http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Fri, 17 Nov 2017 19:31:29 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - ECR Minerals details gold exploration plans for Victoria assets ]]> http://www.proactiveinvestors.co.uk/companies/news/184278/ecr-minerals-details-gold-exploration-plans-for-victoria-assets-184278.html ECR Minerals PLC (LON:ECR) has detailed its exploration plans for its assets in Victoria, Australia.

The company said its objective is to deliver a high-quality, low-cost exploration programme to test extensions to known mineralisation and generate new targets for more comprehensive future programmes.

Craig Brown, ECR chief executive, in a statement, said: “We observe a continuing resurgence of exploration activity in Victoria, one of the world’s most prolific gold producing regions, and ECR is pleased to be playing a part in this.

“We intend to continue our prudent approach to exploration expenditure working to maximise the value of ECR’s current projects whilst continually reviewing new projects and opportunities.”

READ: ECR Minerals' Tang appointment affirms Chinese investment aims as it ramps up activity down under

It has four project areas in Victoria - Avoca, Baillieston, Timor and Moormbool – and they are all wholly owned.

At Avoca, the plan is to carry out 250 metres of reverse circulation drilling in an area referred to as the Monte Cristo prospect and it will also conduct trenching work at the separate Excelsior prospect.

The company is also seeking approval for other programmes at Avoca, such as the Pyrenees Reef, Excelsior, Monte Christo and Bung Bong.

At Bailieston, which is host to historic underground mining, the company plans 500 metres of diamond drilling, following up a prior reverse circulation programme. It also plans trenching and/or sampling of the Black Cat prospect.

Meanwhile, at Moormbool, which is deemed to be a ‘wildcat’ exploration area (i.e. it is untested), the company intends to analyse public domain geophysical data and conduct soil sampling.

Similarly, at Timor, the planned work comprises analysis of public domain geophysical data, literature review, geological mapping and a programme of 600 soil samples. This work will be designed to enable drill target selection for future campaigns.

READ: ECR confirms geological model at Bailieston with first-pass RC drill results ]]>
Wed, 20 Sep 2017 08:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184278/ecr-minerals-details-gold-exploration-plans-for-victoria-assets-184278.html
<![CDATA[RNS press release - Planned Gold Exploration in Victoria, Australia - Replacement ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170919006779/ Wed, 20 Sep 2017 07:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170919006779/ <![CDATA[RNS press release - Planned Gold Ecploration in Victoria, Australia ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170919006534/ Wed, 20 Sep 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170919006534/ <![CDATA[News - ECR Minerals' Tang appointment affirms Chinese investment aims as it ramps up activity down under ]]> http://www.proactiveinvestors.co.uk/companies/news/181992/ecr-minerals-tang-appointment-affirms-chinese-investment-aims-as-it-ramps-up-activity-down-under-181992.html The appointment by precious metals explorer ECR Minerals PLC (LON:ECR) of mining industry executive David Tang as new chairman underscores the firm's continuing transformation and increased focus on Chinese investment.

The firm, which is busy on Australian exploration currently, named Tang as its new non-executive chairman and director. He was previously managing director of China Nonferrous Gold Limited (LON:CNG), formerly Kryso Resources, where ECR chief Craig Brown was boss - so they know each other.

Tang was president of China Nonferrous Metals Int’l Mining Co Ltd (CNMIM), its largest shareholder. The company brought the Pakrut gold deposit in Tajikistan to production status two years ago.

Tang has also significantly introduced ECR to Shenyang Xinliaoan Machinery Co Ltd, which recently became a strategic shareholder with a near 30% stake, and this is indicative of his wide range of high-level connections in the mining industry, Brown told investors. Geologist William Howell, who was ECR chairman, is leaving the company.

Thumbs in various pies ...

ECR, via its subsidiary, owns 100% of the Avoca, Bailieston, Moormbool and Timor gold projects in Victoria, Australia. It also has a 25% interest with the right to earn 50% in the Danglay gold project in the Philippines, which has an NI 43 101 inferred resource of 1,277,500 tons at 1.55 g/t gold for 63,500 ounce of gold.

In Argentina, ECR owns the SLM gold project in La Rioja, Argentina, where it is bidding to identify small tonnage gold deposits for relatively near-term production.

Recently, it completed testing at the Bailieston project in Victoria and significantly, picked up new ground, known as the Moormbool project, which lies in the Costerfield domain.

Seasoned resource stock watchers will know that name as producer Mandalay Resources Corp (TSE:MND) mines its Costerfield gold-antimony mine in the area (that mine lies 10km north east of  Moormbool) so the credentials of the area are clear enough.

A gateway to China ...?

Earlier this year, Brown said Chinese investment provided a 'gateway to China'.

"The Chinese have some of the best technology and their metallurgy is so much cheaper than using anybody else’s," he told Proactive Investors..

But the implications go beyond working at the operational level, and debt financing can also be obtained more cheaply, he said.

In the case of ECR and Shenyang Xinliaoan, the thinking was reportedly that ECR may itself become an acquisition vehicle.

The Chinese foray into Australia during the last mining boom are of course well documented. ECR has an expanding presence on the ground already, and although nothing has been formalised, there was talk of creating a separate vehicle to run those assets independently.

If that vehicle were to be seeded by Chinese money, it really could hit the ground running.

ECR had cash of £107, 508 at the end of March this year and, subsequently in June, it raised gross proceeds of £1mln via an oversubscribed placing of 55.5mln new shares at 1.8p.

The same month it received the full amount of £553,564 from Shenyang Xinliaoan Machinery Co Ltd for its subscription.

Plans for next exploration at Bailieston, Australia ...

Recently,seven holes at Bailieston completed the drilling of three targets - the old Byron Shaft, the Scoulars trend and the Maori trend and apart from Byron the results were consistent with the firm's model, though no high grade material was found.

Meanwhile, the 59 sq km Moormbool licence is exciting because the area is largely unexplored, the firm has revealed.

