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TORONTO,
Jan. 16, 2014 /CNW/ - Ecuador Gold
& Copper Corp. (TSX-V: EGX), (the "Company" or
"EGX") wishes to announce that it intends to announce a new
resource estimate for its flagship Santa Barbara Au-Cu porphyry
deposit located within the Company's 8,300 hectare Condor Gold and
Copper Project in the Zamora Gold and Copper Belt, Southeast Ecuador, in mid-February, 2014.
Anticipated New Resource Estimate
The anticipated new resource estimate for the
Santa Barbara AU-Cu porphyry deposit will include the drill results
from the current 3,850 meter resource expansion drill program.
Final assays from drill holes are expected to be received by the
Company in February 2014 and the
current Santa Barbara deposit resource estimates will be updated to
include these results. The majority of the resource expansion
program was focused on the Santa Barbara North Zone about 1,000
meters northeast of the Santa Barbara South deposit where resources
currently stand at 236.1 million tonnes at 0.57 g/t gold and 0.1%
copper (4.33 million ounces gold and 520.0 million lbs. copper) in
the Indicated category and 102 million tonnes at 0.50 g/t gold and
0.1% copper (1.6 million ounces gold and 225 million lbs. copper)
in the Inferred category. For details of previously reported
resources at the Condor Gold and Copper Project, see the Company's
technical report (the "Technical Report") prepared pursuant
to National Instrument 43-101 Standards for Disclosure for Mineral
Projects ("NI 43-101") dated effective October 16, 2013, signed November 28, 2013 and filed on SEDAR, and the
Company's news releases dated October 16,
2013 announcing the increased resources at Santa Barbara
South Zone which are all available for viewing under the Company's
profile on SEDAR at www.sedar.com and at
www.ecuadorgoldandcopper.com.
Preliminary Economic Assessment
The new resource estimates will be incorporated
in the Preliminary Economic Assessment that is currently being
prepared for the Santa Barbara Au-Cu deposit.
It is expected that the Preliminary Economic
Assessment will be completed in Q1, 2014.
Existing Resources
The Condor Gold and Copper Project contains an
Indicated mineral resource of 6.365 million ounces gold (within
318.9 Mt grading 0.62 g/t gold). Additional Inferred mineral
resources contain 2.06 million ounces gold (within 127.0 Mt
grading 0.52 g/t gold). In addition the El Hito Cu-Mo porphyry
deposit hosts an Inferred copper resource of 161 million tonnes
grading 0.31% copper (1.1 billion pounds of Cu). For more
information, please see the Company's resource table at
www.ecuadorgoldandcopper.com or its Technical Report dated
effective October 16, 2013 which is
available under the Company's profile on SEDAR at
www.sedar.com.
These resources were calculated and updated by
Al Maynard and Associates Pty Ltd.
of Perth, Australia effective as
of October 16, 2013 and are described
in the Technical Report. Recent updates to the Santa Barbara
resources were also announced in the Company's October 16, 2013 news release.
Qualified Person
Mit Tilkov, P.Geo., Vice-President Exploration
of Ecuador Gold and Copper Corp. is a qualified person, as defined
by NI 43-101, supervised the project field work, and is responsible
for the preparation of the technical information in this news
release.
Cautionary Note
The Company has not completed a preliminary
economic assessment or feasibility study of the Condor Gold and
Copper Project under NI 43-101, and there is no assurance that the
exploration and subsequent development operations of the Condor
Gold and Copper Project will be economically or technically
viable.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Ecuador Gold and Copper Corp.