ECU Silver and Golden Tag to Recommence Drilling on San Diego Property, Mexico in Quarter 1, 2011
Posted on January 05, 2011 at 09:00 AM EST
MONTREAL, QUEBEC -- (Marketwire) -- 01/05/11 -- ECU Silver Mining Inc. (TSX: ECU) ("ECU") and Golden Tag Resources Ltd. (TSX VENTURE: GOG) ("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.
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