ECR Minerals (ECR:AIM) has terminated its Earn-in option in respect of the Danglay gold project in the Philippines. The new government’s lack of support towards the mining industry was indicated as the determining factor in their decision.
ECR Minerals is no longer the operator of the Danglay gold project
To date ECR has earned a 25% interest in the Danglay project which is anticipated to result in a 25% shareholding in Cordillera Tiger in accordance with their agreement. As a result of the termination ECR is no longer operator of the Danglay project and has no further financial obligations.
About ECR Minerals
ECR describes itself as a mineral exploration and development company. ECR’s wholly owned Australian subsidiary, Mercator Gold Australia, has acquired 100% ownership of the Avoca, Bailieston, Moormbool and Timor gold projects in Central Victoria, Australia.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
About ECR Minerals and the Danglay gold project
Prior to the termination of earn in option agreement, ECR Minerals had earned a 25% interest in the Danglay epithermal gold project, which it described as an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015. It says that this is available for download from its website.
ECR Minerals’ Philippine mining project Earn-in option terminated : ECR