Published: February 01, 2012
ECR Minerals: Copper Flat Project Exceeds 1 Billion lbs Copper in Measured & Indicated Resources
ECR MINERALS plc
("ECR Minerals" , "ECR" or the "Company" )
LONDON - (BUSINESS WIRE) - AIM: ECR
US OTC: MTGDY
COPPER FLAT PROJECT EXCEEDS 1 BILLION LBS COPPER IN MEASURED &
INDICATED RESOURCES
ECR Minerals plc is pleased to draw attention to the news release made
yesterday by THEMAC Resources Group Ltd ("THEMAC" ) in which THEMAC
announced details of an updated NI43-101 compliant resource estimate for
the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
Highlights
-
Measured & Indicated resources now stand at 194Mst grading 0.26%
copper, 0.008% molybdenum, 0.002 oz/t gold and 0.05 oz/t silver
-
Contained copper in Measured & Indicated categories increased 56% to
an estimated 1,005,891,000 lbs (approximately 456,000 metric tonnes)
-
Re-assay of 2,969 historic drill sample pulps has resulted in the
inclusion of gold and silver in the deposit's NI43-101 compliant
resources for the first time; the re-assay of further pulps is planned
and intended to enable the inclusion of additional gold and silver
-
The Copper Flat orebody remains open and drilling is set to recommence
in spring
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com).
The highlights above have been derived from the release made by THEMAC
and should be read and interpreted in conjunction with it. All tons are
short tons unless otherwise stated.
THEMAC holds a 100% ownership interest in the Copper Flat project having
purchased an exclusive option over the project from ECR in March 2011
and completed the exercise of this option in May 2011.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
"This is an excellent result for THEMAC and for ECR, and should
substantively strengthen the economic case for the return of the Copper
Flat deposit to production.
The re-assay of historic drill sample pulps has paid dividends in the
form of the incorporation of part of the deposit's gold and silver
content into its NI43-101 resources, and we expect further gold and
silver to be included in due course.
Additionally we understand that work is underway to explore the design
of a mine plan that will allow early development of the deposit's high
grade central core. This may be expected to substantially enhance the
NPV of the project. To this end, THEMAC's spring 2012 drilling programme
will focus on the high grade core.
It appears that good progress is being made towards completion of the
mine permitting process, and we believe that the Copper Flat project has
now entered a new and exciting phase of development in which permitting
activities, an expanding resource inventory and ongoing feasibility
studies combine to create an asset that is altogether more significant
within the copper mining landscape of the American Southwest than was
previously envisaged.
Moreover we feel confident that if Copper Flat continues to grow in
scale and importance, as we expect it will, THEMAC has the capability to
develop a copper mine with robust economics."
ECR's Interest in THEMAC
ECR currently has a holding of 14.35 million shares and 14.35 million
warrants of THEMAC, which is listed on the TSX Venture Exchange (code:
MAC). ECR's holding is equivalent to approximately 19% of THEMAC's
issued shares (21% fully diluted). All the warrants held by ECR are
exercisable at C$0.28 per share; 3.85 million warrants are valid until 3
May 2013 and the remaining 10.5 million warrants are valid until 4 March
2016. The closing price of THEMAC shares on 31 January 2012 was C$0.66.
About ECR Minerals plc
ECR is a mineral development company with interests in Argentina, the
USA, Indonesia, Thailand and Australia.
ECR Minerals plc
Michael Silver, Chairman
Patrick Harford,
Managing Director
Stephen Clayson, Director & Chief Financial
Officer
Luca Tenuta, Non-Executive Director
Tel: +44 (0)20
7929 1010
Email: info@ecrminerals.com
Website:
www.ecrminerals.com
or
Daniel
Stewart & Company plc
Paul Shackleton/Tessa Smith/David Hart
Tel:
+44 (0)20 7776 6550
or
Old Park Lane Capital plc
Michael
Parnes
Tel: +44 (0)20 7493 8188
or
Blythe Weigh
Communications
Ana Ribeiro
Tel: +44 (0)20 7138 3204
or
Barry
Kaplan Associates
Larry Kaplan
Tel: +1 732 747 0702
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