www.ecrminerals.com
ECR Minerals (formerly Electrum Resources) plc is a diversified mining investment company with quality assets and the capability to undertake significant, value accretive transactions. ECR Minerals is dedicated to creating value for its shareholders through a process of finding value, adding value and realising value. In order to achieve this, Electrum Resources is able to access a pipeline of projects sourced from its global network and utilises the expertise of its directors and advisers.
ECR Minerals holds interests in the USA, Argentina, Indonesia, Thailand and Australia.
Mercator Gold upbeat for 2010, plans name change to Electrum Resources
Mercator Gold PLC (AIM:MCR; OTC: MTGDY) said it expects to enter the second quarter of 2010 with metal prices at levels that will allow mining companies to fund projects and to make profits, as it reported results for the 15 months to end-September 2009.
The group reported revenue for the period of £4.06 million, against nil in the year to June 30 2008. Pretax loss narrowed to £4.4 million against £31.9 million in the comparative period when Mercator booked a £30 million impairment charge after it was forced to close down its Meekatharra gold mining operation due to spiralling costs.
During the period under review Mercator acquired interests in two mineral development projects, one in Papua Province, Indonesia and another in New Mexico, US. The first of these was the acquisition of an interest in an alluvial deposit in Papua that is known to have produced more than 100,000 ounces of gold at very high grades. The second was the acquisition of an exclusive option over the Copper Flat project in New Mexico, at a time when copper prices were much lower than those which currently prevail.
“We see Copper Flat as an attractive option on the copper price through a technically straightforward open pit mining project. The deposit contains over US$2 billion worth of metal at today’s prices and we believe that Mercator will be able to add considerable value to the project with some innovative development,” it said.
Mercator’s balance sheet has been significantly strengthened as a result of the acquisition of the cash generative Thai manufacturing business ACS Asia, in October 2008 and as a result of the partial divestment of the company’s interest in Silver Swan.
Earlier this month, it announced entering into a binding agreement to acquire an interest of up to 70% in all of Uranio AG’s (XETRA: UAI) exploration and mining licences in Argentina. A four-month due diligence period is underway.
The group said it has now re-established itself with a range of assets beyond those that were envisaged at the time of the AIM flotation in October 2004. “In moving forward to a new future it is proposed by the board that the company be renamed Electrum Resources PLC and a special resolution to this effect will be put to shareholders at the AGM."
