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TORONTO, Nov. 13, 2013 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX), (the "Company" or "EGX") is pleased to announce that it has engaged GBM Minerals Engineering Consultants Limited ("GBM") to carry out an independent technical review of the Santa Barbara South Zone deposit and prepare a Preliminary Economic Assessment ("PEA") prepared pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") for the Santa Barbara Project. The Santa Barbara South Zone contains resources of 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 102.0 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. (See the Company's news release dated October 16, 2013 announcing the increased resources at Santa Barbara South Zone which is accessible under the Company's profile at www.sedar.com and at www.ecuadorgoldandcopper.com). A new technical report (the "Technical Report") prepared in accordance with NI 43-101 in support of the resources disclosed in the October 16, 2013 news release will also be filed on www.sedar.com within 45 days of that news release.
GBM is an independent firm of consulting engineers that specializes in assisting clients with mining-related studies, valuations, development, design, procurement and construction of new mining projects and has been involved in numerous PEA, prefeasibility and feasibility study assignments in recent years. GBM's specialist consultants have many years of technical and operating experience and are respected experts in their field.
The Company's President and CEO, Glenn Laing states: "This is a very positive step in the further development of our Condor Gold and Copper Project and in particular the Santa Barbara Project. GBM is experienced and familiar with NI 43-101 level technical reviews and reporting requirements, and are well qualified to carry out the assignment."
The Technical Report is scheduled to be completed and filed by the end of November 2013 and the PEA is scheduled to be completed and filed in January 2014.
Existing Resources at the Condor Gold Project
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 copper). For more information, please see the Company's resource table at www.ecuadorgoldandcopper.com or its technical report dated July 23, 2013 (the "July Technical Report") which is available under the Company's profile on SEDAR at www.sedar.com.
The above resources were calculated and updated by Al Maynard and Associates Pty Ltd. of Perth, Australia as of July 23, 2013 and are described in the July Technical Report. Recent updates to the Santa Barbara resources were announced in the Company's October 16, 2013 news release and will be reported in the new Technical Report within 45 days of that 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
Email: [email protected]
President and Chief Executive Officer
Telephone: (647) 865-3101
Email: [email protected]