Ecopetrol ADR Representing 20 Ord Shs V.EC

RE: Hottest Stock on the Venture!!!

[Nikolai]

A few comments:

1) The project is geared to upgrade to >40% (not <40%).

2) The bulk test is 75 tons (not 750,000 tons).

3) The company plans a second Mn shipment in the quarter ending Sept 2009 (not necessarily in "Sept" 2009).   Ecometals might be shipping right now and have the NR out tomorrow for all we know!  Odds favor August over September.

4) Condor NI43-101 quoted at 852,000oz.   For some strange reason that is what Ecometals is still saying but the quoted figure is dated from 2004 and may be vastly understated.   Since one of the options on the table for Condor is maximizing shareholder value, management ought to get those impressive 2006 and 2007 intercepts (see below) factored in so shareholders have complete information on what may be put up for sale and make certain the company receives fair value if a sale is to occur.  The fact that the milling equipment was put up for sale some time ago points more to sale than production.  Fran Scola mentioned in January 2008 that an updated 43-101 should be available during the first quarter of 2008 but the update did not materialize.  The company spent millions financing the Condor drilling in 2006-2007 and spent approximately another $2 million in July 2007 to purchase additional 10% from DINE which raised Ecometals stake to 90%.   Where is the updated 43-101 or best estimate of what's really there?  The 852k oz. at Condor could be more like +2 million oz?  Tough tellin' not knowin'.   At minimum the company ought to reaffirm its intent to update the 43-101 and keep shareholders in the loop as we don't want anyone running off with Condor on the cheap.

Ecometals’ 2006 results:

 

…DRILLING HITS BONANZA ZONE AT THE CONDOR GOLD PROJECT

ECUADOR INTERSECTING 48 METRES OF 16.7 GRAMS PER TONNE OF GOLD AND 7

OUNCES PER TONNE OF SILVER AND 56 METRES OF 3.5 GRAMS PER TONNE OF GOLD

AND 1.7 OUNCES PER TONNE OF SILVER

MAY 31 2006: …at the Condor Gold Project in Ecuador, drilling has intersected a gold bonanza zone of 48 metres of 16.7 g/ t gold and 7 ozs per tonne of silver in hole 31 and 56 metres of 3.5 g/t gold and 2 ozs of silver in hole 30. Intercepts of note are summarised in Table 1 below. True widths are estimated to be approximately to 40% to 80% of these drill intercepts depending on the azimuth and dip. Results from the first 31 holes from the Enma Sector are attached in Table 2 and located in Figures 1 and 2 attached.

 

…DRILLING HITS HIGH GRADE ZONE AT THE CONDOR GOLD PROJECT

ECUADOR INTERSECTING 24 METRES OF 12.6 GRAMS PER TONNE OF GOLD

AUGUST 21 2006: …the Condor Gold Project in Ecuador, drilling has intersected another high gold zone of 24 meters of 12.6 g/ t gold in hole DEN 34 and 58 meters of 3 g/t gold in hole DCU18. Particularly encouraging was the intercept of 80 meters of 5 g/t gold in Hole 34 and the intersection of a wide disseminated gold zone in Hole DCU 18 of 378 meters of 1 g/t gold.

 

…DRILLING HITS HIGH GRADE ZONE AT THE CONDOR GOLD PROJECT

ECUADOR INTERSECTING 284 METRES OF METRES OF 2.75 GRAMS PER TONNE OF GOLD INCLUDING AN INTERCEPT OF 98 METRES OF 6.05 GRAMS PER TONNE OF GOLD September 21 2006: ….Condor Gold Project in Ecuador, drill hole has intersected a high grade gold zone in the Los Cuyes sector of 308 METRES OF 2.57 GRAMS PER TONNE GOLD including 284 metres of 2.75 grams per tonne gold including 98 metres of 6.05 grams per tonne gold and 24 metres of 12.7 grams per tonne gold, 72.9 grams per tonne silver and 4.1% zinc. See Table 1 below and Figure 1 attached.

 

…DRILLING EXTENDS GOLD MINERALISATION AT CONDOR GOLD PROJECT SECTOR SOLEDAD BRECCIA INTERSECTING 254 METRES OF 1.5 GRAMS PER TONNE GOLD November 10 2006: …..Condor Gold Project in Ecuador, a vertical drill hole DSO-01 from the surface has intersected a disseminated gold zone in the Soledad sector of 400 metres of 1.0 grams per tonne including including 254 metres of 1.5 grams per tonne gold. See TABLE 1 below and Figure 1 attached. These intercepts represent the depth of mineralization from the surface of the Soledad breccia system either pipe like or a contact zone. The intercepts extend the depth of the known gold mineralization from 141 metres (TVX 2000) to 400 metres or some 260 metres´ extension. TVX intersected in drill hole DD081 141.4 metres 1.8 grams per tonne gold, 15.1 grams per tonne silver and 0.67% zinc.

 

…In-Fill Drilling Extends Gold Mineralization at Condor Gold

Project at the Los Cuyes Sector Intersecting 502 Metres of 0.94 Grams

Per Tonne Gold

December 12, 2006 ….Condor Gold Project in Ecuador, a vertical drill hole DCU-22 from the surface has intersected a disseminated gold zone in the Los Cuyes sector of 502 metres of 0.94 grams per tonne gold including 138 metres of 2 grams per tonne gold.