ECU Silver Finds New High Grade Mineralization in Upper Levels of the San Juanes Mine
TORONTO, ONTARIO -- (Marketwire) -- 07/20/11 -- ECU Silver Mining Inc. (TSX: ECU) is pleased to announce that it has uncovered additional high grade mineralization in the upper levels of the San Juanes mine which is located in the main Velardena Property. This new mineralization was encountered in a drift driven along the vein, 57 meters (187 feet) deeper than the initial access adit. So far, assays for the vein have been received for the first 30 meters (98 feet) with an average of 13.74 grams per tonne (g/t) gold (Au), 2,345 g/t silver (Ag), 3.42% lead (Pb), 0.82% Zinc (Zn) and 1.24% Copper (Cu) over a width of 1.29 meters (4.23 feet). More assays are expected on the continuation of the vein shortly as the drift has been pushed further and the vein sampled.
ECU believes that the increase in grades encountered in the current workings is primarily due to the increase in width of the vein from 10 to 20 cm to real widths varying between 1.0 and 1.9 meter, resulting from the vein entering a different host rock, in particular the softer limestone of the Aurora Formation. ECU has experienced grade increases when encountering the Aurora Formation limestone elsewhere in the mine, and plans to focus a portion of its exploration efforts in other sections of the mine where this formation is encountered. The following table sets forth the drill results:
Sample Width Gold Silver Lead Zinc Copper
(m) (Au g/t) (Ag g/t) (Pb %) (Zn %) (Cu %)
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83040 1.3 9.15 1201 4.1 1.0 0.9
83038 1.4 0.29 402 0.2 0.8 1.8
83037 1.5 5.54 493 0.6 1.0 2.5
83009 1.9 21.91 5039 3.3 0.6 0.7
83025 1.1 14.87 676 0.9 0.6 0.5
83028 1.1 27.02 3858 4.6 0.9 1.2
83031 1.0 16.01 3007 7.5 0.8 0.9
83034 1.0 17.23 3724 8.9 0.9 1.2
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Total 1.29 13.74 2,345 3.42 0.82 1.24
The Company is also deepening the hole to intersect the massive sulfides zone below the Santa Juana mine. The hole is now at 900 meters, nearly 80 deeper than the original intercept and is now cutting marbles similar to those enclosing the massive sulfides in the first hole.
On June 24th, the Company announced that it had entered into an Arrangement Agreement to combine with Golden Minerals Company ('Golden Minerals') to create a new junior precious metals mining company.. ECU expects that its circular will be mailed to its security holders in early August, with a special meeting of security holders to approve the transaction expected in late August.
Cautionary Statements
Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.
All widths are true widths. Samples were assayed at the ERSA laboratory in Torreon, Coahuila, Mexico which is currently in the process of being certified. Mr. Michel Roy, P. Geo., a 'qualified person' within the meaning of NI 43-101 and the Chairman and CEO of the Company, prepared the technical information disclosed in this news release.
About ECU Silver
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 ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day.
Cautionary Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. Such statements include, without limitation, statements regarding the focus of future exploration activities and the time for mailing meeting materials to securityholders and holding a securityholder meeting. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for their activities, to continue their projected growth, to raise the necessary capital or to be fully able to implement their business strategies. The Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.
Contacts:
ECU Silver Mining Inc.
Michel Roy
Chairman and Chief Executive Officer
011 (52) 871-747-5750
ECU Silver Mining Inc.
Stephen Altmann
President and Director
(416) 366-2428
ECU Silver Mining Inc.
Mark Butler
Investor Relations
(905) 602-4248
