ECU Silver Mining Inc. (TSX:ECU - News;
"ECU") and Golden Tag Resources Ltd. (TSX VENTURE:GOG - News; "GOG")
are pleased to announce that a Phase 5 program of exploration has been
authorized by the 50/50 joint venture (JV) Management Committee on the highly
prospective San Diego Property in Durango, Mexico and will commence in the
first quarter of 2011. The partners have agreed upon a program of exploration
of 10,000 to 15,000 metres of surface diamond
drilling with an exploration budget of up to US$3,000,000.
ECU Silver and Golden Tag have resolved
all outstanding issues related to the recent arbitration ruling so that work
may re-commence on the property as soon as possible. The parties are
presently in the process of selecting a third party operator who will manage
the diamond drilling program and report to and be under the supervision of
the JV Management Committee.
San Diego Property, Durango State,
Mexico
Four phases of surface exploration have
been previously undertaken by the JV on the San Diego Property. Successful
exploration has identified a major new polymetallic
Silver -Lead - Zinc - (Gold) (Ag-Pb-Zn-(Au))
mineral discovery on an extension of the Velardena
Mine trend. NI 43-101 compliant reporting in January 2009 (News Release: Jan
19th 2009) identifies combined Joint Venture Mineral Resources on the San
Diego property of:
-- Indicated Resources: 0.371 Million tonnes (MT) grading 245 grams silver
per tonne (Ag g/t), 1.80 percent Pb (% Pb), 1.33 percent Zn (% Zn) and
0.339 grams gold per tonne (Au g/t); representing
-- 4.25 Million Ounces of Silver-equivalent (oz.Ag EQ); and,
-- Inferred Resources: 21.63 Million tonnes (MT) grading 110 Ag g/t, 1.84 %
Pb, 2.21 % Zn and 0.134 Au g/t; representing an additional
-- 214.3 Million oz.Ag EQ.
-- Micon International Inc. also estimated that the property remains highly
prospective with additional mineral potential, on strike and at depth,
of an additional estimated
-- 173.5 to 389.5 Million oz.Ag EQ.
ECU Silver Mining Inc.
ECU Silver Mining Inc. is focused on the
exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The
Company holds a NI 43-101 compliant mineral resource of 40 million silver
equivalent (0.6 million gold equivalent) ounces in the measured and indicated
category and 391 million silver equivalent (6.0 million gold equivalent)
ounces in the inferred category. The Company also owns two mills with a
combined capacity of 820 tonnes per day. ECU's
mission is to become a pre-eminent silver and gold producer through the
development of its existing and potential mineral resources at Velardena.
Golden Tag Resources Ltd.
Golden Tag is a junior exploration
company exploring for high grade gold and silver deposits at the San Diego
silver project in Durango State, Mexico; the Aquilon
Gold project in James Bay, Quebec; and the McCuaig
gold project in Red Lake, Ontario. Golden Tag has 45,770,958 issued and
outstanding shares.
Statements in the release that are
"forward-looking statements" are based on current expectations and
assumptions that are subject to risks and uncertainties. Actual results could
differ materially. We undertake no duty to update any forward-looking
statement to conform the statements to actual results or changes in our
expectations.
The TSX or TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this release.
Contact:
Stephen Altmann
ECU Silver Mining Inc.
President
416-366-2428
(416) 366-8131 (FAX)
ecu@ecu.ca
www.ecu.ca
Marc A Carrier
Golden Tag Resources Ltd.
President
(514) 426-8542
(514) 426-8543 (FAX)
pres@goldentag.ca
www.goldentag.ca |