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Proactiveinvestors United Kingdom ECR Minerals http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom ECR Minerals RSS feed en Tue, 22 May 2012 12:07:36 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - ECR Minerals unveils "very promising" results from 13 hole programme at El Abra ]]> http://www.proactiveinvestors.co.uk/companies/news/43054/ecr-minerals-unveils-very-promising-results-from-13-hole-programme-at-el-abra-43054.html ECR Minerals (LON:ECR, OTC:MTGDY) today revealed "very promising" results from its 13 hole drill programme at the El Abra prospect in Argentina, which has confirmed high grade gold mineralisation over a 500 metre strike.

The highlight find was 3.9 metres with 11.6 g/t (grammes per tonne) gold, including 0.2 metres at 109.1 g/t of the precious metal.

Further drilling is now merited at the project to better define the mineralisation, with a view to producing a first resource estimate.

"The mineralisation remains open along strike and down dip," said the firm's managing director Patrick Harford.

"In light of the structural and geological complexity of the El Abra mineralisation and in order to obtain maximum value from future drilling the company intends to complete a detailed structural study along with additional surface geochemical sampling before planning a second drilling programme. 

"This work will enable a better understanding of the style and orientation of the mineralisation at El Abra ahead of further drilling.”

 In total, 1,112 metres was drilled in the programme and the first results from El Abra, within the company's wholly-owned Sierras de las Minas project were unveiled last month.

In those findings, significant gold mineralisation was confirmed in five holes, while no significant gold mineralisation was intersected in two holes.

Today, the company said that of the total 13 holes sunk, three hit "very high grade" gold mineralisation, while four more hit gold mineralisation with grades of more than 1 g/t of the yellow metal.

Last week, ECR revealed it had issued and allotted shares to a UK-based investment fund to raise capital for its gold exploration activities in Argentina.

YA Global SPV will gain 13,500,168 shares at a price of 0.667 pence per share totalling £90,000.

ECR is a mineral development company with interests in Argentina, the US, Indonesia, Thailand and Australia.

 

]]> Mon, 21 May 2012 07:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/43054/ecr-minerals-unveils-very-promising-results-from-13-hole-programme-at-el-abra-43054.html <![CDATA[RNS press release - Drilling Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/120521ecrz7434/ Mon, 21 May 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120521ecrz7434/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/120516ecrz6926/ Wed, 16 May 2012 11:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120516ecrz6926/ <![CDATA[News - ECR Minerals raises funds for Argentinian mining activites ]]> http://www.proactiveinvestors.co.uk/companies/news/42843/ecr-minerals-raises-funds-for-argentinian-mining-activites-42843.html Mining investment company ECR Minerals (LON:ECR, OTC:MTGDY) has issued and allotted shares to a UK-based investment fund to raise capital for its gold exploration activities in Argentina.

YA Global SPV will gain 13,500,168 shares at a price of 0.667 pence per share totalling £90,000.

ECR Minerals said the funding will be used to provide working capital for the company’s gold exploration activities in Argentina and for general corporate purposes.

Last week the company said it had completed the most recent drilling programme at its El Abra prospect in Argentina, having drilled 12 holes at the prospect. It is awaiting the assay results from the four most recently drilled holes.

ECR is a mineral development company with interests in Argentina, the US, Indonesia, Thailand and Australia.

Earlier today the company said Keith Donald Irons, who is currently chairman of Bridgecreek Resources Ltd, would become non-executive chairman of ECR with immediate effect.

The share price was 0.55 pence at the close of trade.


 

]]> Tue, 15 May 2012 17:13:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42843/ecr-minerals-raises-funds-for-argentinian-mining-activites-42843.html <![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/120515ecrz6786/ Tue, 15 May 2012 16:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120515ecrz6786/ <![CDATA[News - ECR Minerals names Keith Irons non-exec chairman, Harford reverts to MD position ]]> http://www.proactiveinvestors.co.uk/companies/news/42827/ecr-minerals-names-keith-irons-non-exec-chairman-harford-reverts-to-md-position-42827.html ECR Minerals (LON:ECR, OTC:MTGDY) has appointed Keith Donald Irons as non-executive chairman of the company with immediate effect.

With this appointment, the role of Patrick Harford has reverted to that of managing director, also with immediate effect.

