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

To: andre dallaire who wrote (587)	4/10/2002 2:57:01 PM
From: andre dallaire	Read Replies (2) \| Respond to of 672

ECU Silver Mining (forever) Apr 10, 14:37 Seems like ECU Mining is indeed alive and about to kick some ..... Just came out: ECU Silver Mining Inc - News Release ECU Silver takes initiative to stabilize finances ECU Silver Mining Inc ECU Shares issued 76,667,554 Apr 9 2002 close $.060 Wednesday Apr 10 2002 News Release Mr. Michel Roy reports ECU Silver Mining has two new ventures created to develop potential new sources of income to stabilize the financial situation of the company. Firstly an agreement has been reached, in December, 2001, between Minera William, a Mexican subsidiary of ECU Silver, and Minera Hecla, a subsidiary of Hecla Mining, allowing William to explore and do small-scale mining on a small high-grade gold and silver ore deposit discovered by the exploration work of Hecla on the San Sebastian property, in Durango state, Mexico. The agreement covers a small sector of the San Sebastian property belonging to Minera Hecla, namely a 300-metre strike length along the known portion of the Esperanza vein, down to a -100-metre depth. This vein was partly defined by drilling and open pitting. In the pit, samples were taken at regular intervals at the -three-metre and -six-metre levels and yielded, over a 55-metre strike length, an average of 1.8 metres at 11.17 grams per tonne Au and 397 g/t Ag at the -three-metre level and 2.3 metres at 9.69 g/t Au, and 340 g/t Ag at the -six-metre level. Various assays of interest were also encountered outside of this central zone and will be the target of future evaluation. All assays were done by an independent laboratory of repute, ERSA, in Torreon, Coahuila. The agreement plans for William to finance the work and for the net profits to be distributed as follows: the first $100,000 (U.S.) to William and the remainder to be divided equally between Minera William and Minera Hecla. It was subject to William obtaining the financing to do the work. Concurrently, an agreement between William and IIG Capital was done to finance the work. In virtue of an agreement finalized at the end of March, IIG opened a $2.1-million (U.S.) line of credit to William. This line bears a 20-per-cent annual interest rate calculated monthly on the balance. The fieldwork started last January and is progressing at a rhythm that will bring the project in full production in May. A ramp has reached a -30-metre depth and the first level cross-cut transected the vein last week. At the same time, the small open pit is producing more than 2,000 tonnes per month. Considering the size of the project, no feasibility study was done prior to the company starting the work. Furthermore, the company concluded an agreement with Trustyard Capital to realize a private placement for a minimum of $350,000 (Canadian). For each $1 (Canadian) received, the company will issue 10 shares at a nominal value of 10 Canadian cents and 10 warrants, valid for two years, each giving the holder the right to buy one common share at 12 Canadian cents. If Trustyard succeeds in lining up the financing, it will receive a 10-per-cent fee paid in shares and warrants at the same conditions as the placement. This financing will be used to pay current debts and operating expenses for the next quarter. These moves main objective was to financially restructure the company in order to be able to fully enjoy the potential of its mining properties where several gold- and silver-bearing structures have been developed and that could be put into production rapidly, should the metals prices justify it.