Ecuador Gold Acquires Promising Gold Concessions.NEW YORK--(BUSINESS WIRE)--March 11, 1998--Ecuador Gold Corp. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). BB:ECTK) announced Wednesday that it has entered into an agreement with Minera Palcallaco S.A. to acquire an undivided 100% interest in a block of 5 contiguous mineral properties in the El Oro Province The El Oro Province ( Spanish Provincia de El Oro; Oro () = Gold) is the southernmost of Ecuador's coastal provinces. It has been named that way because of its historically important gold production. It is one of the worlds major banana exporters. The capital is Machala. of Ecuador, approximately 50 kilometers ESE ESE abbr. east-southeast Noun 1. ESE - the compass point midway between east and southeast east southeast of the port city of Machala. The properties, designated the Palcallaco Concessions, are in addition to the company's already substantial Ecuadorian gold holdings. The Country of Ecuador provides a stable and hospitable business environment. Many large mining companies such as Newmont, Gencor, T.V.X V.X Version X ., Cambior and Placer Dome Placer Dome was a large mining company specializing in gold and other precious metals, with corporate headquarters in Vancouver, British Columbia, Canada. Barrick has acquired 100% of the Placer Dome shares on January 20, 2006, and has integrated the company into its own. are active in the general area of the Palcallaco Concessions. The properties are known as the Ana Maria I, Ana Maria II, Dumari I, Dumari II and Dumari III and constitute 17,000 hectares in total. An evaluation of the concession was made by Kilborn Inc. in 1997, with particular attention paid to the "San Jorge" and "El Moreno" workings. A series of 50 grab samples were gathered by Kilborn, sealed and submitted for assay. Five of the samples from the "San Jorge" showed particular promise, returning 25.65 gpt gold, 88.29 gpt gold, 271.82 gpt gold, 191.21 gpt gold and 53.97 gpt gold (average 126.2 gpt gold = 3.68 oz/ton gold). The management of Ecuador Gold Corp. will continue to enhance shareholder value through the acquisition of carefully selected natural resource properties. ECUADOR GOLD CORP.: www.ecuadorgold.com -0- The NASD has neither approved or disapproved of the content in this news release. CONTACT: Ecuador Gold Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of John McKee, 212/754-5434 (fax) 212/754-5926 or Cyber Financial Services, Toronto, ON Alan L. Taylor, 416/214-1888 (fax) 416/214-2021 |
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