Ecuador Gold & Copper (TSX-V:EGX, StockForum), Toronto-based exploration and mining company focused on operations in the Zamora region of Ecuador, announced today that the company had filed their new current Condor Gold Project technical report confirming the resource estimates of 6.4 million indicated gold ounces and 2.1 million inferred.
Ecuador's climb began in July as they updated early resource estimates at Condor showing an indicated 2.0 million ounces in gold and an inferred 4.4 million gold ounces. As drilling programs progressed over the summer, those numbers climbed and so did the company's share value, rising from $0.06 to $0.11 per share in that five month period.
According to the news release, “Indicated resources at the Condor Gold Project now total 318.9 million tonnes at 0.62 g/t Au (6.365 million ounces Au) with a further 127.0 million tonnes at 0.52 g/t Au (2.067 million ounces Au) in the Inferred category at Santa Barbara South and North Zones, Los Cuyes, Soledad and Enma.”
It detailed further, “Resources at Santa Barbara South now stand at 236.1 million tonnes at 0.57 g/t Au and 0.1% Cu (4.33 million ounces Au and 520.0 million lbs. Cu) in the Indicated category and 102 million tonnes at 0.50 g/t Au and 0.1% Cu (1.6 million ounces Au and 225 million lbs. Cu) in the Inferred category.”
Ecuador's president and CEO, Glenn Laing, illustrated the report's impact, “The newly updated resource estimate at our Condor Gold Project represents a substantial increase in the Company's resource base and in particular at the Santa Barbara South Zone.”
Laing continued,”We are extremely encouraged by the addition of new gold resources at the Santa Barbara South Zone and the upgrade in the quality of the resource estimate to now include Indicated gold resources.”
Then he summed up, “Our Condor Gold Project continues to meet and exceed our expectations and we believe it is proving to be one of the most exciting advanced exploration projects in South America. We estimate our exploration costs of discovery to be in the order of $2.00 per ounce of gold in 2012 and 2013.”
Ecuador was in the news recently when the company closed a $95,238 private placement in the last week of November.
Shares were 10% on the news to $0.11 per share.
Currently there are 196,591,424 shares outstanding with a market cap of $21.63 million.