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ECR Completes Due Diligence on Itogon Gold-Silv...
ECR Completes Due Diligence on Itogon Gold-Silv....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n ECR Completes Due Diligence on Itogon Gold-Silver Project, \n Philippines and Amendments to Terms of Proposed Redemption of \n Convertible Loan Notes\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)\n \n AIM: ECRUS OTC: MTGDY\n \n ECR COMPLETES DUE DILIGENCE ON ITOGON GOLD-SILVER PROJECT, PHILIPPINESandAMENDMENTS \n TO TERMS OF PROPOSED REDEMPTION OF CONVERTIBLE LOAN NOTES\n \n \n LONDON: 29 JULY 2013\n \n \n Completion of Due Diligence on Itogon Gold-Silver Project\n \n \n ECR Minerals plc announces that further to its news releases of 29 April \n 2013 and 25 June 2013 in relation to the Company’s earn-in and joint \n venture agreement (the “Agreement”) with Tiger International Resources \n Inc. (“Tiger”) and Tiger’s subsidiary Cordillera Tiger Gold Resources \n Inc. (“Cordillera Tiger”), ECR has completed its due diligence pursuant \n to the Agreement.\n \n \n On the basis of its due diligence ECR is pleased to confirm that it \n intends to proceed with the earn-in. In addition, Tiger has confirmed \n that the Agreement is exempt from TSX Venture Exchange approval. The \n only remaining condition for the commencement of the earn-in is now the \n receipt by Cordillera Tiger of absolute confirmation that the \n exploration permit pertaining to the Itogon project has been extended \n for a further two years (the “Extension”). It is currently expected that \n this confirmation will be received during August.\n \n \n The Agreement gives ECR the exclusive right and option to earn a 50% \n interest in Cordillera Tiger and thereby in the Itogon project (the \n “Earn-In Option”) by obtaining, for Cordillera Tiger, a mining licence \n in respect of the project within 5 years of the commencement of the \n earn-in and by making certain staged payments to Tiger. ECR will fund \n all expenditure required for Cordillera Tiger to obtain a mining \n licence, and through Cordillera Tiger, will be the operator of the \n project during the earn-in; after a mining licence is obtained ECR and \n Tiger would fund development of the Itogon project pro rata, or the \n non-funding partner would be diluted.\n \n \n Amendments to Terms of Proposed Redemption of Convertible Loan Notes\n \n \n Further to ECR’s announcement of 19 July 2013, discussions with Loan \n Note holders indicate ...