Irons is currently chairman of Bridgecreek Resources Ltd, a private company developing onshore oil and gas interests in the US.

He has a background in mineral economics and brings with him extensive experience of the minerals and energy industries gained through more than 40 years’ involvement.

His experience includes 17 years as chairman of Bankside Consultants Ltd, an independent financial public relations and investor relations consultancy, having founded the business in 1991.
 
He previously held senior corporate roles with the Anglo American, Blue Circle Industries, Rio Tinto, Amax/Roan Selection Trust and more recently in several junior companies.

Patrick Harford said: "Keith Irons has a wealth of senior level experience in the mining and energy sectors with companies large and small. I am pleased to welcome him as non-executive chairman of ECR and feel sure that he will make a strong contribution to the company’s future development.”

ECR is a mineral development company with interests in Argentina, the US, Indonesia, Thailand and Australia.

Last week, the group completed the latest drilling programme at the El Abra gold prospect within the wholly-owned Sierras de las Minas project in Argentina’s La Rioja Province.

]]> Tue, 15 May 2012 13:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42827/ecr-minerals-names-keith-irons-non-exec-chairman-harford-reverts-to-md-position-42827.html <![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/120515ecrz6731/ Tue, 15 May 2012 12:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120515ecrz6731/ <![CDATA[News - ZincOx, Caledonia Mining, ECR Minerals and New Guinea Energy Energy to present at One2One Forum ]]> http://www.proactiveinvestors.co.uk/companies/news/42769/zincox-caledonia-mining-ecr-minerals-and-new-guinea-energy-energy-to-present-at-one2one-forum-42769.html  

We are back in familiar territory after a hugely entertaining non-resources event last week. Joining us at the Chesterfield Hotel on Thursday (May 17) will be ZincOx (LON:ZOX), Caledonia Mining (LON:CMCL), ECR Minerals (LON:ECR) and New Guinea Energy Energy (ASX:NGE).

 

*REGISTER YOR ATTENDANCE HERE*

 

ZincOx Resources has very much delivered on the plan set out by chairman Andrew Woollett when he last joined us.

The zinc recycling specialist has a 10-year off-take agreement with Korea Zinc for its product from the first plant.

Initial testing of the operation, which has now received a start-up permit, delivered very promising results with zinc recovery in the range 87 per cent to 96 per cent.

Woollett said recently: "We are delighted with the results from this first operation which prove that the process works in line with our expectations. 

"We are looking forward to optimising the operating conditions and ramping up to full production over the next few months and at the same time preparing to press ahead with our expansion plans both in Korea and elsewhere".

Caledonia Mining’s first quarter results announced earlier this month charted a period of transition financially and operationally for the gold miner.

And crucially it also marked the implementation of the first phase of a landmark indigenization deal brokered with the Zimbabwe authorities.

Operationally it was a mixed picture. Blanket’s production was down on the previous quarter at 9,164 ounces due to scheduled maintenance on the Number 4 Shaft.

In April, however, it bounced back to 3,722 ounces, or an annualized equivalent rate of 44,664 ounces. Caledonia is targeting a 40,000 ounce annual production rate.

The lower production and certain “anticipated non-recurring costs” meant the cash cost increased to US$648 an ounce from US$521 in the preceding quarter.

However, Caledonia weighed in with a net profit for the quarter of US$7.11 million, up from US$1.36 million in the previous quarter and US$1.89 million at the same point last year.

It now has cash and equivalents of US$16.3 million, up from US$2.2 million a year ago. 

Next on our list is the mining investment company ECR Minerals, which owns the El Abra prospect in La Rioja Province, Argentina

It recently completed its 1,000 metre diamond drilling programme and is awaiting assay results.

However last month ECR confirmed that surface high-grade gold mineralisation at the prospect extends to depth after receiving assay results from seven of the 12 holes.

Chairman Patrick Harford said at the time: “It is apparent that further drilling to follow on from this first programme is merited in order to more fully appraise the economic potential of El Abra in the context of ECR's high grade, low tonnage production strategy.” 

Finally, we will be joined by ASX-listed explorer New Guinea Energy, owner of petroleum licences in Papua New Guinea.

Mitsubishi Corporation recently farmed into two of its licences, which is obviously exciting news. 

