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 sells 8 mln Silver Swan shares it received as payment for Meekatharra property
Mercator Gold (AIM: MCR) sold 8 million shares in Australia’s Silver Swan Group Ltd (ASX: SWN) it received in April 2008 upon the sale of the Meekatharra tenements to Silver Swan. Mercator was issued 10 million ordinary shares and 4 million performance shares.
Earlier this year, Silver Swan had released from escrow two million shares of which Mercator has sold one million at an average price of A$ 0.349 raising approximately A$315,000.
The Perth based, polymetallic explorer Silver Swan Group reported that 8 million of the remaining shares held by Mercator Gold will be released from escrow and placed equally with Citywest Corp Limited and Hillgrove Resources Limited (ASX: HGO). Both of these companies are already shareholders of Silver Swan and have indicated their holdings are for the long term.
The issue of the performance shares is subject to the identification of an independently calculated Indicated Mineral Resource of 350,000 ounces of gold or other metal equivalent by the company from the tenements acquired from Mercator Gold. The remaining 4 million performance shares will remain in voluntary escrow.
The total achieved to date from the sales therefore amounts to AU$2.99 million or approximately £1.50 million. Mercator intends to use the proceeds of the sales to fund on-going Mercator corporate undertakings particularly the work at the Copper Flat Project in New Mexico and potential future investments.
In this morning’s statement Mercator Managing Director, Patrick Harford commented on the sale which reflects the company’s investment mandate;
“Mercator’s task of adding value to our investments has been demonstrated by the disposal of a proportion of our holding in Silver Swan Group Limited. The sale of nine million shares substantially strengthens the Company’s balance sheet and puts the Company in a position to take several projects forward over the next six months.”
