston Property Now Received

9 May 2023 07:04

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Funds From Sale of Bailieston Property Now Received

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that further to the announcement of 17 February 2023, the sale of the Company’s ‘Bailieston’ property located at 127 Nagambie-Rushworth Road within the Company’s 100% owned Bailieston license area has now completed, and the Company has now received the settlement balance of A$603,000 (a balance of A$67,000 was received in February 2023).

Highlights:

Cash sale price of A$670,000 (approximately £360k) agreed for the Nagambie-Rushworth Road property. Final balance of A$603,000 now in the Company bank account and will be used to further explore the Company’s Queensland tenements specifically the Lolworth Project (Gold, Lithium/Tantalum/Niobium) and Hurricane (Gold/Antimony). ECR is now fully funded for all scheduled exploration activities in 2023. Transaction marks the second disposal from selected non-core assets as outlined in the announcement of July 6th 2022.

CEO Andrew Haythorpe commented: “I am pleased to announce the completion of the second in a series of planned disposals of non-core assets as outlined in our strategic plan last July. The funds from the Bailieston property sale will bolster our cash position and ensure we are fully funded to complete our scheduled activities at the Lolworth and Hurricane projects in Queensland this year.”

“Discussions over further asset disposals are continuing and I look forward to providing further updates in due course.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc		Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman Andrew Haythorpe, CEO
Email: info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd		Tel: +44 (0) 207 220 1666
Nominated Adviser Katy Mitchell / Andrew de Andrade
SI Capital Ltd		Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited		Tel: +44 (0) 20 7399 9425
Broker Jon Belliss
Brand Communications		Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, Australia.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230508005841/en/

Copyright Business Wire 2023