It also gave an objective benchmark valuation for NGE stake in the acreage which is well above the company’s current market cap

“The valuations help for us to demonstrate that this is really the value of the licences even if our market cap isn’t representing that. It helps our ability to raise funds,” chief executive Grant Worner said.


 

]]> Mon, 14 May 2012 17:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42769/zincox-caledonia-mining-ecr-minerals-and-new-guinea-energy-energy-to-present-at-one2one-forum-42769.html <![CDATA[News - ECR Minerals completes drilling programme at El Abra ]]> http://www.proactiveinvestors.co.uk/companies/news/42558/ecr-minerals-completes-drilling-programme-at-el-abra-42558.html Mining investment company ECR Minerals (LON:ECR, OTC:MTGDY) said it has completed its 1,000 metre diamond drilling programme at its El Abra prospect in Argentina.

ECR is awaiting assay results, which were sent to AcmeLabs labroratory in Mendoza, from holes 9, 10, 11 and 12. Results are also pending in respect of hole 4.

On 27 April ECR confirmed that surface high-grade gold mineralisation at the prospect extends to depth after receiving assay results from seven of the 12 holes.

On receipt of those results chairman Patrick Harford said: “It is apparent that further drilling to follow on from this first programme is merited in order to more fully appraise the economic potential of El Abra in the context of ECR's high grade, low tonnage production strategy.” 

The El Abra prospect is located at the company’s wholly-owned Sierra de las Minas gold project in La Rioja Province. The project area is located approximately 800 kilometres north west of Buenos Aires

The company said assay results for the outstanding holes will be announced in due course.

 

]]> Wed, 09 May 2012 15:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42558/ecr-minerals-completes-drilling-programme-at-el-abra-42558.html <![CDATA[RNS press release - Argentina Drilling Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120509ecrz5963/ Wed, 09 May 2012 15:17:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120509ecrz5963/ <![CDATA[News - ECR Minerals names Paul Johnson non-executive director ]]> http://www.proactiveinvestors.co.uk/companies/news/42468/ecr-minerals-names-paul-johnson-non-executive-director-42468.html ECR Minerals (LON:ECR, OTC:MTGDY) has appointed Paul Johnson as a non-executive director.

Johnson, 42, 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, the company said in a statement.

He currently holds 8,587,500 shares in the company, representing approximately 1.2 per cent of the capital.

Johnson’s previous roles have included business risk consulting group manager for FM Global and regional director for Capita McLarens.

Executive chairman Patrick Harford said: “As an experienced investor in the natural resources sector with an accountancy and risk management background and as a co-founder of a respected investor communications service, Paul brings a valuable new perspective to the ECR board.

“I am also pleased to advise that the board expects to appoint further non-executive directors, including a non-executive chairman, in the near future.”

ECR is a mineral development company with interests in Argentina, the US, Indonesia, Thailand and Australia.

The group will shortly complete the latest drilling programme at El Abra gold prospect within the wholly-owned Sierras de las Minas project in Argentina’s La Rioja Province.

]]> Tue, 08 May 2012 11:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42468/ecr-minerals-names-paul-johnson-non-executive-director-42468.html <![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/120508ecrz5576/ Tue, 08 May 2012 10:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120508ecrz5576/ <![CDATA[News - ECR Minerals confirms El Abra gold mineralisation extends to depth, suspension lifted ]]> http://www.proactiveinvestors.co.uk/companies/news/42020/ecr-minerals-confirms-el-abra-gold-mineralisation-extends-to-depth-suspension-lifted-42020.html ECR Minerals (LON:ECR, OTC:MTGDY) said drilling results confirm that surface high-grade gold mineralisation at the El Abra gold prospect in Argentina extends to depth.

The company reported the first drilling results from the latest programme at El Abra within the wholly-owned Sierras de las Minas project in La Rioja Province.

It had requested a temporary suspension of trading in its shares pending this announcement, so the suspension is lifted as of this morning.

The company has received assay results from seven drill holes, and the best intersection was found in hole 2 which encountered 3 metres grading 21.5 grammes per tonne gold including 1 metres at 50 g/t gold.

To date 8 of 12 planned holes have been completed. The assay results received have confirmed the intersection of significant gold mineralisation in five holes, while no significant gold mineralisation was intersected in two holes.

Drilling at El Abra recommenced yesterday, April 26, having paused for approximately two weeks while the team was awaiting spare parts for repairing the rig.

