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Gold/Mining/Energy : ECU Silver Mining Inc -- Ignore unavailable to you. Want to Upgrade?

To: silver bug who wrote (503)	9/30/1999 10:45:00 AM
From: jgibbs	Respond to of 672

Silverbug, Who might Patrick be and when did Bill and Blake get out? If they come back in, that would indeed be good news.

To: silver bug who wrote (503)	9/30/1999 4:48:00 PM
From: Winzer	Read Replies (2) \| Respond to of 672

ECU Velardena production ECU Gold Mining Company Inc ECU Shares issued 40,219,832 Sep 29 close $0.185 Thu 30 Sept 99 News Release Mr. Michel Roy reports Ecu's Velardena mine in Mexico has been steadily improving over the past few weeks after experiencing disappointing production in July and August. This was brought about by the unusually heavy summer rains in Mexico, coupled with the loss of the mine's main electrical transformer. Underground mine development and production are returning to plan and mill throughput is back up to 450 tonnes per day. These levels are projected to increase over the next few months to 650 tonnes per day. The ore grades continue at planned levels of around 130.0 grams of silver and 2.0 grams of gold per tonne. Mill recoveries were adversely affected by the production disruptions but are now back up to 75 per cent for gold and 55 per cent for silver, with continuing improvement. The company recently completed a series of silver forward sales, totalling almost 87,000 ounces for proceeds of $400,000 (U.S.) as an interim measure to cover the reduction in revenue from the previous months. In order to strengthen the company's financial position and to complete the mine's preproduction, the board of ECU has approved a private placement to raise a maximum of $1.5-million (U.S.) through the sale of up to 14,706,000 units at a price of 15 cents per unit. Each unit will comprise one common share of ECU along with a half share purchase warrant. A full warrant will entitle the holder to purchase a common share for 25 cents over the following 18 months. At the same time, the company is reducing its administration costs at its Canadian head office by moving many of its functions to the operations office in Torreon, Mexico, near the mine. Michel Roy was yesterday appointed president and chief operating officer of ECU following the resignation of Andre St-Michel from his positions of president, chairman and chief executive officer. Mr. Roy, who is a director of ECU and was previously vice-president, operations, for the company, will be spending most of his time at the operations and will be reporting to the executive committee of ECU's board. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com