ECR Minerals #ECR – Board Change

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, announces that, given the Company’s recent acceleration in exploration activity and following an in-country visit by Managing Director Nick Tulloch, Technical Director Adam Jones has stepped down from the board of directors with immediate effect. Adam will nonetheless continue in his role with ECR as chief geologist and technical director of exploration, and by stepping down from the board he will be able to focus more of his time on the Company’s commercial operations.

ECR Managing Director Nick Tulloch commented: “It has hopefully been apparent to shareholders that the pace of our operations has accelerated in recent months and, with that, comes the need to position our capabilities to take full advantage of opportunities that may be presented to us. It is important to note that this board change is no reflection on Adam – in fact the conversation was instigated by him.  Having just returned from Victoria, I can say with full confidence that we have an outstanding team of which Adam is a core part.  We also have an extensive portfolio of assets which will require increasing attention as we seek to develop them into commercial prospects. By relinquishing his board duties, Adam will now have more time to focus on his skillset of identifying and progressing prospects in Australia.

“What was clear from my recent visit, and meetings I attended whilst there, is that the opportunities in both Victoria and elsewhere in Australia for ECR are potentially very significant.  We need – and we have – a dedicated and experienced team on the ground who can concentrate on bringing these opportunities to fruition.  Asking that team to fulfil other duties, particularly those covered by existing board members, is a duplication of resources.”

ECR Chief Geologist and Technical Director of Exploration Adam Jones commented: “ECR has been re-energised since the appointment of Nick and Mike, and thanks to their arrival we now have a well-balanced board of directors with strong and complimentary skillsets.  It had always been my intention to focus on our opportunities in the ground and I am pleased to be able to now give both our existing, and potentially new, prospects my full attention as we continue to develop the company.” 

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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 eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km² over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km² in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

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 90% 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.