Business
Update on Victorian Gold Exploration Licences
Update on Victorian Gold Exploration Licences.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Update on Victorian Gold Exploration Licences\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 VICTORIAN GOLD EXPLORATION LICENCES\n \n \n LONDON: 3 FEBRUARY 2017 - The directors of ECR Minerals plc (the “Directors”) \n provide the following update regarding the Company’s gold exploration \n licences in Victoria, Australia, which are to be held by its wholly \n owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).\n \n \n Highlights\n \n \n \n Government consent for drilling programme at the Byron target in the \n Bailieston project area granted; drilling to commence once transfer of \n exploration licence to MGA has been completed\n \n \n Application for renewal of Avoca project exploration licence lodged \n and awaiting approval\n \n \n \n \n MGA’s application for two new gold exploration licences in Victoria is \n progressing\n \n \n \n Avoca and Bailieston Projects\n \n \n As announced by ECR on 3 March 2016, MGA has agreed to acquire two \n exploration licences in Victoria, EL5387 (the Avoca project) and EL5433 \n (the Bailieston project) from Currawong Resources Pty Ltd (“Currawong”).\n \n \n To complete the acquisition, it is necessary to transfer the licences \n from Currawong to MGA, with the consent of the Victorian government. In \n the meantime, the Directors consider MGA’s rights in respect of the \n licences to be secure under the terms of the agreement with Currawong, \n and for practical purposes, the Directors consider MGA to be the owner \n of the licences. The Directors have revived the process of transferring \n the licences from Currawong to MGA, which had floundered in mid-2016 \n whilst the Company was subject to management changes and corporate \n reorganisation.\n \n \n The transfer of EL5433 (Bailieston) from Currawong to MGA was expected \n to be approved by the Victorian government in January 2017; the Company \n continues to expect that this transfer will be approved shortly. EL5387 \n (Avoca) reached the end of its five-year term on 24 January 2017. \n Application for renewal of this licence for a further five-year term has \n now been lodged with the Victorian government. After this application is \n approved, the renewed licence will be transferred...