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TORONTO, Nov. 13, 2013 /CNW/ - Ecuador Gold & Copper Corp. (TSX-V: EGX),
(the "Company" or "EGX") is pleased to announce that it has engaged GBM Minerals Engineering
Consultants Limited ("GBM") to carry out an independent technical review of the Santa Barbara
South Zone deposit and prepare a Preliminary Economic Assessment ("PEA") prepared pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") for the Santa Barbara Project. The Santa Barbara South Zone contains
resources of 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 102.0 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. (See the Company's news release dated October 16,
2013 announcing the increased resources at Santa Barbara South Zone
which is accessible under the Company's profile at www.sedar.com and at www.ecuadorgoldandcopper.com). A new technical report (the "Technical Report") prepared in accordance with NI 43-101 in support of the resources
disclosed in the October 16, 2013 news release will also be filed on www.sedar.com within 45 days of that news release.
GBM is an independent firm of consulting engineers that specializes in
assisting clients with mining-related studies, valuations, development,
design, procurement and construction of new mining projects and has
been involved in numerous PEA, prefeasibility and feasibility study
assignments in recent years. GBM's specialist consultants have many
years of technical and operating experience and are respected experts
in their field.
The Company's President and CEO, Glenn Laing states: "This is a very
positive step in the further development of our Condor Gold and Copper
Project and in particular the Santa Barbara Project. GBM is experienced
and familiar with NI 43-101 level technical reviews and reporting
requirements, and are well qualified to carry out the assignment."
The Technical Report is scheduled to be completed and filed by the end
of November 2013 and the PEA is scheduled to be completed and filed in
January 2014.
Existing Resources at the Condor Gold Project
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 (the "July Technical Report") which is available under the Company's profile on SEDAR at www.sedar.com.
The above 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 July 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 the new Technical Report within 45 days
of that 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.
SOURCE Ecuador Gold and Copper Corp.