ECR shares are up today in London more than 14% to 1.09p, giving it a market  cap of around £1.6mln.

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Fri, 04 Aug 2017 13:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181992/ecr-minerals-tang-appointment-affirms-chinese-investment-aims-as-it-ramps-up-activity-down-under-181992.html
<![CDATA[News - ECR Minerals hires Weili ‘David’ Tang as new chairman ]]> http://www.proactiveinvestors.co.uk/companies/news/181977/ecr-minerals-hires-weili-david-tang-as-new-chairman-181977.html ECR Minerals PLC (LON:ECR) told investors it has appointed Weili (David)Tang as the group’s new director and non-executive chairman, meanwhile, William Howell is leaving the company.

Tang was previously president of China Nonferrous Metals Int’l Mining Co Ltd. (CNMIM) and the managing director of China Nonferrous Gold Ltd, which brought the Pakrut gold deposit online to production in 2015.

READ: ECR confirms geological model at Bailieston with first-pass RC drill results

“David Tang introduced ECR to Shenyang Xinliaoan Machinery Co Ltd, who recently became a strategic shareholder in the company, and this is indicative of his wide range of high-level connections in the mining industry,” said Craig Brown, ECR chief executive.

“I know David well, having worked with him at China Nonferrous Gold, and I feel sure that he will make a valuable contribution as ECR’s new non-executive chairman.

“Bill Howell has been chairman through a turbulent period in ECR’s history, and for the junior mining sector in general.

“His experience and advice has been invaluable, but as the Company’s shareholder base and strategy are evolving, it is only right that the composition of the board should evolve too. We wish Bill the very best in his future endeavours.”

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Fri, 04 Aug 2017 08:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181977/ecr-minerals-hires-weili-david-tang-as-new-chairman-181977.html
<![CDATA[RNS press release - Directorate change ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170803006060/ Fri, 04 Aug 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170803006060/ <![CDATA[News - ECR confirms geological model at Bailieston with first-pass RC drill results ]]> http://www.proactiveinvestors.co.uk/companies/news/181320/ecr-confirms-geological-model-at-bailieston-with-first-pass-rc-drill-results-181320.html ECR Minerals PLC (LON:ECR) has now completed testing on three targets at its Bailieston project in Victoria, Australia, the old Byron Shaft, the Scoulars trend and the Maori trend.

In total ECR completed 92 metres of reverse circulation in June, for a total of seven holes.

The results for the Scoulars and Maori trends are consistent with the company’s geological model, whilst drilling around the Byron Shaft did not intersect the target mineralisation.

Although no high-grade mineralisation was intersected, this is not unexpected given the relatively small size of the programme and the fact that it was spread over three prospects.

“The drilling successfully confirmed our overall geological model for the Bailieston project, and we look forward to planning the next phase of exploration, building on these first-pass results,” said ECR chief executive Craig Brown.

“We are currently looking at the results in the context of ECR’s wider strategy in Victoria, where the Company now has 100% ownership of four Exploration Licences containing numerous gold prospects, and will update shareholders in due course regarding next steps.”

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Mon, 24 Jul 2017 07:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181320/ecr-confirms-geological-model-at-bailieston-with-first-pass-rc-drill-results-181320.html
<![CDATA[RNS press release - Drill Results - Bailieston Gold Project, Australia ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170723005033/ Mon, 24 Jul 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170723005033/ <![CDATA[News - ECR Minerals picks up new Australian gold ground ]]> http://www.proactiveinvestors.co.uk/companies/news/181049/ecr-minerals-picks-up-new-australian-gold-ground-181049.html ECR Minerals PLC (LON:ECR) has been issued a new gold exploration licence in Victoria, Australia.

This licence is to be known as the Moormbool project, and lies within the highly prospective Costerfield Domain. The licence is centred approximately 10km northeast of the high-grade Costerfield gold-antimony mine operated by Mandalay Resources (TSE:MND).

READ: ECR Minerals focuses efforts on Australia drilling

The Moormbool licence covers approximately 59 square kilometres. Due to pervasive alluvial cover, the licence area is largely unexplored.

Only low impact exploration may be undertaken in the licence area until a work plan has been approved by the Victorian authorities. The company does not expect to submit a work plan until targets for drilling have been identified.

Meanwhile, results from 592 metres of RC drilling at the Bailieston project are pending. The company is expecting to receive the results from the laboratory shortly and will update shareholders as soon as the results have been consolidated and checked.

“Like the Bailieston project, the Moormbool tenement is situated at the heart of one of the principal modern-day mining districts in Victoria, and provides a readily accessible opportunity to explore for epithermal gold-bearing quartz veins, quartz stockworks and disseminated sulphides,” said Craig Brown, chief executive of ECR.

“The attractiveness of these target types is demonstrated by the success of the Fosterville and Costerfield mines nearby.”

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Tue, 18 Jul 2017 08:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181049/ecr-minerals-picks-up-new-australian-gold-ground-181049.html
<![CDATA[RNS press release - New Australian Gold Exploration Licence Issued ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170718005538/ Tue, 18 Jul 2017 08:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170718005538/ <![CDATA[News - ECR Minerals focuses efforts on Australia drilling ]]> http://www.proactiveinvestors.co.uk/companies/news/180111/ecr-minerals-focuses-efforts-on-australia-drilling-180111.html ECR Minerals PLC (LON:ECR) has unveiled its latest six month report, at a time when it has restarted drilling.

"In the past few weeks, the company has completed an initial drilling programme in the Byron area, the first of a number of targets planned for testing at its 100%-owned gold projects in Victoria, Australia," it said.

ECR, after a recent fundraising, said it was also looking to start drilling at its Argentinian projects in the "near future".

In Australia, the immediate focus is on the Byron area at the Bailieston project, where a 592 m (metre) reverse circulation (RC) drilling programme was recently completed.

