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TORONTO, Jan. 9, 2014 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX),
(the "Company" or "EGX") is pleased to announce drill results at 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. Assay results from drill hole DSB-38 have now been
received that include 294 meters of 0.53 g/t gold and 0.14% copper
starting at surface and a further 28 meters of 0.61 g/t gold and 0.21%
copper between 408 meters and 436 meters. DSB-38 was the first hole
collared in the recently announced 3,000 meter resource expansion
program at the Santa Barbara North Zone about 1,000 meters northeast of
the Santa Barbara South deposit where resources now 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 on November 29, 2013 at www.sedar.com, and the Company's news releases dated October 16, 2013 announcing the
increased resources at Santa Barbara South Zone available for viewing
Previous drilling at the Santa Barbara North Zone target defined a small
Inferred resource of 5 million tonnes of 0.9 g/t Au (145,000 ounces)
reported in the Technical Report. The objective of the current drill
program is an expanded Santa Barbara North Zone resource targeting the
volcanic rocks further to the east and north, similar in composition to
the basaltic andesites that hosted the majority of the mineralization
at the Santa Barbara South Zone. The Company's geologists in Ecuador
have been mapping and exploring in the Santa Barbara North Zone area
and have defined north-northwest trending drill targets to the east and
north of the known Inferred resource.
Table 1: Summary of EGX drill results at Santa Barbara North (length
weighted average assays, uncapped)
g/t = grams per metric tonne.
Gold equivalent grade (AuEq) is calculated assuming 90% recovery of
copper with a $3.00/lb. long term price of copper and $1,400/ounce long
term price for gold.
The true width of down hole interval lengths are estimated to be
approximately 25% to 50%.
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 Philip Jones of Al
Maynard and Associates Pty Ltd. of Perth, Australia effective as of
October 16, 2013 and are described in the Technical Report. Philip
Jones and Al Maynard of Al Maynard and Associates Pty Ltd. and Robert
Suda are authors of the Technical Report and are qualified persons who
are independent from the Company under NI 43-101. Recent updates to
the Santa Barbara resources were also announced in the Company's
October 16, 2013 news release.
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.
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.
For further information:
Vice-President Corporate Development
Telephone (604) 657 5871
President and CEO
Telephone: (647) 865-3101