ECR Minerals plc RELEASE OF MERCATOR GOLD AUSTRALIA FROM ADMINISTRATION
04 December 2014 - 9:41PM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
AIM: ECR
US OTC: MTGDY
RELEASE OF MERCATOR GOLD AUSTRALIA
FROM ADMINISTRATION
LONDON: 4 DECEMBER 2014 - ECR Minerals plc is pleased to
announce that its 100% owned Australian subsidiary Mercator Gold
Australia Pty Ltd ("MGA") has been released from external
administration. As previously announced, MGA is estimated to
possess tax losses of approximately A$80 million.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"We are delighted that after a long wait, MGA has been released
from administration. Our intention now is to realise value from
ECR's 100% shareholding by identifying a suitable purchaser for our
shares in MGA and concluding a sale at the earliest
opportunity."
The figure of approximately A$80 million is the latest available
estimate of MGA's accumulated tax losses and is stated as at 30
June 2013. Analysis to confirm MGA's tax loss position as at 30
June 2014 is in progress (30 June being MGA's financial year-end).
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 Company considers that at the present time,
MGA is in compliance with the continuity of ownership test.
ABOUT ECR
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 the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
Paul Johnson, Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard (Dick) Watts, Technical Director
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Emma Earl/David Coffman (Nominated Adviser)
Colin Rowbury (Broker)
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.
This information is provided by Business Wire
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