The programme consisted of seven holes intended to target extensions to the high-grade mineralisation, which was mined historically and hit by drilling in the 1980s.

ECR noted that numerous high grade results have been reported from the Fosterville mine, which lies around 30km from the Bailieston project and owned by Kirkland Lake Gold.

The Costerfield gold mine, which is owned by Mandalay Resources also lies 30km from Bailieston.

The results of the Byron drilling are expected to be available within the next 1-2 months.

The loss for the six months was £433,804, against a loss of £433,119 in the same period in 2016.

Net assets were £2.38mln as end March 2017 compared with £1.9mln at the end of March last year.

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Fri, 30 Jun 2017 08:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180111/ecr-minerals-focuses-efforts-on-australia-drilling-180111.html
<![CDATA[RNS press release - Unaudited Half-Yearly Results for the Six Months Ended 31 March 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170629005989/ Fri, 30 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170629005989/ <![CDATA[News - ECR Minerals kicks off exploration drilling programme at Bailieston ]]> http://www.proactiveinvestors.co.uk/companies/news/179299/ecr-minerals-kicks-off-exploration-drilling-programme-at-bailieston-179299.html ECR Minerals PLC (LON:ECR) has kicked off the planned exploration drilling programme at its Bailieston gold licence in Victoria, Australia.

Initial reverse circulation drilling will focus on the “high-priority” Byron target, where ECR has identified three highly prospective areas.

ECR also wants to test extensions to the known mineralisation at Byron and generate additional targets for a more comprehensive programme further down the line.

 “Within Bailieston, our first high priority drill targets remain in the proximity of the historic Byron mine where we have identified several areas proximal to old workings with good production figures as highly prospective targets worthy of immediate testing,” said chief executive Craig Brown.

“ECR has made significant strides forward in recent months and the board strongly believe that our Australian exploration programme in this highly prospective district is the first step to really beginning to build value for shareholders.”

ECR added that it is fully funded for the current exploration programme “and beyond”.

Central Victorian Goldfields

Bailieston is located in the Central Victoria Goldfields; an area with a long history of mining and one that has produced an estimated 80mln oz of gold since the yellow metal since it was first discovered back in 1851.

It is also not far from two other successful mining operations at Fosterville and Costerfield, which produce 140,000 oz per annum and 42,000 oz per annum, respectively.

The licence is also home to Byron, a historic mine which produced 4,400 ounces (oz) of gold (Au) at an implied grade of 15.5 grams per tonne (g/t) in its heyday. Mining stopped there because of a pump failure and subsequent dewatering issues.

Shares dipped 1.6% to 1.82p.

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Thu, 15 Jun 2017 08:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179299/ecr-minerals-kicks-off-exploration-drilling-programme-at-bailieston-179299.html
<![CDATA[News - ECR Minerals begins exploration drilling at Bailieston gold project in Australia ]]> http://www.proactiveinvestors.co.uk/companies/news/179295/ecr-minerals-begins-exploration-drilling-at-bailieston-gold-project-in-australia-179295.html ECR Minerals PLC (LON:ECR) has started exploration drilling at its Bailieston gold project in the Australian state of Victoria.

The Bailieston licence contains the historic Byron mine, which has have previously produced 4,416 ounces from 8,698 tonnes mined at an implied grade of 15.5 grammes per tonne of gold.

ECR said it has identified three areas near the Byron mine as high-priority hard-rock drill targets and plans to test the prospects.

“The board of ECR are very excited to begin our exploration programme in the Victorian Goldfields; our Bailieston project located in the Australian state of Victoria, one of the world’s most prolific gold producing regions, is not only in close proximity to two significant operating gold mines but the region has a long history of producing high-grade material from underground workings,” said ECR chief executive, Craig Brown.

“Within Bailieston, our first high priority drill targets remain in the proximity of the historic Byron mine where we have identified several areas proximal to old workings with good production figures as highly prospective targets worthy of immediate testing.”

Brown added that it is fully funded for its exploration programme following two rounds of funding with Chinese investor Shenyang.

Bailieston is also located near other large mining operations including Fosterville, which has produced 140,000 ounces per year at a cash cost of US$461 per ounce, and Costerfield, which has an output of 42,000 per year at a cash cost of US$630 per ounce.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia has full ownership of the Avoca, Bailieston and Timor gold projects in Victoria.

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Thu, 15 Jun 2017 08:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179295/ecr-minerals-begins-exploration-drilling-at-bailieston-gold-project-in-australia-179295.html
<![CDATA[RNS press release - Commencement of Australian Exploration Programme ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170614006293/ Thu, 15 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170614006293/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170613006058/ Tue, 13 Jun 2017 16:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170613006058/ <![CDATA[RNS press release - Completion of Subscription ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170605006323/ Tue, 06 Jun 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170605006323/ <![CDATA[News - ECR Minerals raises £1mln via oversubscribed placing at 1.8p a share ]]> http://www.proactiveinvestors.co.uk/companies/news/178710/ecr-minerals-raises-1mln-via-oversubscribed-placing-at-18p-a-share-178710.html Australia-focused gold miner ECR Minerals PLC (LON:ECR) has raised gross proceeds of £1.0mln via an oversubscribed placing of 55.5mln new shares at a price of 1.8p.

The AIM-listed group said the proceeds will be used to "support its continuing activities in Australia and explore new opportunities."

ECR’s chief executive officer, Craig Brown said: "The significant demand from both new and existing investors to take part in this fundraise is an encouraging vote of confidence in ECR's future.”

READ: ECR partners up with Chinese investors 

The firm also recently announced the receipt of the full amount of the gross proceeds of £553,564 from Shenyang Xinliaoan Machinery Tool Co Ltd and Brown said ECR will seek to “complete this subscription with Shenyang once our relationship agreement has been delivered."

Reflecting the discounted placing, at lunchtime ECR shares were 8%, or 0.18p lower at 2.02p, but still well above the funding price.

