ECR Minerals has received permission for a drilling program at Unchimé iron ore project in Salta Province, Argentina.
Sampling is underway at the company's Sierra de las Minas gold project in La Rioja Province, Argentina and a geophysical survey is planned to take place at El Abra gold prospect during September. The sale of the Derewo River gold project in Papua, Indonesia, to West Wits Mining has been completed.
Mr Patrick Harford MD of ECR Minerals plc said that it is gratifying to be able to report strong progress by ECR in substantially all of its activities. In Argentina, the company is now proceeding to drill the Unchimé project and given the anticipated future demand for iron ore both locally and for export we look forward to the drilling results with optimism.
Mr Harford said that the recent rise in the price of gold and the optimistic projections being made by many gold market observers including major banks, have given added excitement and impetus to ECRs gold activities. ECR is fortunate to have been able to bring a number of gold prospects in Argentina into its asset base with minimal cash expenditure to date.
It is planned that a geophysical survey will commence shortly at the El Abra prospect, and further sampling is already taking place at other prospects within the Sierra de las Minas project area, including sampling of newly discovered mineralized veins. Additionally, THEMAC Resources has an extensive ongoing drilling program at the Copper Flat project in New Mexico. The results of this program are expected to substantially improve THEMACs knowledge of the Copper Flat deposit and are awaited with great interest.
The YA Global loan is expected to enable ECR to conduct the planned work programs at Sierra de las Minas and Unchime without any immediate dilution to shareholders or the premature disposal of assets, while the West Wits shares distributed by Paniai combined with the Reed Resources shares issued to MGA in July have immediately put approximately a further AUD 1 million worth of tradeable shares on ECRs group balance sheet and added an entirely new dimension to ECRs gold interests.
(Sourced from StockMarketWire.com)
