ECUADOR GOLD AND COPPER CORP V.EGX

NEWS release December 8, 2014

[FrankVD]

ECUADOR GOLD ANNOUNCES ENCOURAGING METALLURGICAL TESTWORK RESULTS, A COMPLETION DATE FOR THE SANTA BARBARA PRELIMINARY ECONOMIC ASSESSMENT REPORT AND THE ACQUISITION OF KEY SURFACE LANDS AT SANTA BARBARA PROJECT December 8, 2014 – Toronto, Ontario: Ecuador Gold & Copper Corp. (TSX-V: EGX), (the “Company” or “EGX”) announces that the Company‟s Consulting Engineers, GBM Minerals Engineering Consultants Limited (“GBM”) who are currently undertaking, through Resource Development Inc, (“RDI”) of Denver Colorado, the additional metallurgical test work that was announced in the May 29, 2014 News Release, as part of the 43-101 Preliminary Economic Assessment Technical Report (“PEA”) on the Company‟s flagship Santa Barbara Project, have released encouraging results from this test work and have advised the Company that the PEA will be completed by the end of January 2015. In addition, the Company has acquired key surface landholdings that cover a substantial part of the surface footprint of the Santa Barbara Project. Metallurgical Test Work Update RDI reported that the following conclusions can be drawn from the additional metallurgical test work which incorporates alternative flotation reagents and fine grinding: Copper and gold recoveries achievable by rougher flotation are ± 80% and ± 65%, respectively. Due to the very small particle size of some of the chalcopyrite, as seen in the mineralogy study, the recovery of copper is unlikely to increase without grinding the ore to extremely fine size (i.e. ± 10 mm). Flotation at acidic pH conditions improved copper and gold recoveries in the rougher flotation. Sulfidization of the ore slightly improved copper and gold recoveries in the rougher flotation. The optimum process conditions for the ore are primary grind of P80 of 200 mesh and reagent suite consisting of potassium amyl xanthate (PAX), AP-208 and methylisobutal carbonal (MIBC). Previous metallurgical test work using „whole ore‟ cyanide leaching and a two stage flotation process has resulted in an 86% recovery of gold and a 64% recovery of copper. Based on the metallurgical test work to date the Company believes that a flow sheet based on fine grinding of the rougher tails (P80 of 200 mesh) followed by flotation to recover a copper concentrate and cyanidation of the cleaner and rougher tails will produce recoveries of the order of 80% copper and 80% gold. Additional metallurgical test work during prefeasibility or feasibility studies will improve this flow sheet, optimize reagent consumption and confirm operating costs. The above conclusion and the findings from the previous metallurgical test work program will be incorporated in an optimized metallurgical flow sheet for the PEA. - 2 - Completion Date for the Preliminary Economic Assessment Report GBM have informed the Company that based on the above metallurgical test work results they are now in a position to complete the PEA and have committed to an end January 2015 completion date. Additional Surface Lands Acquisition – Santa Barbara Project The Company has acquired a surface land package of approximately 160 hectares that covers a substantial part of the project footprint for the Santa Barbara Project. This is a very positive step towards the development of the Santa Barbara Project as this land package covers a large part of the proposed open pit, surface processing and infrastructure facilities.

[Bunge]

This post has been removed in accordance with Community Policy

[BrendanC]

I am Pro Glenn but, he could do the PEA and update it with results from improving the Heap Leach facility at a later date. Thats why I think he is stalling. IMHO, these tests is not going to improve resources which is really important. Even if they save millions on the Heap Leach mill design, it still wont make or break a deal and the PEA would. I am not saying it isnt a good idea as it, is and

[BrendanC]

Misleading statements an offence 427  (1) Subject to subsection (3), a person who makes or assists in making a statement that is included in a record that is required or permitted to be made by or for the purposes of this Act or the regulations commits an offence if the statement (a) is, at the time and in the light of the circumstances under which it is made, false or misleading in

[cucaracha]

am i reading right : ''I would rather get a bad PEA now than to drag on'' why change your mind now??  

[BrendanC]

Haha, freudian slip??   I meant a PEA that is not as nice as the one if they cut costs. The most of a difference they could make would be maybe $100,000,000 or so?? Not going to sway a buyer from buying a $15,000,000,000 resourse company. 

[FrankVD]

il ne sort pas le PEA car il sait très bien que le prix de l'action va grimper et cela va nuire aux prochaine achat de débenture de Aura... with google translate..... it does not give the PEA because he knows very well that the share price will rise and this will harm the next purchase of debenture Aura ...

[jjwilson]

The truth is that we're all just along for the ride.  Aura is in the driver's seat and the PEA, and any other news, will be released when it suits them.  Whining about delays and stomping our feet will accomplish absolutely nothing - if you think the price will rise in the future (as I do) buy more while it's cheap and if you think it won't just sell and move on.

[FrankVD]

This post has been removed in accordance with Community Policy

[BrendanC]

Exactly

[Ticalian36]

I know he is waiting for gold to go higher but no one knows when that will happen. I expected gold to go higher last year. It can go back down to $1100 then he would've wished he released the pea when it was $1200. I agree with Brendan, he should release it now and can make modifications to it later if needed. Some people say he doesn't need shareholders bc he had aura, but aura obviously

[sometotal]

The lower the shareholder confidence, the lower the share price, the more shares Aura gets for its financing.