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Fri, 02 Jun 2017 13:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178710/ecr-minerals-raises-1mln-via-oversubscribed-placing-at-18p-a-share-178710.html
<![CDATA[RNS press release - Oversubscribed Placing to Raise £1 Million ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170602005330/ Fri, 02 Jun 2017 12:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170602005330/ <![CDATA[News - ECR Minerals' strategic investor hands over the rest of the readies ]]> http://www.proactiveinvestors.co.uk/companies/news/178558/ecr-minerals-strategic-investor-hands-over-the-rest-of-the-readies-178558.html ECR Minerals PLC (LON:ECR) has now received the full amount of the gross proceeds of £553,564 from Shenyang Xinliaoan Machinery via the February share subscription.

Read Chinese investor to take 29.9% stake in ECR Minerals

 

 

 

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Wed, 31 May 2017 10:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178558/ecr-minerals-strategic-investor-hands-over-the-rest-of-the-readies-178558.html
<![CDATA[RNS press release - Receipt of Gross Proceeds ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170530006197/ Wed, 31 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170530006197/ <![CDATA[RNS press release - Issue of Consideration Shares ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170526005252/ Fri, 26 May 2017 12:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170526005252/ <![CDATA[RNS press release - Receipt of Fourth Non-Refundable Deposit ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170522006059/ Tue, 23 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170522006059/ <![CDATA[RNS press release - Subscription Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170515005664/ Mon, 15 May 2017 11:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170515005664/ <![CDATA[RNS press release - Receipt of Third Non-Refundable Deposit ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170502006918/ Wed, 03 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170502006918/ <![CDATA[RNS press release - Subscription Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170501006492/ Tue, 02 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170501006492/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170424005708/ Mon, 24 Apr 2017 12:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/625/BWIPREM_20170424005708/ <![CDATA[News - ECR Minerals receives further chunk of Chinese money ]]> http://www.proactiveinvestors.co.uk/companies/news/176220/ecr-minerals-receives-further-chunk-of-chinese-money-176220.html ECR Minerals PLC LON:ECR) has received a further deposit of £50,000 from its new Chinese investment partner, bringing the non-refundable deposit to £150,000 in aggregate.

The payments are part of a £553,000 investment by Shenyang Xinliaoan Machinery that will give it a 29.9% stake. They will be included as part of the subscription once all of the money comes through.

The cash will fund drill programmes at the Avoca and Bailieston gold projects in Australia as well as the SLM gold project in Argentina.

Shenyang will also be issued with 83mln warrants; of which 55.3mln can be exercised at 2p a pop and the remainder at 5p.

CLICK HERE: For a daily round-up of all the Proactive news

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Mon, 10 Apr 2017 10:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176220/ecr-minerals-receives-further-chunk-of-chinese-money-176220.html
<![CDATA[Media files - ECR Minerals' Craig Brown and Ivor Jones present at the Mining Capital Conference - March 2017 ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7206/ecr-minerals-craig-brown-and-ivor-jones-present-at-the-mining-capital-conference-march-2017-7206.html Fri, 31 Mar 2017 09:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7206/ecr-minerals-craig-brown-and-ivor-jones-present-at-the-mining-capital-conference-march-2017-7206.html <![CDATA[News - ECR Minerals edges higher as Timor exploration licence issued ]]> http://www.proactiveinvestors.co.uk/companies/news/175216/ecr-minerals-edges-higher-as-timor-exploration-licence-issued-175216.html Shares in ECR Minerals PLC (LON:ECR) edged higher on Wednesday morning as the junior explorer received some positive news with regards to its gold projects in Victoria, Australia.

Firstly, ECR has been granted a gold exploration licence for EL6278 – the Timor project – which historical data suggests is host to “numerous” hard rock and alluvial gold deposits.

“We are pleased to have expanded ECR’s footprint in Victoria with EL6278, the Timor project, and look forward to outlining what we consider to be the exciting prospectivity of this licence area in more detail following our initial work,” said chief executive Craig Brown.

“The historical production figures from the area are impressive, and we hope to demonstrate that significant potential remains.”

The Timor licence covers around 228 sq. km and is believed to have produced more than 640,000 oz of gold in the past. The main priority will be to identify the primary drill targets, ECR added.

The licence is valid for five years, during which ECR must spend a minimum of A$314,400 in exploration expenditures.

On top of that, the transfer of EL5433 – the Bailieston project – to ECR’s Australian subsidiary, Mercator Gold, has finally been approved and registered.

ECR said it is working to get all the regulatory requirements sorted so it can start drilling in the Byron area of the project.

Approval of the transfer had been expected back in January.

Shares were up 3% to 2.17p in late morning trading.

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Wed, 22 Mar 2017 11:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/175216/ecr-minerals-edges-higher-as-timor-exploration-licence-issued-175216.html
<![CDATA[Media files - Will the latest commodity upswing signal renewed Chinese interest? ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7031/will-the-latest-commodity-upswing-signal-renewed-chinese-interest-7031.html Fri, 03 Mar 2017 05:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7031/will-the-latest-commodity-upswing-signal-renewed-chinese-interest-7031.html <![CDATA[News - ECR partners up with Chinese investors to become an acquisition vehicle of choice ]]> http://www.proactiveinvestors.co.uk/companies/news/173921/ecr-partners-up-with-chinese-investors-to-become-an-acquisition-vehicle-of-choice-173921.html “The reason for bringing the Chinese in is that they provide us with a gateway to China.” So says Craig Brown, the chief executive of ECR Minerals PLC (LON:ECR), following the announcement that Shenyang Xinliaoan Machinery Co has agreed to subscribe for a 29.9% shareholding in the company at a price of 1p per share.

That news sent ECR shares skyrocketing by over 26% on the day of the announcement and although they’ve since given up some of those gains the shares are still trading at just about double where they were at the start of this year.

Watch: ECR Minerals' partnering up with Chinese investors 'a positive development' says CEO Craig Brown

But what does Brown mean when he talks of “a gateway to China”?

