ECR Minerals believes itself compliant with Danglay project earn-in, JV agreement

ECR Minerals considers itself to be compliant, in all material respects, with the earn-in and joint-venture agreement between it, Cordillera Tiger Gold Resources Inc and Tiger International Resources relating to the Danglay gold project.

ECR followed a news release by Tiger International on Thursday about the Danglay project in the Philippines. ECR said it regarded that release as inaccurate in a number of respects.

As provided in the agreement, ECR said it had contributed more than $500,000 of expenditures in relation to the Danglay project and completed a mineral resource estimate.

That estimate had been disclosed by Tiger International. In fulfilling these two conditions, AIM-quoted ECR said it had earned a 25% interest in the Danglay project.

"The current political climate in the Philippines is discouraging for the mining industry," ECR said in a statement.

"The Philippine Department of Environment and Natural Resources (DENR) has declared a moratorium on new mining projects, however the Company is not currently aware of any reason that the application for renewal of the Exploration Permit (EP) pertaining to the Danglay project would not be granted, as this is a permit for exploration as distinct from mining.

"The timing of any renewal of the EP is however highly uncertain and there can be no guarantee that it will be granted."

ECR added it was seeking to cooperate with Tiger International in the interests of preserving the value of Cordillera Tiger and the Danglay gold project as far as reasonably possible.