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ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines.

Website:
http://www.ecrminerals.com/
Phone:
+44 (0)207 929 1010
Address:
2nd Floor, Peek House, 20 Eastcheap Street, London EC3M 1EB.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
Gold Mining
EPIC / Symbols:
LON:ECR
chart-size
*subject to change and depends on individual circumstances.

ECR Minerals RNS Press Releases

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ECR Minerals Articles, News, and Media Files

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ECR Minerals Related Media

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Broker press

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  • 16/05/11
    +0.60 +1.60

    Press: ECR Minerals rose after saying tests at its El Abra gold prospect in Argentina, acquired in January for $60,000, had shown ?numerous... read more

  • 30/06/09
    +0.00 +2.63

    an article in the Times reports: Mercator Gold fell 0.25p to 2.63p as it placed 850,000 new shares at 2p each.

  • 09/10/07

    IC says buy (86p) : 09.10.07: -4.25, (80.75) IC says buy (86p) : BULL POINTS Strong gold price - Production set to rise rapidly - Experienced management... read more

  • 02/02/07

    an article in the Times reports: 02.02.07: -0.5, (78.5) an article in the Times reports: Mercator Gold, which should start production in June, has approval pending for a... read more

  • 10/11/06
    +1.75 +75.25

    IC says buy (74p) : BULL POINTS Moving towards production - Proprietary technology - Minimal political risk - Well prepared for any gold price weakness... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
08/09/14 P. Johnson BUY 1,000,000 ORD 0.23 2,300 28,947,810 0.89
08/09/14 R.A. Watts BUY 1,000,000 ORD 0.24 2,400 14,250,000 0.44
05/09/14 S.J. Clayson BUY 500,000 ORD 0.23 1,150 18,734,890 0.57
25/02/14 P. Johnson BUY 1,500,000 ORD 0.28 4,200 27,947,810 0.86
24/02/14 S.J. Clayson BUY 1,000,000 ORD 0.24 2,400 18,234,890 0.56

BASIC RESULTS INFORMATION

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/03/14 Interim 0.00 -0.89 -0.03 0.00 GBX
30/09/13 Full year 0.00 -7.52 -0.48 0.00 GBX
31/03/13 Interim 0.00 -2.65 -0.25 0.00 GBX
30/09/12 Full year 0.00 -4.07 -0.59 0.00 GBX
31/03/12 Interim 2.31 -0.96 -0.13 0.00 GBX

Company Statement

ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines.

 

ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.

 

ECR holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.

 

ECR shares are listed on the AIM market of the London Stock Exchange with the symbol ECR. ECR’s American Depositary Receipts (ADRs) are traded in the USA on an over the counter (OTC) basis with the symbol MTDGY.

Current Operations

Itogon Gold Project, Philippines

In December 2013 the final condition for the commencement of ECR’s earn-in to a 50% interest in the Itogon gold project in the Philippines was satisfied, and accordingly work then began on the ground. ECR has completed an initial phase of drilling at Itogon, with positive results announced on 29 May 2014. Highlights included mineralised intervals (apparent width) of 18m at 17.14 g/t gold from surface in hole ERC008 (inc. 2m at 119.53 g/t gold) and 30m at 1.63 g/t gold from surface in hole ERC004 (inc. 2m at 7.08 g/t gold from 0-2m).

 

Positive results from a first phase of surface and underground channel sampling at Itogon were announced on 19 May 2014. Results included mineralised intercepts in surface channels of 18m at 8.006 g/t gold, 40m at 2.338 g/t gold and 22m at 1.883 g/t gold. Sampling within underground workings returned grades of up to 48.400 g/t gold. Positive results from a second phase of channel sampling were announced on 17 July 2014.

Mercator Gold Australia

Mercator Gold Australia Pty Ltd (MGA), a wholly owned subsidiary of ECR incorporated in Australia, entered voluntary administration in late 2008 as a result of financial distress arising from difficulties encountered by gold mining operations at the Meekatharra project in Western Australia. This occurred prior to the tenure of any of ECR's current directors.

ECR has been informed by the administrators of MGA that at a meeting of creditors held on 14 July 2014, it was resolved, inter alia, to vary in certain respects the deed of company administration (DOCA) to which MGA is currently subject.

The variation of the DOCA is expected to permit, in due course, the release of MGA from administration. When this occurs it is expected by ECR that MGA will possess tax losses estimated to total approximately A$80 million, as previously announced. These tax losses will be of significant benefit to MGA should it be successful in establishing profitable business activities following its release from administration.

The availability of MGA’s tax losses is subject, inter alia, to MGA’s compliance with the “continuity of ownership test”, as that term is used in the context of Australian taxation, at all relevant times. Compliance with this test is determined by reference to ECR’s register of shareholders and the variations thereto that occur over time. The figure of approximately A$80 million is the latest available estimate of MGA’s accumulated tax losses and is stated as at 30 June 2013.

 

The SLM gold project

The SLM gold project in Argentina is 100% owned by ECR’s wholly owned subsidiary Ochre Mining SA. Activities in 2014 have focused on the southern part of the SLM project area, which had previously undergone only very limited evaluation by Ochre, and particularly on a prospect known as the JV-14 zone.

3D modelling of historical drilling data indicates that the JV-14 zone may have attractive resource potential in the context of Ochre’s strategy of seeking to bring high grade, low tonnage gold deposits at SLM into production relatively quickly and at a relatively modest capital cost.

A drilling programme is planned for the JV-14 zone, subject to the results of a programme of cleaning and sampling historical exploration trenches. More details of the trench sampling programme can be found in ECR’s announcement dated 24 June 2014.

Two rock chip samples were taken by Ochre from the JV-14 zone in January 2014, one of which returned a very high grade of 67.9 g/t gold.