After all, ECR has assets in Australia, Argentina and the Philippines.

Aside from the nicety that the Chinese are investing big into Argentina at the moment, Brown is effusive about having Chinese partners in general and brings first hand experience with him from a previous role as boss of Kryso Resources, now known as China Non-Ferrous (LON:CNG).

“The Chinese have some of the best technology and their metallurgy is so much cheaper than using anybody else’s,” he says.

“When we were with Kryso Chinese equipment was not only much cheaper, but the spares were cheaper too and the after-sales care was good.”

But the implications go beyond working at the operational level.

“Also, we can get debt financing more cheaply,” says Brown.

This may or may not be true of Chinese debt markets generally, but in the case of ECR and Shenyang Xinliaoan, the thinking is that ECR may become an acquisition vehicle of choice.

First off, there’s Argentina. ECR has its eyes on expansion there in a small way already, and is contemplating the acquisition of a small plant to allow a demonstration gold mining operation to get underway. But with Chinese backing, there could be more to come.

But it’s not only Argentina.

“We’re looking at projects in Africa,” says Brown. “If these projects are good, they’ll pump more money in.”

And who can forget the Chinese forays into Australia itself during the last mining boom. ECR has a presence on the ground there already, and although nothing’s been formalised, there is talk of creating a separate vehicle to run those assets independently.

If that vehicle were to be seeded by Chinese money, it really could hit the ground running when the time came. 

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Tue, 28 Feb 2017 12:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173921/ecr-partners-up-with-chinese-investors-to-become-an-acquisition-vehicle-of-choice-173921.html
<![CDATA[Media files - ECR Minerals' partnering up with Chinese investors 'a positive development' says CEO Craig Brown ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7001/ecr-minerals-partnering-up-with-chinese-investors-a-positive-development-says-ceo-craig-brown-7001.html Tue, 28 Feb 2017 10:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7001/ecr-minerals-partnering-up-with-chinese-investors-a-positive-development-says-ceo-craig-brown-7001.html <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BZW_20170227005673/ Mon, 27 Feb 2017 18:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/625/BZW_20170227005673/ <![CDATA[News - Chinese investor to take 29.9% stake in ECR Minerals ]]> http://www.proactiveinvestors.co.uk/companies/news/173778/chinese-investor-to-take-299-stake-in-ecr-minerals-173778.html A Chinese investor is to take a 29.9% stake in ECR Minerals PC (LON:ECR) after agreeing to subscribe for 55.4mln shares in the multi-project developer.

Shenyang Xinliaoan Machinery Co will pay 1p for each of the shares – which are subject to a 12 month lock-up agreement – raising £553,564 for ECR.

A £100,000 non-refundable deposit will be paid by Shenyang which will be converted into ordinary shares at 2p each should the subscription not be completed by 31 March.

The company said it would use the cash influx to push ahead with drill programmes at the Avoca and Bailieston gold projects in Australia as well as the SLM gold project in Argentina.

Once Shenyang has completed the subscription, it will be issued with 83mln warrants; of which 55.3mln can be exercised at 2p a pop, while the remaining 27.7mln warrants are exercisable at a price of 5p.

“One of the principal challenges faced by companies such as ECR is in securing investors who are prepared to take a longer term view,” said ECR chief executive Craig Brown.

“We believe the fact that the Investor has agreed to a 12-month lock up with respect to the subscription shares speaks volumes in this regard, and is a real vote of confidence in ECR and its strategy.”

Upon completion of the subscription, Shenyang will be able to recommend up to two directors who may be appointed as members of the ECR board.

The investor will also be granted certain pre-emption rights for as long as it holds over 20% of the company’s shares.

On a separate note, ECR has issued 6.7mln new shares at a price of 1p per shares to certain directors and suppliers in lieu of fees and salary owed to them.

Just over 6.2mln shares have been issued to suppliers and consultants, with 344,000 of those being issued to former director Stephen Clayson for ad hoc consultancy and admin services.

The remaining 4mln or so shares have been issued to current directors William Howell, Ivor Jones and Craig Brown.

Shares closed at 1.15p on Friday.

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Mon, 27 Feb 2017 07:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173778/chinese-investor-to-take-299-stake-in-ecr-minerals-173778.html
<![CDATA[News - ECR pledges to protect its interests in the Philippines ]]> http://www.proactiveinvestors.co.uk/companies/news/173731/ecr-pledges-to-protect-its-interests-in-the-philippines Multi-project developer ECR Minerals PLC (LON:ECR) reminded investors today that it had not forgotten about its Danglay gold project in the Philippines.

The project is on the back-burner at the moment because of a dispute between the joint venture partners.

Tiger International presently refuses to acknowledge ECR’s 25% interest in the Danglay project and is not engaging with ECR to discuss the future of the project.

In response, ECR has appointed legal counsel to begin the process of enforcing the company’s rights in relation to Danglay either in court or through arbitration.

At the same time, ECR said it is still open to an amicable out of court resolution.

Notwithstanding the above action, the company is prudently mulling the carrying value of the Danglay project in the accounts.

“Although ECR’s operational focus remains on the Avoca and Bailieston gold projects in Victoria, Australia, and the SLM gold project in Argentina, the Danglay project with its NI 43-101 Mineral Resource remains a promising project,” said ECR’s chief executive, Craig Brown.

“The mining industry in the Philippines currently faces an uncertain operating environment; however, we remain hopeful that the situation may improve in future. Therefore whilst we advance ECR’s other projects, the directors are determined to protect ECR’s investment in the Danglay project and drive the project forward as far as possible,” he added.

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Fri, 24 Feb 2017 16:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173731/ecr-pledges-to-protect-its-interests-in-the-philippines
<![CDATA[News - ECR shares moving on plans to drill in Australia and Argentina ]]> http://www.proactiveinvestors.co.uk/companies/news/173204/ecr-shares-moving-on-plans-to-drill-in-australia-and-argentina-173204.html Shares in ECR Minerals PLC (LON:ECR) have nearly doubled since the start of the year and the reason isn’t too hard to find - new chief executive Craig Brown has been on the road, banging the drum for a suite of assets that many investors had lost touch with.

