26th Aug 2016 14:03
LONDON (Alliance News) - ECR Minerals PLC Friday said it has given notice to terminate its earn-in option in relation to the Danglay gold project in the Philippines, as the new government that took office in June has "not adopted a supportive stance towards the mining industry".
It said that, in light of this, it believes the termination of the earn-in option is appropriate.
ECR said that, to date, it has earned a 25% interest in the project. It entered into an earn-in and joint venture agreement in relation to the project with Tiger International Resources Inc in 2013.
As operator of the project, ECR implemented significant exploration programmes at Danglay in 2014 and 2015, leading to the announcement in 2015 of an initial inferred mineral resource and a promising target for further exploration.
Shares in ECR were down 7.7% at 0.00600 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ECR Minerals