Business
THEMAC Resources Group Update
THEMAC Resources Group Update.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n THEMAC Resources Group Update\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 THEMAC RESOURCES GROUP UPDATE\n \n \n London: 25 May 2011 - ECR Minerals plc is pleased to draw \n attention to the news release made yesterday by THEMAC Resources Group \n Ltd (“THEMAC”), stating that THEMAC has made the final payment due to \n the vendors of the Copper Flat copper-molybdenum-gold-silver project in \n New Mexico, USA for the amount of US$7 million and is now, through its \n wholly owned subsidiary New Mexico Copper Corporation, the holder of a \n 100% ownership interest in the project.\n \n \n This payment completes the exercise by THEMAC of the option over the \n Copper Flat project acquired from ECR in March 2011. THEMAC has also \n made a US$1 million payment for the acquisition of water rights required \n for the proposed future operation of the Copper Flat project as a mine.\n \n \n ECR holds 14.5 million shares and 14.5 million warrants of THEMAC, which \n is listed on the TSX Venture Exchange (code: MAC). ECR’s holding is \n equivalent to approximately 19.5% of THEMAC’s issued shares (22% fully \n diluted). All the warrants held by ECR are exercisable at C$0.28 per \n share; 4 million warrants are valid until 3 May 2013 and the remaining \n 10.5 million warrants are valid until 4 March 2016. The mid-market \n closing price of THEMAC shares on 24 May 2011 was C$XX.\n \n \n The Company wishes to disclose that it intends to award 150,000 of the \n Company’s THEMAC shares and 150,000 shorter dated warrants to a third \n party as a finder’s fee with respect to the Copper Flat project.\n \n \n THEMAC Resources Management Team\n \n \n ECR would also like to draw attention to THEMAC’s news release dated 12 \n May 2011, which stated that substantially all key members of the team \n that will seek to develop the Copper Flat copper-gold-molybdenum-silver \n project in New Mexico, USA into a significant polymetallic mine are in \n place.\n \n \n Recent management appointments by THEMAC include W. Ferol Baker, most \n recently Mine Manager at the Franke Mine in Chile operated by QuadraFNX \n Mining Ltd, as General Manager of New Mexico Copper Corporation.\n \n \n Acting as Project Director is Ann Carpenter, who has over 30 years of \n int...