(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
UPDATE ON MERCATOR GOLD
The Administrators advise that after completing their statutory duties, which include awaiting the presentation of all dividend cheques to MGA’s bank account, the Administrators expect to release MGA from administration. The Claim, as that term is defined in ECR’s announcement of
Following MGA’s release from administration it is expected by the Company that MGA will possess tax losses estimated to total approximately
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 figure of approximately
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
ECR has a 100% interest in the Sierra de las Minas gold project in
ECR holds a substantial minority stake in
FOR FURTHER INFORMATION PLEASE CONTACT:
|Tel: +44 (0)20 7929 1010|
|Tel: +44 (0)20 7776 6550|
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.