Ecuador Gold Issues Shares for Termination of the Chinapintza Joint Venture
12.07.2016 | Newsfile
Vancouver, July 11, 2016) - Ecuador Gold & Copper Corp. (TSXV: EGX) (the "Company") announces that further to its news release dated May 2, 2016 and pursuant to an agreement (the "Termination Agreement") dated as of April 29, 2016 it has issued 583,333 common shares (the "Settlement Shares") of the Company as a settlement for the termination of the joint venture agreement (the "JV Agreement") between Condormining and Minera Guangshou Ecuador S.A. ("Guangshou") dated November 2, 2012 for the joint ownership and exploration and development of the Chinapintza mineral deposit in Ecuador (the "Chinapintza Property").Pursuant to the Termination Agreement, the parties agreed that the JV Agreement is terminated, Condormining retains 100% ownership of and title to the Chinapintza Property, and the parties release each other from all liabilities, claims or obligations in respect of the JV Agreement. In further consideration under the terms of the Termination Agreement, the Company has agreed to pay $175,000 (the "Settlement Amount") to Guangshou's parent company, Chinapintza Mining Corp. ("CMC"), which payment has now been satisfied by issuing the Settlement Shares to CMC at $0.30 per share amounting to 583,333 Settlement Shares, all in accordance with the policies of the TSX Venture Exchange. The Settlement Shares are subject to a four month hold period.
About Ecuador Gold and Copper Corp.
Ecuador Gold and Copper Corp. is a Canadian exploration and mining company focused on its gold and copper mineral properties located in the Province of Zamora-Chinchipe in southern Ecuador. The Company has completed a Preliminary Economic Assessment of its Santa Barbara Gold and Copper Project dated May 29, 2015, and is currently listed on the TSX Venture Exchange under the symbol "EGX". For additional information, please visit us at www.ecuadorgoldandcopper.com.
For further information please contact:
Ecuador Gold and Copper Corp.
Heye Daun, President, Chief Executive Officer and Director
Telephone: +1-604-687 2038 (Vancouver Office)
Email: hdaun@ecuadorgoldandcopper.com
Cautionary Note: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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