ECR Minerals - Blue Mountain acquisition, CEO Andrew Haythorpe & NED Andrew Scott

Share Talk LTD

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia is pleased to announce it has today entered into a conditional agreement to acquire, through its subsidiary Lux Exploration Pty Limited, a 100% interest in the Blue Mountain Project, Queensland, Australia, which also includes the Denny Gully Gold project (the “Proposed Acquisition”). The total consideration under the agreement is GBP200,000 which is to be settled by the issue of 31,913,196 ordinary shares at a price of 0.6267p (being the 30-day VWAP prior to the date of the Agreement), if the condition precedent is satisfied.
The Proposed Acquisition is conditional upon ECR obtaining Australian Ministerial approval for the transfer of the tenements comprising the Blue Mountain Project.
Background

The Blue Mountain project consists of exploration permits EPM 27175 and EPM 27183, situated some 95 kilometres south southwest of the Gladstone port and industrial complex and, more specifically, lies about 35 kilometres southeast of Biloela, the small regional pastoral- agricultural-coal mining centre in Queensland (see Figure 1 below).
Based on reports from previous explorers, the directors believe that there is significant nascent potential at the project.