21st Mar 2011 07:00
| ECR MINERALS plc |
| ("ECR Minerals", "ECR" or the "Company") |
| AIM: ECR |
| US OTC: MTGDY |
FINAL ACCEPTANCE RECEIVED BY THEMAC RESOURCES FOR ACQUISITION OF COPPER FLAT OPTION FROM ECR
London: 21 March 2011 - ECR Minerals plc is pleased to announce that further to its announcement of 9 March 2011, THEMAC Resources Group Ltd ("THEMAC") has received final acceptance from the TSX Venture Exchange for its acquisition of the Company's option over the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA and for related transactions.
Accordingly, the 14.5 million shares and 14.5 million warrants of THEMAC issued in the name of ECR on 4 March 2011 will be released from escrow. ECR's holding is equivalent to approximately 19.5% of THEMAC's issued shares (22% fully diluted).
Effective 18 March 2011, THEMAC has graduated from the NEX board to Tier 2 of the TSX Venture Exchange under the symbol MAC.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
"The sale of the Copper Flat option to THEMAC demonstrates the capacity of ECR's strategy to create value. Our holding in THEMAC puts a major asset on the Company's balance sheet and maintains ECR shareholders' exposure to potential upside from the Copper Flat project without any requirement to contribute to development costs."
About ECR Minerals
ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.
For further information please contact:
| ECR Minerals plc | ||||
| Michael Silver, Chairman | Tel: +44 (0)20 7929 1010 | |||
| Patrick Harford, Managing Director | ||||
| Stephen Clayson, Chief Financial Officer | ||||
| Email: [email protected] | ||||
| Website: www.ecrminerals.com | ||||
| Daniel Stewart & Company plc | ||||
| Oliver Rigby/Tessa Smith | Tel: +44 (0)20 7776 6550 | |||
| Old Park Lane Capital plc | ||||
| Forbes Cutler | Tel: +44 (0)20 7518 2603 | |||
| Blythe Weigh Communications | ||||
| Ana Ribeiro | Tel: +44 (0)20 7138 3204 | |||
| Barry Kaplan Associates | ||||
| Larry Kaplan | Tel: +1 732 747 0702 | |||
Copyright Business Wire 2011
Related Shares:
ECR Minerals