REG-ECR Minerals plc RELEASE OF MERCATOR GOLD AUSTRALIA FROM ADMINISTRATION <Origin Href="QuoteRef">ECRE.L</Origin>

ECR MineralsAnnouncement

04/12/2014 10:50

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20141204:nBw045287a 
 
LONDON--(Business Wire)--


ECR MINERALS plc

("ECR Minerals", "ECR" or the "Company") 

AIM: ECR 

US OTC: MTGDY 

RELEASE OF MERCATOR GOLD AUSTRALIA

FROM ADMINISTRATION

LONDON: 4 DECEMBER 2014 - ECR Minerals plc is pleased to announce that its 100%
owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has been
released from external administration. As previously announced, MGA is estimated
to possess tax losses of approximately A$80 million. 

Stephen Clayson, Chief Executive Officer of ECR, commented:

"We are delighted that after a long wait, MGA has been released from
administration. Our intention now is to realise value from ECR`s 100%
shareholding by identifying a suitable purchaser for our shares in MGA and
concluding a sale at the earliest opportunity." 

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. Analysis to
confirm MGA`s tax loss position as at 30 June 2014 is in progress (30 June being
MGA`s financial year-end). 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 Company
considers that at the present time, MGA is in compliance with the continuity of
ownership test. 

ABOUT ECR

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 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 medium to high
grade, low tonnage deposits suitable for advancement to production on a
relatively low capital, near term basis. 

ECR continues to review potential new investments on a highly selective basis,
with a concentration on precious, base and strategic metals projects in Asia and
South America. 

FOR FURTHER INFORMATION PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010 

Paul Johnson, Non-Executive Chairman 

Stephen Clayson, Director & CEO 

Richard (Dick) Watts, Technical Director 

Email: info@ecrminerals.com

Website: www.ecrminerals.com

Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550 

Emma Earl/David Coffman (Nominated Adviser) 

Colin Rowbury (Broker) 

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be
subject to a number of known and unknown risks, uncertainties and other factors
that could cause actual results or events to differ materially from current
expectations. There can be no assurance that such statements will prove to be
accurate and therefore actual results and future events could differ materially
from those anticipated in such statements. 

Accordingly, readers should not place undue reliance on forward looking
statements. Any forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be required by
applicable laws or regulations (including the AIM Rules for Companies), the
Company disclaims any obligation to update or modify such forward looking
statements as a result of new information, future events or for any other
reason. 
 
ECR Minerals plc 

Copyright Business Wire 2014