ECR expects the current 1,000 metre programme to be completed within the next two weeks.

Executive chairman Patrick Harford said: "We are very encouraged by these results, which demonstrate that gold mineralisation does continue to depth at the El Abra prospect and that this mineralisation is of high grade in at least one area.
 
“It it is apparent that further drilling to follow on from this first programme is merited in order to more fully appraise the economic potential of El Abra in the context of ECR's high grade, low tonnage production strategy.

“A key objective of further drilling would be to improve the company's understanding of the high grade zone of mineralisation intersected by hole 2 of the current programme from 99 metres downhole.
 
“It is becoming increasingly clear that the gold mineralisation at El Abra is structurally and geochemically complex, and a detailed structural study along with additional surface geochemical sampling is planned and is expected to be of great value in targeting future drill holes,” Harford added.
 
A number of  identified and promising drill targets remain untested, and ECR will shortly decide whether the drill rig will remain on site after completion of the current programme. 

ECR holds 100 per cent of the exploration rights to the Sierra de las Minas project area and 100 per cent of the exploitation rights to a number of prospects within it, including El Abra.

Exploration rights for other prospects may be converted to exploitation rights by application to the government of La Rioja Province. The El Abra and Jazmin prospects are subject to a 2% net smelter return royalty from production.

The project area is located approximately 800 kilometres north west of Buenos Aires.

]]> Fri, 27 Apr 2012 07:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42020/ecr-minerals-confirms-el-abra-gold-mineralisation-extends-to-depth-suspension-lifted-42020.html <![CDATA[RNS press release - Restoration of Trading/Drilling Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/120427ecr1879c/ Fri, 27 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120427ecr1879c/ <![CDATA[News - ECR Minerals shares suspended pending drilling results ]]> http://www.proactiveinvestors.co.uk/companies/news/41993/ecr-minerals-shares-suspended-pending-drilling-results--41993.html ECR Minerals (LON:ECR, OTC:MTGDY) has requested a temporary suspension of trading in its shares pending an announcement regarding assay results from drilling at its El Abra gold prospect.

In a statement, the group noted recent press speculation regarding the results of the drilling programme at El Abra within the wholly-owned Sierras de las Minas project in Argentina’s La Rioja Province.

It confirmed it has received assay results in respect of some holes of the programme, is in the process of analysing these results and intends to make an announcement in this regard as soon as possible. 

Pending this announcement, the company has requested a temporary suspension of trading in its shares.

ECR announced on April 13 it had completed 8 drill holes for 650 metres, and hole 9 was in progress.  Core samples from 6 holes had been sent to a laboratory in Mendoza, Argentina, for assay.  It was expecting assay results within weeks.

ECR plans to drill 12 holes on El Abra totalling 1,000 metres, but has the option to retain the drill rig for another 1,000 metres. It will decide once assay results are available.

The drilling is testing if high grade gold mineralisation identified by surface sampling continues to depth.

If the results of the programme indicate the presence of a sufficient tonnage of high grade, near-surface mineralisation, small scale production will start at El Abra during the second half of 2012.

ECR holds 100 per cent of the exploration rights to the Sierra de las Minas project area and 100 per cent of the exploitation rights to a number of prospects within it, including El Abra.

Exploration rights for other prospects may be converted to exploitation rights by application to the government of La Rioja Province. The El Abra and Jazmin prospects are subject to a 2% net smelter return royalty from production.

The project area is located approximately 800 kilometres north west of Buenos Aires.

]]> Thu, 26 Apr 2012 11:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41993/ecr-minerals-shares-suspended-pending-drilling-results--41993.html <![CDATA[RNS press release - Temporary Suspension ]]> http://www.proactiveinvestors.co.uk/companies/rns/120426ecr1231c/ Thu, 26 Apr 2012 09:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120426ecr1231c/ <![CDATA[News - ECR Minerals expects assay results from El Abra gold prospect within weeks ]]> http://www.proactiveinvestors.co.uk/companies/news/41430/ecr-minerals-expects-assay-results-from-el-abra-gold-prospect-within-weeks-41430.html ECR Minerals (LON:ECR, OTC:MTGDY) expects to receive assay results from drilling at the El Abra gold prospect in Argentina within 2-3 weeks.

El Abra is part of its wholly-owned Sierras de las Minas project in La Rioja Province.