Indeed, it had come to something as on his move up from part time finance director to full time chief executive, offers for reversals came flooding in.

But ECR remained a mining company, with assets in Australia, the Philippines, and Argentina and Brown resolved to do something of an internal audit before making any hasty decisions on the portfolio.

There was, for example, a realistic possibility that the Australian gold portfolio might be dropped. But after a closer look, it turned out that the Australian projects in fact offer plenty of upside and promise.

“Things have gone quite well,” he says. “Victoria is one of the world’s major gold producing regions and at Byron we have good mineralisation in place.”

With that knowledge in the background it’s encouraging too that recent soil samples have also shown good mineralisation across the wider Bailieston project in Victoria.

The plan now is to gather further data through drilling and see if the potential for a new open pit project can be realised.

Meanwhile, over in Argentina, the company has decided to recommence on-the ground activities on its properties there, with Brown sniffing out opportunity in a sector that has been revitalised locally by the injection of huge amounts of Chinese capital.

“We’re also looking at acquiring a small plant in Argentina,” says Brown. “It’s small, but with some modifications it could be very beneficial for the company putting higher grade material through it. It could produce a good yield.”

Perhaps more to the point, processing small amounts of ore through a small plant could demonstrate the full viability of any larger-scale project to a potential Chinese buyer.

But that sort of development is some way down the line.

The plan for this year is to prove up resources at the ECR projects. In Argentina, the company is confident about improving its position, while in Australia a realistic medium-term goal is the potential monetisation of the Australian projects in a standalone vehicle.

With a decent resource and new injections of funds, that could turn into quite a serious proposition.

To keep it going while sets all these plans in motion, ECR raised around £500,000 through Optiva at the end of last year.

The kitty will need to be topped up before too long, but Brown’s thinking is that drill results from Australia and also from Argentina should be in by then to give further fundraising efforts a considerable boost.

“The market seems quite good,” says Brown. And with 22 years in the mining industry behind him, he’s well placed to judge.

He’s used that experience to bring ECR back to life, and it will be interesting to see how things play out from here.

“I want to develop these projects and get them into production,” he says. And it’s that kind of clear statement of intent that is driving forward ECR’s shares.

 

Craig Brown was a founding shareholder of Kryso Resources plc (“Kryso”), a gold exploration and development company which was admitted to trading on AIM in 2004. Kryso was restructured and renamed China Nonferrous Gold Ltd (“CNG”) in 2013. Craig acted as Finance Director and Company Secretary of Kryso before becoming Managing Director in 2010 and stepping down from the board in September 2013. During this period, Kryso/CNG delineated a five million ounce JORC Mineral Resource at the Pakrut gold project in Tajikistan, completed a bankable feasibility study for the project, obtained debt and equity finance for mine development, and commenced construction of the mine and infrastructure.

Since 2013, Craig has continued to act as a consultant to CNG, during which time CNG has successfully obtained additional debt finance in order to commence production, completing the first gold pour at the Pakrut mine in 2015. Prior to his roles with Kryso/CNG, Craig held positions with Gulf International Minerals Ltd and Nelson Gold Ltd, both of which also successfully put gold mines into production during Craig’s tenure.

 

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Wed, 15 Feb 2017 13:25:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173204/ecr-shares-moving-on-plans-to-drill-in-australia-and-argentina-173204.html
<![CDATA[News - ECR Minerals readies to drill again in Australia ]]> http://www.proactiveinvestors.co.uk/companies/news/172636/ecr-minerals-readies-to-drill-again-in-australia-172636.html ECR Mineral’s (LON:ECR) reinvention as an Australian gold miner has taken a step forward with permission to start drilling at Byron on the Bailieston project.

Drilling will start once the licence transfer to ECR subsidiary Mercator Gold Australia (MGA) has been completed.

In addition, ECR has applied to renew the Avoca project exploration licence, while it is waiting on applications for two licences in Victoria.

Craig Brown, ECR’s chief executive, said Bailieston project is not only in close to two large operating gold mines but has a history of producing high-grade material from underground workings, including Byron.

The company has the original nineteenth and early twentieth century production records as well as the results of relatively recent exploration work, including drilling and trenching, carried out in the 1980s, he added.

ECR’s recently announced plan to drill the El Abra and JV prospects in Argentina is in addition to the drilling planned in Victoria, said Brown.

Shares rose 20% to 1.32p.

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Fri, 03 Feb 2017 16:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172636/ecr-minerals-readies-to-drill-again-in-australia-172636.html
<![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/625/BZW_20161212005411/ Mon, 12 Dec 2016 15:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/625/BZW_20161212005411/ <![CDATA[Media files - ECR Minerals PLC rejuvenated and ready to resume testing ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6507/ecr-minerals-plc-rejuvenated-and-ready-to-resume-testing-6507.html Wed, 30 Nov 2016 15:45:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6507/ecr-minerals-plc-rejuvenated-and-ready-to-resume-testing-6507.html <![CDATA[News - ECR Minerals to mull new opportunities as it raises £500,000 ]]> http://www.proactiveinvestors.co.uk/companies/news/156341/ecr-minerals-to-mull-new-opportunities-as-it-raises-500000-156341.html ECR Minerals PLC (LON:ECR) has brought in £500,000 via an oversubscribed subscription to use for working capital, it said.

The firm will also use the money for ongoing activity in Australia, where it owns the Avoca and Bailieston gold projects, and to look at new opportunities, it said.

The subscription was for 10bn shares at 0.0005p. The closing price of the shares on Monday was  0.0063p.

ECR said current cash, before it receives the £475,000 from the subscription, will be used to repay existing trade creditors and repay in full all amounts owed under its  convertible loan facility with Yorkville.

