27th Mar 2012 08:00
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
DIRECTORATE CHANGE & STRATEGY UPDATE
London: 27 March 2012 - ECR Minerals plc announces that Patrick Harford, Managing Director of the Company, has tendered, and the board of the Company ("the Board") has accepted, his resignation as Managing Director of ECR effective immediately.
The Board would like to thank Mr Harford for his contribution as a director since 2004, and wish him well in his future endeavours.
Mr Harford will be available to ECR on a consultancy basis until the end of April and possibly on a continuing basis thereafter, and is presently in Argentina supervising the Company's current drilling programme.
Following this change the Board intends to conduct a substantial overhaul of the Company's operational management.
With respect to the mineral projects in which ECR holds interests, the Copper Flat project in New Mexico, USA is owned and managed by THEMAC Resources Group Ltd (TSX-V: MAC), which has assembled a highly professional management team and which continues to fund the permitting of the proposed mine.
Similarly, the Derewo River gold project in Papua, Indonesia is being managed and funded by West Wits Mining Ltd (ASX: WWI) under the tutelage of Trevor Neale, a highly qualified professional geologist and experienced mine operator.
ECR's Sierra de las Minas gold project in La Rioja Province, Argentina will continue under the supervision of Patrick Harford as a consultant to the Company until the results of the current drilling programme have been received, which will allow an assessment of the project's future.
ACS Asia, the Thai metal products business in which ECR holds a 70% interest, is not considered to be a core operation for the Company and will be prepared for a trade sale.
As a result of this reorganisation ECR will be in a position to immediately reduce its general and administrative costs. A substantial saving will be made in respect of the former Managing Director's salary and expenses, and the Executive Chairman of the Company has agreed to reduce his salary to £50,000 per annum. Additionally other employees have agreed to reduce their salaries by substantial amounts.
Further plans include the sourcing of a highly qualified geologist able to find and evaluate other projects that will fit ECR's strategy.
For further information please contact:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| Michael Silver, Executive Chairman | ||
| Stephen Clayson, Director & Chief Financial Officer | ||
| Luca Tenuta, Non-Executive Director | ||
| Email: [email protected] | ||
| Website: www.ecrminerals.com | ||
| Daniel Stewart & Company plc | Tel: +44 (0)20 7776 6550 | |
| Paul Shackleton/Tessa Smith/David Hart | ||
| Old Park Lane Capital plc | Tel: +44 (0)20 7493 8188 | |
| Michael Parnes | ||
| Blythe Weigh Communications | Tel: +44 (0)20 7138 3204 | |
| Matthew Neal/Tim Blythe/Paul Weigh | ||
| Barry Kaplan Associates | Tel: +1 732 747 0702 | |
| Larry Kaplan | ||
Copyright Business Wire 2012
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