/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
TORONTO, Nov. 5, 2013 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX),
(the "Company" or "EGX") is pleased to report that it has mobilized two drill rigs to the
Company's Condor Gold and Copper Project in southeast Ecuador to
execute a 3,000 meter drill program at the Santa Barbara gold-copper
porphyry deposit. This new program will target expansion of resources
around the Santa Barbara North Zone, approximately 1,000 meters to the
northeast of the mineralized centre of the Santa Barbara South Zone
where resources now stand at 236.1 million tonnes at 0.57 g/t gold and
0.1% copper (4.33 million ounces gold and 520.0 million lbs. copper) in
the Indicated category and 102 million tonnes at 0.50 g/t gold and 0.1%
copper (1.6 million ounces gold and 225 million lbs. copper) in the
Inferred category. For details of previously reported resources at the
Condor Gold and Copper Project, see the Company's technical report (the
"Technical Report") prepared pursuant to National Instrument 43-101 Standards for
Disclosure for Mineral Projects ("NI 43-101") dated effective July 23, 2013 and filed on SEDAR on September 5,
2013, available at www.sedar.com and the Company's news release dated October 16, 2013 announcing the
increased resources at Santa Barbara South Zone available for viewing
at www.ecuadorgoldandcopper.com. An updated Technical Report is currently being prepared to be filed
within 45 days of the October 16, 2013 news release.
Previous drilling at the Santa Barbara North Zone target indicated that
the best gold intersections were in the eastern-most portion of the
deposit. A small Inferred resource of 5 million tonnes of 0.9 g/t gold
(145,000 ounces) has been calculated and reported in the July 23, 2013
43-101 Technical Report. The objective of the current drill program is
an expanded Santa Barbara North Zone resource targeting the volcanic
rocks further to the east, similar in composition to the basaltic
andesites that hosted the majority of the mineralization at the Santa
Barbara South Zone. The Company's geologists in Ecuador have been
mapping and exploring in the Santa Barbara North Zone area for the past
four months and have defined a drill target area extending to the east
of the known Inferred resource and trending north-northwest.
EGX has engaged HP Drilling Services of Cuenca, Ecuador to complete the
planned 3,000 meter drill program.
Existing Resources
The Condor Gold and Copper Project contains an Indicated mineral
resource of 6.365 million ounces gold (within 318.9 Mt grading 0.62 g/t
gold). Additional Inferred mineral resources contain 2.06 million
ounces gold (within 127.0 Mt grading 0.52 g/t gold). In addition the El
Hito Cu-Mo porphyry deposit hosts an Inferred copper resource of 161
million tonnes grading 0.31% copper (1.1 billion pounds of copper).
For more information, please see the Company's resource table at www.ecuadorgoldandcopper.com or its Technical Report dated July 23, 2013 which is available under
the Company's profile on SEDAR at www.sedar.com.
These resources were calculated and updated by Al Maynard and Associates
Pty Ltd. of Perth, Australia as of July 23, 2013 and are described in
the Technical Report. Recent updates to the Santa Barbara resources
were announced in the Company's October 16, 2013 news release and will
be reported in a new technical report within 45 days of the news
release.
Qualified Person
Mit Tilkov, P.Geo., Vice-President Exploration of Ecuador Gold and
Copper Corp. is a qualified person, as defined by NI 43-101, supervised
the project field work, and is responsible for the preparation of the
technical information in this news release.
Cautionary Note
The Company has not completed a preliminary economic assessment or
feasibility study of the Condor Gold and Copper Project under NI
43-101, and there is no assurance that the exploration and subsequent
development operations of the Condor Gold and Copper Project will be
economically or technically viable.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services or for dissemination in
the United States. Any failure to comply with this restriction may
constitute a violation of U.S. securities laws.
SOURCE Ecuador Gold and Copper Corp.
