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

To: Winzer who wrote (383)	5/26/1999 8:23:00 AM
From: Alex Harrington	Read Replies (1) \| Respond to of 672

1998 results: NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ECU GOLD MINING INC. ME SYMBOL: ECU MAY 26, 1999 ECU Announces Results for 1998 MONTREAL, QUEBEC--ECU Gold Mining Inc.. At the beginning of 1998, the company began development of its Velardena project in Mexico. During this first year, the mill processed 80,707 tonnes of ore for a total production of 158,838 ounces of silver and 1,756 ounces of gold. The sale of the precipitate produced yielded $1,147,600 US for an average realized sales price of $5.48 US per ounce of silver and $294.48 US per ounce of gold. During this pre-production phase, emphasis was placed on improving mill performance, development work at the main mine, setting up a short and medium- term development plan, and acquiring various mining equipment. Exploration work also allowed the potential of the San Diego property and of several neighboring sectors to be quantified. For the twelve-month fiscal year ending December 31, 1998, the net loss was $9,373,210 ($0.24 per share) compared to $4,888,155 ($0.19 per share) for the preceding eight-month period ended December 31, 1997. This net loss is mainly attributable to abandoning the Norris and Chartam properties in the US as well as properties located in Brazil and in South Africa. This led to a write-off of mining properties and deferred exploration expenditures of $7,976,908. In order to reach its short-term production and profitability objectives, the company decided to concentrate its efforts on the properties nearest to the mining stage. The exploration properties that were written off no longer met these objectives.