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TORONTO,
Nov. 13, 2013 /CNW/ - Ecuador Gold
& Copper Corp. (TSX-V: EGX), (the "Company" or
"EGX") is pleased to announce that it has engaged GBM
Minerals Engineering Consultants Limited ("GBM") to carry
out an independent technical review of the Santa Barbara South Zone
deposit and prepare a Preliminary Economic Assessment
("PEA") prepared pursuant to National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI
43-101") for the Santa Barbara Project. The Santa Barbara South
Zone contains resources of 236.1 million tonnes at 0.57 g/t gold
and 0.1% copper (4.33 million ounces gold and 520.0 million lbs.
copper) in the Indicated category and 102.0 million tonnes at
0.50 g/t gold and 0.1% copper (1.6 million ounces gold and 225
million lbs. copper) in the Inferred category. (See the Company's
news release dated October 16, 2013
announcing the increased resources at Santa Barbara South Zone
which is accessible under the Company's profile at www.sedar.com
and at www.ecuadorgoldandcopper.com). A new technical report
(the "Technical Report") prepared in accordance with NI
43-101 in support of the resources disclosed in the October 16, 2013 news release will also be filed
on www.sedar.com within 45 days of that news release.
GBM is an independent firm of consulting
engineers that specializes in assisting clients with mining-related
studies, valuations, development, design, procurement and
construction of new mining projects and has been involved in
numerous PEA, prefeasibility and feasibility study assignments in
recent years. GBM's specialist consultants have many years of
technical and operating experience and are respected experts in
their field.
The Company's President and CEO, Glenn Laing states: "This is a very positive
step in the further development of our Condor Gold and Copper
Project and in particular the Santa Barbara Project. GBM is
experienced and familiar with NI 43-101 level technical reviews and
reporting requirements, and are well qualified to carry out the
assignment."
The Technical Report is scheduled to be
completed and filed by the end of November
2013 and the PEA is scheduled to be completed and filed in
January 2014.
Existing Resources at the Condor Gold Project
The Condor Gold and Copper Project contains an
Indicated mineral resource of 6.365 million ounces gold (within
318.9 Mt grading 0.62 g/t gold). Additional Inferred mineral
resources contain 2.06 million ounces gold (within 127.0 Mt
grading 0.52 g/t gold). In addition the El Hito Cu-Mo porphyry
deposit hosts an Inferred copper resource of 161 million tonnes
grading 0.31% copper (1.1 billion pounds of copper). For more
information, please see the Company's resource table at
www.ecuadorgoldandcopper.com or its technical report dated
July 23, 2013 (the "July Technical
Report") which is available under the Company's profile on
SEDAR at www.sedar.com.
The above resources were calculated and updated
by Al Maynard and Associates Pty
Ltd. of Perth, Australia as of
July 23, 2013 and are described in
the July Technical Report. Recent updates to the Santa
Barbara resources were announced in the Company's October 16, 2013 news release and will be
reported in the new Technical Report within 45 days of that news
release.
Qualified Person
Mit Tilkov, P.Geo., Vice-President Exploration
of Ecuador Gold and Copper Corp. is a qualified person, as defined
by NI 43-101, supervised the project field work, and is responsible
for the preparation of the technical information in this news
release.
Cautionary Note
The Company has not completed a preliminary
economic assessment or feasibility study of the Condor Gold and
Copper Project under NI 43-101, and there is no assurance that the
exploration and subsequent development operations of the Condor
Gold and Copper Project will be economically or technically
viable.
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.
SOURCE Ecuador Gold and Copper Corp.