Optiva has also become joint broker, to which it has granted more than 1bn warrants, including 400mln warrants exercisable immediately at 0.005p, and a further 500mln at the same price, vesting on completion of the subscription.

Craig Brown, new chief executive  of ECR said: "The subscription, which was over-subscribed by 15%, is an encouraging vote of confidence in ECR’s future.

"This will enable the board to use its technical strengths and expertise to maximise the value of the company’s existing assets whilst evaluating further new business opportunities."

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Tue, 06 Sep 2016 08:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/156341/ecr-minerals-to-mull-new-opportunities-as-it-raises-500000-156341.html
<![CDATA[News - ECR Minerals appoints Brown as new CEO ]]> http://www.proactiveinvestors.co.uk/companies/news/130115/ecr-minerals-appoints-brown-as-new-ceo-130115.html Gold miner ECR Minerals PLC (LON:ECR) has selected its finance director Craig Brown to replace Stephen Clayson as the company’s new chief executive with immediate effect.

Clayson announced his resignation at the beginning of last month, although only officially vacated his position yesterday.

Brown, who was appointed to the board in May this year, has more than 21 years’ experience in senior management and finance roles within the exploration and mining industry.

"I believe [Craig] has the drive and ability to take ECR into the next stage of its development and I am confident that he will make an excellent CEO,” said chairman Bill Howell.

“I am pleased to be appointed to the position of CEO and am fully committed to turning ECR around,” Brown said.

ECR owns the Avoca and Bailieston gold project in Australia through its subsidiary Mercator Gold Australia and Brown thinks both have "significant potential".

Last week, the company announced it had given notice to terminate its earn-in option at the Danglay gold project in the Philippines. As a result, the company will no longer be the operator of the project.

Shares in ECR jumped more than 10% on the news of the appointment.

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Thu, 01 Sep 2016 08:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/130115/ecr-minerals-appoints-brown-as-new-ceo-130115.html
<![CDATA[News - CEO Clayson calls it a day at ECR Minerals ]]> http://www.proactiveinvestors.co.uk/companies/news/128953/ceo-clayson-calls-it-a-day-at-ecr-minerals-128953.html Stephen Clayson has resigned as chief executive officer of ECR Minerals PLC (LON:ECR).

The news came just a day after it was announced he had voluntarily taken a cut in salary to £50,000 a year. The company owes Clayson £100,000 as a result of salary deferrals over the past two years.

Clayson’s departure, due to take effect at the end of the month, will leave three directors on the board - Richard Watts, Craig Brown and William Howell – all of whom have many years of public company and mining industry experience.

ECR currently is working on a conceptual economic study for gold production from alluvial waste dumps at the Avoca project in Australia.

Outstanding items are the receipt of metallurgical test work results and a compilation of resource estimates for multiple dumps, which is ongoing. The board said it expects to provide operational updates regarding the company’s activities in Australia later this month.

On Tuesday, the company announced it had dropped plans to repay its convertible loan facility after being surprised at the market’s negative reaction at its plans to do so.

Shares in ECR rose 2.9% on news of Clayson’s resignation.

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Wed, 03 Aug 2016 09:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/128953/ceo-clayson-calls-it-a-day-at-ecr-minerals-128953.html
<![CDATA[News - ECR drops plan to repay convertible loan facility ]]> http://www.proactiveinvestors.co.uk/companies/news/128919/ecr-drops-plan-to-repay-convertible-loan-facility-128919.html ECR Minerals (LON:ECR) is mulling a number of ways to move forward after it reversed a decision to repay a convertible loan facility.

The gold exploration junior had expected a better share price reaction to the news it was repaying the facility, it said.

Weakness in sterling compared to the Aussie dollar and threats of a general meeting to change the board have added to the pressure.

ECR owes £302,000 under the loan facility and has £375,000 in cash following a placing earlier this month.

The company added that it also owes chief executive Stephen Clayson £100,000 as a result of salary deferrals over the past two years.

ECR currently is working on a conceptual economic study for gold production from alluvial waste dumps at the Avoca project in Australia.

Outstanding items are the receipt of metallurgical testwork results and a compilation of resource estimates for multiple dumps, which is ongoing.

“Whilst the board considers the strategy of the group and evaluates a number of proposals for providing working capital to the group, Bill Howell [chairman] and Stephen Clayson have voluntarily reduced their salaries/fees,” the company added.

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Tue, 02 Aug 2016 16:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/128919/ecr-drops-plan-to-repay-convertible-loan-facility-128919.html
<![CDATA[News - ECR Minerals pays off loan facility ]]> http://www.proactiveinvestors.co.uk/companies/news/127796/ecr-minerals-pays-off-loan-facility-127796.html ECR Minerals PLC (LON:ECR) has raised £60,000 through crowdfunding platform PrimaryBid.

Firm commitments have also been received in respect of a placing of 3.5bln new shares, raising gross proceeds of an additional £350,000.

The directors intend that the expected net proceeds of the placing will be used to repay all amounts owed by the company under the convertible loan facility with an investment fund managed by Yorkville Advisors Global. Any funds remaining following the repayment will be utilised by the company as working capital.

Directors do not intend to make further use of the facility, or to make use of similar facilities in the foreseeable future, said the statement.

Shares fell 34% to 0.01p.

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Mon, 04 Jul 2016 09:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127796/ecr-minerals-pays-off-loan-facility-127796.html
<![CDATA[News - ECR to complete study on Avoca project next month ]]> http://www.proactiveinvestors.co.uk/companies/news/127678/ecr-to-complete-study-on-avoca-project-next-month-127678.html ECR Minerals  PLC (LON:ECR) is aiming to complete an economic study on its Avoca gold tailings prospect in Australia next month, which will set out capital requiments and projected returns from the operation.

It will also show the timescale required to reach production, the firm said, posting latest half year  numbers.

