Business
ECR SECURES RIGHT TO EARN 50% INTEREST IN ITOGO...
ECR SECURES RIGHT TO EARN 50% INTEREST IN ITOGO....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n ECR SECURES RIGHT TO EARN 50% INTEREST IN ITOGON GOLD-SILVER PROJECT, \n PHILIPPINES\n \n \n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n ECR SECURES RIGHT TO EARN 50% INTEREST IN\n \n \n ITOGON GOLD-SILVER PROJECT, PHILIPPINES\n \n \n LONDON: 29 APRIL 2013 - ECR Minerals plc is pleased to announce \n that it has entered into an earn-in and joint venture agreement (the \n “Agreement”) with Tiger International Resources Inc. (“Tiger”), a \n company listed on the TSX Venture Exchange, and Tiger’s subsidiary \n Cordillera Tiger Gold Resources Inc. (“Cordillera Tiger”) with respect \n to Cordillera Tiger’s 100% owned Itogon gold-silver project in the \n Philippines.\n \n \n Highlights\n \n \n \n The Itogon project is an advanced exploration project located in a \n gold and copper mining district on the island of Luzon in the north of \n the Philippines, and benefits from an extensive historical dataset\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\n \n \n ECR will fund all expenditure required for Cordillera Tiger to obtain \n a mining licence, and through Cordillera Tiger, will be the operator \n of the project during the earn-in; after a mining licence is obtained \n ECR and Tiger would fund development of the Itogon project pro rata, \n or the non-funding partner would be diluted\n \n \n The Agreement and the commencement of the earn-in are subject, inter \n alia, to due diligence by ECR\n \n \n \n Stephen Clayson, Chief Executive Officer of ECR, commented:\n \n \n “The Philippines has been the venue for a number of gold mining success \n stories in recent years, with Medusa Mining, CGA Mining and Oceana Gold \n springing to mind first and foremost. These cases indicate a very \n workable jurisdiction for international mineral development companies. \n Highly prospective geologically, the country is also a low cost \n operating environment with skilled labour and mining services readily \n available.\n \...