24th Jun 2011 07:00
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
THEMAC RESOURCES ANNOUNCES COMMENCEMENT OF COPPER FLAT DRILLING PROGRAMME
London: 24 June 2011 - ECR Minerals plc is pleased to draw attention to the news release made yesterday by THEMAC Resources Group Ltd ("THEMAC"), stating that on 21 June 2011 THEMAC commenced an 18,000m core and reverse circulation (RC) drilling programme at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
Highlights
The drilling programme will consist of infill and step-out holes with the twin aims of achieving an upgrade of the current Copper Flat NI43-101 resource to higher resource categories and a more precise delineation of the orebody. The programme will also provide additional geotechnical data and samples for further metallurgical test work.
- Several drill holes will be targeted to test significant anomalies outlined by the major geophysical programme carried out at Copper Flat earlier this year. It is anticipated that a final interpretation of the geophysical results will be released when available.
- THEMAC in the near future intends to award a contract to an independent engineering firm for the completion of a prefeasibility study on the Copper Flat project.
Completion of the prefeasibility study is anticipated towards the end of 2011.
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com).
THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.
ECR's Interest in THEMAC
ECR currently holds 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR's holding is equivalent to approximately 19.3% of THEMAC's issued shares (21.3% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 22 June 2011 was C$0.85.
About ECR Minerals plc
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, Director | ||
| 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 | ||
| Michael Parnes | Tel: +44 (0)20 7493 8188 | |
| 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
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