Business
Update on the Philippines
Update on the Philippines.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Update on the Philippines\n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n UPDATE ON DANGLAY GOLD PROJECT, PHILIPPINES\n \n \n LONDON: 24 FEBRUARY 2017 - The directors of ECR Minerals plc (the \n “Directors”), a gold exploration company with assets in Australia, \n Argentina and the Philippines, provide the following update regarding \n the Danglay gold project in the Philippines.\n \n \n Highlights\n \n \n \n ECR continues to monitor political developments in the Philippines \n affecting the mining industry and to assert the Company’s rights in \n respect of the Danglay project\n \n \n A proposal has been made by ECR to Tiger International Resources, Inc. \n (“Tiger International”) that would entail ECR acquiring a strategic \n shareholding in Tiger International\n \n \n The Directors, with advice from ECR’s auditors, are reviewing the \n carrying value of the Company’s investment in Danglay in preparing the \n audited financial statements for the year ended 30 September 2016\n \n \n \n In accordance with the terms of the Earn-in and Joint Venture Agreement \n (the “Agreement”) between ECR, Cordillera Tiger Gold Resources, Inc. \n (“Cordillera Tiger”) and Tiger International, the Directors consider it \n clear that ECR has earned a 25% interest in the Danglay project, as \n previously announced. Although ECR has terminated its Earn-in Option (as \n that term is defined in the Agreement) in relation to Danglay, ECR has \n fulfilled the two necessary conditions under the Agreement to earn a 25% \n interest in the project: estimation of a Mineral Resource in accordance \n with Canadian NI 43-101, and expenditure of more than US$500,000 on \n exploration.\n \n \n Tiger International presently refuse to acknowledge ECR’s 25% interest \n in the Danglay project (via Cordillera Tiger) and are not engaging with \n ECR to discuss the future of the project. Tiger International has also \n criticised the adequacy of the exploration data produced by ECR as a \n result of the Company’s past work at Danglay. The Directors consider \n these criticisms to be without basis.\n \n \n In January 2017, ECR appointed legal counsel to begin the process of \n enforcing the Company’s rights in relation to Danglay either in court...