THEMAC Resources Group (TSX-V: MAC)

THEMAC Resources Group Ltd has 100% ownership of the Copper Flat project, a former producing mine with major civil infrastructure still in place located in New Mexico, USA some 150 miles south of Albuquerque. Copper Flat is a copper-molybdenum-gold-silver porphyry deposit with a higher grade breccia core.

In March 2011, THEMAC acquired ECR’s exclusive option over a 100% ownership interest in the Copper Flat project, leaving ECR with a holding of shares and warrants in THEMAC. As of late June 2014, ECR has a shareholding of approximately 14% (fully diluted 15%) in THEMAC.

THEMAC completed an NI43-101 compliant prefeasibility study (PFS) for the Copper Flat project in 2012, and an NI43-101 compliant definitive feasibility study (DFS) in 2013. Permitting for a return of the project to production is underway.

Management

Paul Johnson


Non-Executive Chairman

 

Paul Johnson has been an active investor for more than 20 years and is a co-founder of MiningMaven, an investor communications service focused on the natural resources sector. His previous roles have included Business Risk Consulting Group Manager for FM Global and Regional Director for Capita McLarens.

 

Mr Johnson is a Chartered Accountant (England & Wales, 1996), an Associate of the Chartered Institute of Loss Adjusters (2000) and of the Chartered Insurance Institute (2005) as well as a Member of the Business Continuity Institute (2007). He holds a BSc (Hons) in Management Science (1991) from UMIST School of Management, Manchester, UK.

 

Stephen Clayson


Stephen Clayson has acquired diverse experience in the mineral exploration and development sector since 2004.

 

During 2009-10 Mr Clayson held the position of Corporate Development Manager for Kryso Resources plc, a business now known and listed on AIM as China Nonferrous Gold Ltd. Kryso was focused on the development of the multi-million ounce Pakrut gold project in Tajikistan, which is expected to enter production in 2014. Mr Clayson remained a consultant to Kryso until 2013.

 

Mr Clayson undertook extensive consultancy for Peninsular Gold Ltd during 2006-08. Peninsular Gold is listed on AIM and in 2009 commenced production at its Raub gold project in Malaysia.

 

Mr Clayson became Chief Financial Officer of ECR in September 2010 and was appointed a director in April 2011. He was appointed Chief Executive Officer in January 2013.

 

Richard Watts

 

Non-Executive Technical Director

 

Richard (Dick) Watts is currently a mining consulting with Bara Consulting and was formerly a Principal Mining Consultant with Royal HaskoningDHV and SRK UK.

 

Specifically these roles have included Chief Operating Officer of Trans-Siberian Gold with responsibility for the development of a remote underground gold project in far eastern Russia; General Director of the Amantaytau Goldfields project in Uzbekistan for Oxus Gold during the feasibility, construction, commissioning and initial production stages; and General Manager of several South African coal mines for Anglo American.

 

Mr Watts is a fellow of the South African Institute of Mining & Metallurgy and holds a B.Eng (Mining) from the University of Sheffield along with a Mine Manager's Certificate (South Africa) and a First Class Certificate of Competency (UK mine manager's qualification).

Major Shareholders

Major Shareholdings by Registered Shareholder

Shares
Holding %
Barclayshare Nominees Limited 420,123,180 12.89
TD Direct Investing Nominees (Europe) Ltd 336,803,080 10.33
HSBC Global Custody Nominee UK Ltd 300,000,000 9.20
HSDL Nominees Ltd 284,761,099 8.73
HSBC Client Holdings Nominee (UK) Ltd 220,816,569 6.77
Investor Nominees Ltd 148,605,159 4.55
HSDL Nominees Ltd 133,353,612 4.09
LR Nominees Ltd 116,033,071 3.56
Hargreaves Lansdown (Nominees) Ltd 114,157,392 3.50
Hargreaves Lansdown (Nominees) Ltd 112,740,072 3.45
Hargreaves Lansdown (Nominees) Ltd 99,906,698 3.06



Director

Shares
Holding %
Paul Johnson 27,947,810 0.85
Stephen Clayson 18,234,890 0.56
Richard Watts 13,250,000 0.40

Number of ordinary shares in issue: 3,259,129,313

The information on this page was updated on 4 July 2014

  • Additional Information
    Market
    AIM
    EPIC
    ECR
    Share Price
    0.17p
    Change
    0
    Volume
    3,412,780
    Dividend
    0
    EPS
    -0.48
    Shares
    3,288.35 m
    Offer
    0.18
    Bid
    0.16
    Avg. Vol
    2,714,228
    Yield
    0.00
    P/E
    -0.39
    Mkt Cap
    £5.59 m
  • Latest Stocktube
    12/12/2013

    ECR Minerals targets Itogon drill programme in Q1 2014

    View full size
  • Contact Information

    ECR Minerals plc

    Peek House

    20 Eastcheap

    London

    EC3M 1EB

    Tel: +44 (0)20 7929 1010

    Fax: +44 (0)20 7929 1015

    Corporate Information

    Nominated Adviser

    Daniel Stewart & Company plc 

    Becket House

    36 Old Jewry

    London EC2R 8DD

    www.danielstewart.co.uk

     

    Principal Bankers

    Barclays Bank plc 

    Town Gate House

    Church Street East 

    Woking

    Surrey GU21 6XW

    www.barclays.com

     

    Brokers

    Daniel Stewart & Company plc 

    Becket House

    36 Old Jewry

    London EC2R 8DD 

    www.danielstewart.co.uk

     

    Company Secretary

    Oakwood Corporate Secretary Ltd

    Webber House

    26-28 Market Street 

    Altrincham

    Cheshire WA14 1PF

    www.oakwood-corporate.com

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