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; [email protected]; @SamUAtAlliance
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