ECR Minerals completes purchase of second drilling rig

Australia-focussed gold explorer and developer ECR Minerals updated the market on its second drilling rig on Tuesday.

The AIM-traded firm had agreed the purchase of a new Cortech CMR1000 multi-purpose drilling rig for $0.4m in July last year.

It subsequently decided to delay completion of the rig purchase to allow for the appointment of CEO Andrew Haythorpe, and the completion of a new strategic plan, announced on 6 July.

The company said the rig purchase was now complete, following the agreement of a “meaningful discount”, on what the board considered to be “competitive and attractive” terms.

Arrangements were currently being made for the rig to be loaded onto a ship for delivery to Melbourne Port.

“I am delighted that we have now completed the purchase of our long awaited second drill rig, and on very attractive terms,” said chief executive officer Andrew Haythorpe.

“Our MIDAS drill rig has proved its value in the field time and time again.’

“I believe the new Cortech, multi-purpose rig will significantly enhance our on-the-ground capabilities, offering both RC and diamond drilling systems.”

At 1551 BST, shares in ECR Minerals were down 5.23% at 0.62p.

Reporting by Josh White at Sharecast.com.