TORONTO, ONTARIO, Apr 26, 2010 (MARKETWIRE via COMTEX News Network) --
EcometalsLimited (TSX VENTURE: EC)(BERLIN: GDQ)(FRANKFURT: GDQ) ("Ecometals") on06 April 2010 had indicated it would terminate the Agreement with AlcaGold Limited ("Alca"), to sell Ecometals' shares in CondorminingCorporation S.A. and Condorview S.A. to Alca for US$9,000,000 to besatisfied in cash, if the closing payment was not made on 23 April2010.
The closing payment was not made on 23 April 2010.However, Alca has requested a further extension supported by a proposalto make an immediate US$1,000,000 payment into an account with anescrow agent as a sign of their commitment to closing the transactionwithin 60 days. A non refundable payment of US$100,000 will then betransferred from the escrow account to Ecometals Limited and a furthernon refundable transfer of US$100,000 after 30 days. Both payments willbe offset against the final purchase price if the closing transactionis completed. If the transaction is not completed, then the balance ofthe US$1 million will be returned to Alca.
About Ecometals
EcometalsLimited is a Canadian TSX Venture Exchange listed mineral explorationand development company focused on mineral resources in Latin America.Apart from its gold exploration in Ecuador, Ecometals also hassignificant manganese, iron and gold projects in Brazil at grass rootsand development planning stages.
Safe Harbour Statement:
Thisnews release contains forward-looking information which is notcomprised of historical facts. Forward-looking information involvesrisks, uncertainties and other factors that could cause actual events,results, 
,prospects and opportunities to differ materially from those expressedor implied by such forward looking information. Forward lookinginformation in this news release includes statements regarding theclosing of the Transaction. Factors that could cause actual results todiffer materially from such forward-looking information include, butare not limited to, failure of the purchaser to secure funding tocomplete the purchase, failure of Ecometals and/or the purchaser tosatisfy conditions of closing, risks relating to changes in economic orregulatory conditions and Ecometals' ability to execute its businessmodel and strategic plan and other risks set out in Ecometals' publicdocuments filed on SEDAR. Although Ecometals believes that theassumptions and factors used in preparing the forward-lookinginformation in this news release are reasonable, undue reliance shouldnot be placed on such information, which only applies as of the date ofthis news release, and no assurance can be given that such events willoccur in the disclosed time frames or at all. Ecometals disclaims anyintention or obligation to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, other than as required by law.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this release.
Contacts: Ecometals Limited - Investors Fran Scola Chief Executive scola@lfmpartners.com Ecometals Limited Daniel Major Chief OperatingOfficer djmajor@ecometalslimited.com Ecometals Limited Information:Enquiries: info@ecometalslimited.com www.ecometalslimited.com
SOURCE: Ecometals Limited
mailto:scola@lfmpartners.commailto:djmajor@ecometalslimited.com mailto:info@ecometalslimited.comhttps://www.ecometalslimited.com
Copyright 2010 Marketwire, Inc., All rights reserved.