The directors of ECR Minerals plc have announced the resignation of Stephen Clayson as a director and as CEO of the company. ECR has mining interests in Australia, the Philippines and Argentina.
The resignation will be effective on August 31 to allow time for an orderly handover of responsibilities.
In a statement, the company said that the three remaining directors, Richard Watts, Craig Brown and William Howell, have many years of public company and mining industry experience.
ECR is a mineral exploration and development company. ECR’s wholly-owned Australian subsidiary Mercator Gold Australia has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia.
Mercator Gold Australia is estimated to have tax losses of approximately A$66 million as at June 30, 2015, which may be available, subject to certain conditions, to reduce its future taxable profits. This is considered particularly significant in view of an opportunity which may exist at Avoca to establish relatively near-term gold production from the reprocessing of historical mine dumps, with the potential for sale of gravel and sand by-products.
ECR also has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines. Danglay is an advanced exploration project in a prolific gold and copper mining district in the north of the Philippines.
ECR’s wholly-owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja Province, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.