To date 8 drill holes have been completed for 650 metres, and hole 9 is in progress.  Core samples from 6 holes have been sent to a laboratory in Mendoza, Argentina, for assay.  The company expects to submit further core samples for analysis in due course.

ECR plans to drill 12 holes on El Abra totalling 1,000 metres, but has the option to retain the drill rig for another 1,000 metres. It will decide once assay results are available.

The drilling is testing if high grade gold mineralisation identified by surface sampling continues to depth.

If the results of the programme indicate the presence of a sufficient tonnage of high grade, near-surface mineralisation, small scale production will start at El Abra during the second half of 2012.

ECR holds 100 per cent of the exploration rights to the Sierra de las Minas project area and 100 per cent of the exploitation rights to a number of prospects within it, including El Abra.

Exploration rights for other prospects may be converted to exploitation rights by application to the government of La Rioja Province. The El Abra and Jazmin prospects are subject to a 2% net smelter return royalty from production.

The project area is located approximately 800 kilometres north west of Buenos Aires.

]]> Fri, 13 Apr 2012 07:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41430/ecr-minerals-expects-assay-results-from-el-abra-gold-prospect-within-weeks-41430.html <![CDATA[RNS press release - Drilling Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120413ecrz2105/ Fri, 13 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120413ecrz2105/ <![CDATA[News - ECR Minerals director to return as chairman resigns ]]> http://www.proactiveinvestors.co.uk/companies/news/41032/ecr-minerals-director-to-return-as-chairman-resigns-41032.html ECR Minerals’ (LON:ECR, OTC:MTGDY) former managing director has had a change of heart and is returning to run the company while the current chairman has resigned.

Managing director Patrick Harford had originally handed in his notice last Tuesday for personal reasons, a decision the ECR board accepted.

But ahead of ECR’s AGM on Saturday, the firm announced that Harford had decided to return as executive chairman having sorted out his personal matters while chairman Michael Silver was now standing down.

Silver also ceased to be a director following the AGM when he and non–executive Luca Tenuta were not re-elected to the board.

ECR unveiled a major cost cutting programme last week and Michael Silver’s decision was in order to reduce costs further, ECR added.

The original plan was for Silver to take a reduction in his salary to £50,000 while other employees also take salary reductions and cuts in administrative costs.

The reorganisation and savings are to allow ECR to overhaul its operational management.

ECR’s current drilling programme, Sierra de las Minas in Argentina which will now continue to be supervised by Harford recently started drilling at its El Abra prospect.

If the results of the programme indicate the presence of a sufficient tonnage of high grade, near-surface mineralisation, small scale production will start at El Abra during the second half of 2012

]]> Mon, 02 Apr 2012 15:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41032/ecr-minerals-director-to-return-as-chairman-resigns-41032.html <![CDATA[News - ECR Minerals director to return as chairman resigns ]]> http://www.proactiveinvestors.co.uk/companies/news/41018/ecr-minerals-director-to-return-as-chairman-resigns-41018.html ECR Minerals’ (LON:ECR, OTC:MTGDY) former managing director has had a change of heart and is returning to run the company while the current chairman has resigned.

Managing director Patrick Harford had originally handed in his notice last Tuesday for personal reasons, a decision the ECR board accepted.

But ahead of ECR’s AGM on Saturday, the firm announced that Harford had decided to return as executive chairman having sorted out his personal matters while chairman Michael Silver was now standing down.

Silver also ceased to be a director following the AGM when he and non–executive Luca Tenuta were not re-elected to the board.

ECR unveiled a major cost cutting programme last week and Michael Silver’s decision was in order to reduce costs further, ECR added.

The original plan was for Silver to take a reduction in his salary to £50,000 while other employees also take salary reductions and cuts in administrative costs.

The reorganisation and savings are to allow ECR to overhaul its operational management.

ECR’s current drilling programme, Sierra de las Minas in Argentina which will now continue to be supervised by Harford recently started drilling at its El Abra prospect.

If the results of the programme indicate the presence of a sufficient tonnage of high grade, near-surface mineralisation, small scale production will start at El Abra during the second half of 2012.

The share price is 0.9 pence.


 

 

]]> Mon, 02 Apr 2012 11:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41018/ecr-minerals-director-to-return-as-chairman-resigns-41018.html