3rd Oct 2011 07:41
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
UNCHIMÉ IRON ORE PROJECT UPDATE
London: 3 October 2011 - ECR Minerals plc is pleased to announce that it has secured, at no cost to ECR, a 60 day extension to the date by which the Company is required to make a US$1.3 million cash payment to the owners of the Unchimé iron ore project in Salta Province, Argentina in part consideration for the acquisition of an initial ownership interest in the project of 70%.
More time is required for ECR to complete appropriate due diligence on the Unchimé project and decide whether to proceed with the acquisition.
Core samples from the diamond drilling programme completed by the Company at Unchimé during September are being analysed, however this process has been delayed due to a worldwide backlog of samples at suitable laboratories. In addition ECR is continuing to implement a programme of metallurgical testwork on samples from Unchimé.
In order to acquire an initial 70% interest in the Unchimé project ECR is now required to make a payment to the owners of the project of US$1.3 million on or before 1 December 2011, followed by an additional payment of US$500,000 not more than 7 months from the date of the previous payment.
For further information on ECR's rights in respect of the Unchimé project please refer to the Company's announcement of 5 July 2011.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
"ECR is carrying out detailed due diligence on the Unchimé project in accordance with the substantial nature of the proposed acquisition. We are grateful to the present owners of the project for allowing us more time to do so."
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 Tel: +44 (0)20 7929 1010Michael Silver, ChairmanPatrick Harford, Managing DirectorStephen Clayson, Director & Chief Financial OfficerLuca Tenuta, Non-Executive Director
Email: [email protected]Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550Oliver Rigby/Tessa Smith
Old Park Lane Capital plcMichael Parnes Tel: +44 (0)20 7493 8188
Blythe Weigh CommunicationsAna Ribeiro Tel: +44 (0)20 7138 3204
Barry Kaplan AssociatesLarry Kaplan Tel: +1 732 747 0702
Copyright Business Wire 2011
Related Shares:
ECR Minerals