TRADING SYMBOL: EAM-TSXVenture 12G EXEMPTION No.82-2647
VANCOUVER, Jan. 25 /CNW/ - Ecstall Mining Corporation (TSX Venture: EAM) ("Ecstall" or the "Company") announces an update on the technical report for the Akie property.
The Ecstall directors' circular dated January 8, 2007 (the "Directors' Circular") indicated that Ecstall had retained an independent party, Peter George (P. Geo.), a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), to prepare a technical report in accordance with NI 43-101 (the "Technical Report"). The Directors' Circular also indicated that the Technical Report would have a preliminary resource estimate and a pre-feasibility operating plan, and that the Board of Directors of Ecstall expected the Technical Report to be issued and available for review by shareholders at www.sedar.com during the week of January 15, 2007.
In its press release issued on January 8, 2007, Ecstall indicated that the Technical Report would contain a mineral resource estimate and a pre-feasibility study.
Following discussions with the TSX Venture Exchange and the British Columbia Securities Commission, Ecstall is working with the author of the Technical Report to amend the report to bring it in line with the requirements of NI 43-101. Among other changes, the report has been re-characterized as providing a mineral resource estimate and a preliminary assessment of operating and capital costs.
Furthermore, as the Akie property is not an "early stage exploration property", a site visit by the author is required under NI 43-101. Ecstall believes that the site visit would not alter the conclusions in the Technical report, as a site visit would have no impact on the either the bore hole results upon which the resource estimates are based or the preliminary assessment of operating and capital costs. Ecstall is considering whether to apply to the appropriate regulatory authorities for an exemption from the site visit requirement. No assurance can be given that such an exemption would be granted on a timely basis or at all. Accordingly, the Technical Report may not be available until a site visit is completed.
Ecstall will provide a further update on the status of the Technical Report as soon as it is able.
Ecstall continues to pursue alternative transactions to enhance shareholder value.
The Board of Directors of the Company continues to unanimously recommend that shareholders reject the offer made by Mantle Resources Inc. and not tender their shares to such offer.
About Ecstall Mining Corporation
Ecstall is a Vancouver based mineral exploration and development company that has been listed on the TSX-Venture Exchange since 1989 and trades under the symbol "EAM". Ecstall's exploration and property acquisition efforts are focused on polymetallic massive sulphide targets (VMS copper-zinc-gold and Sedex zinc-lead-silver) in British Columbia and Alberta, as well as four advanced gold projects in the Eskay Creek and South Okanagan areas of British Columbia. Ecstall has an extensive portfolio of mineral properties, including the Akie sedex zinc deposit, the adjacent Pie and Yuen sedex zinc projects and about 60 km of other claims located along the prospective Gunsteel shale within the Kechika Trough Zinc District of northern British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS
ECSTALL MINING CORPORATION
"CHRIS GRAF"
CHRIS GRAF P.ENG.,
CHAIRMAN, PRESIDENT AND CEO
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements or forward-looking information under applicable Canadian securities legislation and are prospective in nature. These statements are related to future events. All statements other than statements of historical fact may be forward-looking statements or forward-looking information. Forward-looking statements or forward-looking information are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions and the negative of such expressions. Statements concerning resource estimates also may be deemed to be forward-looking statements or forward-looking information in that they involve predictions of the mineralizations that will be encountered if and when a deposit is developed and mined. Forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements or forward-looking information. Forward-looking statements and forward-looking information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information including, without limitation: whether competing bids for Ecstall or other transactions emerge; whether the conditions of any proposed transaction are met; uncertainty of production at Ecstall's mineral exploration properties; risks related to Ecstall's ability to commence production and generate material revenues or obtain adequate financing for its planned exploration and development activities; uncertainty of capital costs, operating costs, production and economic returns; risks related to Ecstall's ability to finance the development of its mineral properties; permitting risks and the need for government cooperation in the development of the Akie property, as well as other properties; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of Ecstall's mineral deposits; commodity price fluctuations and general economic conditions; risks related to governmental regulations, including environmental regulations; Ecstall's ability to attract and retain qualified management; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in production; uncertainty related to unsettled aboriginal rights and title in British Columbia; uncertainty related to title to Ecstall's mineral properties; Ecstall's history of losses and expectation of future losses; and increased competition in the mining industry.
The Board of Directors believes that the expectations reflected in those forward-looking statements or forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements or forward-looking information should not be unduly relied upon. These statements speak only as of the date of this press release. The Board of Directors does not intend, and does not assume any obligations, to update these forward-looking statements or forward-looking information, except as required by law.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.