REG-ECR Minerals plc Sale of Bailieston Property Raises A$670,000
15/02/2023 07:15
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Sale of Bailieston Property Raises A$670,000
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Sale of Bailieston Property Raises A$670,000
ECR Minerals plc (LON: ECR), the gold exploration and development company
focused on Australia, is pleased to announce that it has executed a sale and
purchase agreement for the sale of the Company’s ‘Bailieston’ property
located at 127 Nagambie-Rushworth Road within the Company’s 100% owned
Bailieston license area.
Highlights:
* A cash sale price of A$670,000 has been agreed for the Nagambie-Rushworth Road
property, with a deposit of A$67,000 already received.
* Funds raised will be deployed into ECR’s ongoing 2023 exploration programme.
* The transaction marks the second disposal from selected non-core assets as
outlined in the announcement of July 6(th) 2022.
* Completion of the transaction and settlement of the A$603,000 final balance is
expected to occur on or around April 27 2023.
CEO Andrew Haythorpe commented: “I am pleased to report that we have
actioned the second in a series of planned disposals of non-core assets as
outlined in our strategic plan last July. Once the sale completes, the
proceeds will significantly bolster our cash position, ensuring that ECR can
maintain all scheduled exploration and drilling activities.”
“Discussions over further asset disposals are continuing and I look forward
to providing further updates in due course.”
Sale of 127 Nagambie-Rushworth Road
A Contract of Sale for the Nagambie-Rushworth Road property has been executed,
with settlement and completion anticipated to occur on or around April 27
2023. A deposit of A$67,000 has already been paid, with the balance of
A$603,000 due on completion. The buyer is a private individual.
As previously announced, further non-core asset disposals are planned, and we
will update the markets in due course as appropriate.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=53325970&newsitemid=20230214005920&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=03244b72290981c252dcec2af3fb0e12)
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly
owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has
100% ownership of the Bailieston and Creswick gold projects in central
Victoria, Australia, has six licence applications outstanding which includes
one licence application lodged in eastern Victoria. (Tambo gold project). MGA
is currently drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148) project and has
an experienced exploration team with significant local knowledge in the
Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has three approved exploration permits covering 946 km(2)
over a relatively unexplored area in Queensland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in
Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the
subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd
(TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up
to A$2 million in payments subject to future resource estimation or production
from projects sold to Fosterville South Exploration Limited.
ECR holds a 70% interest in the Danglay gold project; an advanced exploration
project located in a prolific gold and copper mining district in the north of
the Philippines, which has a 43-101 compliant resource. ECR also holds a
royalty on the SLM gold project in La Rioja Province, Argentina and can
potentially receive up to US$2.7 million in aggregate across all licences.
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