ECU/GOG NR=======================================================================
Golden Tag & ECU Silver File 43-101 Report: Review of the Mineral
Resource Estimate for the San Diego Project, Velardena Mining
District, Durango State, Mexico
=======================================================================
MONTREAL, QUEBEC, Jan 28, 2008 - Golden Tag Resources Ltd. (TSX-V:GOG)
("Golden Tag") and ECU Silver Mining Inc. (TSX:ECU) ("ECU") are pleased
to announce that the Independent NI 43-101 compliant technical report
on the San Diego Project, Durango State, Mexico has been filed at
www.sedar.com. The report is also available at
www.goldentag.ca.
ECU and Golden Tag previously announced the results of the estimate
(see Press Release: December 12, 2007) which has defined the following
mineral resources:
An indicated resource of 3,980,000 ounces of silver equivalent
comprised of:
- 2,916,000 ounces of silver,
- 4,000 ounces of gold,
- 14,71,000 pounds of lead, and
- 10,838,000 pounds of zinc.
An inferred resource of 38,404,000 ounces of silver equivalent
comprised of:
- 26,793,000 ounces of silver,
- 26,000 ounces of gold,
- 137,440,000 pounds of lead, and
- 137,971,000 pounds of zinc.
The Resource Estimate was based on commodity prices of US$11.60/oz for
silver, US$620/oz for gold, US$0.60/lb for lead and US$1.20/lb for
zinc. Silver equivalent ounces were calculated from lead and zinc using
conversion factors of 26.60 g/t Ag per 1% Pb and 31.21 g/t Ag per 1%
Zn. No credit was given for contained gold. Conversion factors took
into account processing metal recovery factors as well as smelter
returns from sales of concentrates The recovery factors were of 76 %
for silver, 75 % for lead and 44 % for Zn.
Micon considers the resource estimate, compiled by ECU and Golden Tag
and reviewed by Micon, to have been reasonably prepared and to conform
to the current CIM standards and definitions for estimating resources,
as required under NI 43-101 "Standards of Disclosure for Mineral
Projects." The stated resources are not materially affected by any
known environmental, permitting, legal, title, taxation,
socio-economic, marketing, political or other relevant issues, unless
stated in the report, to the best knowledge of the authors. There are
no known mining, metallurgical, infrastructure, or other factors that
materially affect the resource estimate at this time.
Therefore, Micon accepts ECU's and Golden Tag's resource estimate as
the basis for ongoing exploration at the San Diego project. However,
the reader should be cautioned that mineral resources that are not
mineral reserves do not have demonstrated economic viability. There are
no mineral reserves presently identified on the San Diego property.
Conclusions of the Report
Micon believes that the land controlled at the San Diego project by ECU
and Golden Tag is highly prospective both along strike and down dip of
the existing mineralization and that further resources could be
discovered with additional exploration and development. The veins on
the property remain open in both their lateral and down dip
projections.
At this time, the exploration potential largely remains unknown due to
the limited amount of work that has been conducted on the property.
However, assuming that the geological controls observed at the San
Diego property are similar in size and grade to the other mineralized
veins and deposits within the Velardeña mining district, there is every
reason to believe that the area of potential mineralization at the San
Diego project is large. Furthermore, the San Diego property has never
been subjected fully to modern exploration concepts and technology.
In view of the highly prospective results obtained during the 2006-2007
exploration program where a total of 6,590 metres was drilled, ECU and
Golden Tag have initiated in October, 2007 a follow-up surface drilling
program entailing 7,500 metres. This program is focused on expanding
the current resource estimate through further evaluation of the
high-grade veins system and skarn-hosted, broad zones of mineralization
encountered along the limestone/intrusive contact and in the vicinity
of major fault zones. Assay results from the most recent drill holes
will be released as they become available.
Micon believes that the program for further exploration on the San
Diego project by ECU and Golden Tag is both warranted and justified as
the potential for the discovery of additional resources is good.
Quality Control
The San Diego drilling program is supervised by Kateri Marchand, P.Geo.
and Qualified Person under National Instrument 43-101 guidelines.
Micon believes that, based on a review of the QA/QC program and data
and on discussions with database that ECU and Golden Tag personnel, the
companies apply a reasonable degree of care and diligence in monitoring
the sample results on the property. Micon considers that the QA/QC
procedures and protocols employed at the San Diego project are rigorous
enough to ensure that the sample data are appropriate for use in
mineral resource estimations
The Resource evaluation was completed by Kateri Marchand, P.Geo. and
independently verified by William J. Lewis, of MICON International Ltd,
Qualified Persons as defined under NI 43-101 guidelines. The current
Resource evaluation represents an increase of over 100% to the previous
reporting of resources estimated by Broad Oak Associates in 2006.
The content of this news release was reviewed by K. Marchand, the
qualified person in charge of the San Diego Project and has also
received approval from William .J. Lewis of MICON International Ltd.
ECU Silver Mining Inc. is focused on the exploration, development and
mining of gold, silver and base metals at its Velardeña District
Properties in Durango, Mexico. The area includes five historical mines
- Santa Juana, Terneras, San Mateo, San Juanes, and the San Diego mine.
ECU is defining the "Mineralized Corridor" at Santa Juana and also
further defining several higher grade narrow veins within the area.
ECU's mission is to become a pre-eminent silver producer through the
development of existing, and additional potential resources at
Velardeña.
Golden Tag Resources Ltd. is a junior exploration company actively
exploring for high grade gold and silver deposits at the San Diego
silver project in Durango State, Mexico; the Aquilon gold project in
James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario.
For additional information please contact:
Golden Tag Resources Ltd.
Marc A. Carrier, President
Ph : 514-426-8542
Fax : (514) 426-8543
Email : pres@goldentag.ca
ECU Silver Mining Inc.
Stephen Altmann, President
Ph : 416-644-8640
Email : ecu@ecu.ca
Statements in the release that are "forward-looking statements" are
based on current expectations and assumptions that are subject to risks
and uncertainties. Actual results could differ materially. We undertake
no duty to update any forward-looking statement to conform the
statements to actual results or changes in our expectations.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
=======================================================================
Copyright (c) 2008 ECU SILVER MINING INC. (ECU) All rights reserved.
For more information visit our website at
https://www.ecu.ca/ or send
mailto:ecu@ecu.ca
=======================================================================