Australia has become the focus for operations after the group's subsidiary Mercator Gold Australia agreed to buy the   Avoca and Bailieston gold projects in Victoria.

The country has become more attractive since the depreciation of the Australian dollar against the US dollar, ECR noted and fuel, labour and other costs have fallen significantly.

Draft resource estimates for the four dumps at Avoca have been compiled, while a programme of rotary air blast (RAB) percussion drilling at Bailieston, which had been planned to start this month will now be later in the year so key staff can focus on Avoca, the firm said.

The receipt of two new exploration licences - one  near Avoca and one  near the Bailieston site is expected in the second half.

The loss for the period to end March was £433,00 compared to a loss of £1.003mln in the same period of 2015.

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Thu, 30 Jun 2016 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127678/ecr-to-complete-study-on-avoca-project-next-month-127678.html
<![CDATA[News - ECR applies for more tailings at Avoca ]]> http://www.proactiveinvestors.co.uk/companies/news/127041/ecr-applies-for-more-tailings-at-avoca-127041.html ECR Minerals (LON:ECR) will focus in the near-term on its gold tailings dumps prospects in Australia, said chief executive Stephen Clayson.

In an update, he said draft estimates for the resource at the four dumps had been complied though there had been some delays with an auger sample undertaken in April.

Completion of the study is now targeted for July.

Applications have also been lodged for two new licences, one at Avoca and another at Baileston, also in Australia.

“ECR’s primary current objective is to demonstrate the viability of reprocessing historical waste dumps at the Avoca project to produce gold and we are pleased to have taken steps to secure additional waste dumps nearby, by means of the new EL application referred to above.” Clayson said.

He added it is assessing options for the Danglay [Philippines] and SLM [Argentina] gold projects.

At Danglay, the Mines & Geosciences Bureau (MGB) last week invited Cordillera Tiger to sign the renewed Exploration Permit. ECR expects the final renewed permit to be issued “in due course”, at which point it will unveil its intentions for further exploration said Shore Capital.

A rotary air blast (RAB) percussion drilling programme, meanwhile, will commence at Bailieston during the second half of June 2016 to test targets in the Byron and Black Cat areas.

--adds detail --

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Mon, 13 Jun 2016 08:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127041/ecr-applies-for-more-tailings-at-avoca-127041.html
<![CDATA[News - ECR Minerals prepares to advance Avoca and Bailieston gold projects ]]> http://www.proactiveinvestors.co.uk/companies/news/125290/ecr-minerals-prepares-to-advance-avoca-and-bailieston-gold-projects-125290.html ECR Minerals PLC (LON:ECR) has unveiled immediate plans to advance the Avoca and Bailieston gold projects in Victoria, Australia, which are being acquired via its Mercator Gold subsidiary.

The planned activity, which is already funded, is expected to take place in May and June.

“The programmes are, in the case of the Avoca project, intended to generate the data needed to move the project towards production as rapidly as possible,” said Stephen Clayson, chief executive.

“In the case of Bailieston, it is hoped that the proposed drilling will confirm the strong exploration potential indicated by historical data and more recent surface mapping and sampling. Updates will be provided to the market as progress is made.”

At Avoca, the company said its objective will be to demonstrate the reprocessing historical waste dumps for gold, as well as saleable gravel and sand by-products.

It will carry out a resource estimate for the dumps, and that will involve some sampling work, and metallurgy testing will be necessary.

The company will also prepare an economic study of the proposed project, and that will set out the anticipated capital requirements as well as the timescales needed to deliver production.

Meanwhile at Bailieston drilling is planned, for up to 1,000 metres, to test the Byron and Black Cat areas

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Wed, 27 Apr 2016 09:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125290/ecr-minerals-prepares-to-advance-avoca-and-bailieston-gold-projects-125290.html
<![CDATA[Media files - ECR Minerals chief optimistic of quick progress at Avoca ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/4926/ecr-minerals-chief-optimistic-of-quick-progress-at-avoca-4926.html Thu, 21 Apr 2016 14:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/4926/ecr-minerals-chief-optimistic-of-quick-progress-at-avoca-4926.html <![CDATA[News - ECR Minerals reports consultant’s findings on Australia acquisition ]]> http://www.proactiveinvestors.co.uk/companies/news/125011/ecr-minerals-reports-consultants-findings-on-australia-acquisition-125011.html Shares in ECR Minerals PLC (LON:ECR) eased on Wednesday as it revealed consultant Snowden had completed its competent person's report on the recently acquired  Avoca and Bailieston gold projects in Australia.

As reported last month, the group's subsidiary Mercator Gold bought the two gold projects, which have the potential to generate near term revenue from processing historic dumps at Avoca.

In keeping with Snowden's recommendations, ECR said Mercator will continue to develop a careful exploration strategy for  the properties, while prioritising short term cash flow from the proposed reprocessing of historical mine dumps at Avoca to produce gold, with saleable gravel and sand as by-product.

The report also noted the availability of suitable infrastucture to advance these short term projects.

Stephen Clayson, chief executive of ECR, noted that reprocessing of the Avoca dumps remained subject to the outcome of the necessary studies, and to the availability of the required permits, including a mining licence and that to apply for a mining licence, there must also be a resource estimate.

Both projects lie less than 200km from the Victorian state capital Melbourne, with good road access, and are in the major orogenic Lachlan Fold Belt (LFB).

"A further announcement regarding MGA’s immediate activities in relation to the Avoca and Bailieston projects will be made in the near future, once plans have been finalised," said Clayson.

The acquisition remains conditional on, among other things, the necessary Victorian government authorisations.

As consideration, ECR must pay up to A$250,000 worth of its shares, based on certain milestones being reached, and a net profits interest royalty of 20% in respect of mine dumps and 10% in respect of other deposits, capped at A$3.5mln.

ECR shares dropped 15% to 0.0213p in early deals.

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Wed, 20 Apr 2016 09:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125011/ecr-minerals-reports-consultants-findings-on-australia-acquisition-125011.html