TORONTO, ONTARIO--(Marketwire - March 10, 2008) - ECU Silver Mining Inc. ("ECU Silver" or the "Company") (TSX:ECU) is pleased to announce that the Independent National Instrument 43-101 ("NI 43-101") compliant technical report (the "Report") on its Velardena District Properties in Durango State, Mexico (the "Velardena Properties") has been filed at
www.sedar.com.
The Report is authored by William (Bill) J. Lewis B.Sc., P.Geo., Senior Geologist, MICON International Limited ("MICON").
ECU Silver previously announced the results of the resource estimate (see Press Release: January 24, 2008) which has defined the following mineral resources:
- Measured Resource: 24,768,000 ounces of silver equivalent.
- Indicated Resource: 12,864,000 ounces of silver equivalent.
- Inferred Resource: 179,004,000 ounces of silver equivalent.
The Report also details additional mineral potential (also announced in the Press Release: January 24, 2008) that exists within the Velardena Properties that has not been included in the mineral resource estimate. The estimate of potential mineral resources ("Potential Resources") has been reviewed by MICON.
- Potential Resources: 464,660,000 to 806,503,000 ounces of silver equivalent.
The Potential Resources exists because the true extent of the mineralization within the veins, vein packages and skarn has not been fully identified. Many of the veins and vein packages in the Velardena Properties remain open along strike in both directions and at depth. The reader should note that the mineral potential cannot be estimated to the same accuracy as a mineral resource and as such it must be stated as a range of figures.
This Potential Resource is compliant with NI 43-101 disclosure requirements and reflects the observed lateral and interpreted downward extensions of veins identified in the Resource Estimate. The reader is cautioned that the Potential Resources of the Velardena Properties are conceptual in nature and there has been insufficient exploration conducted within the mineral potential evaluation to define a mineral resource. It is also uncertain if further exploration will result in the targets being delineated as mineral resources. However, the Report concludes that "the geology, extent of the surface expression of the main veins and potential to find further hidden veins within the properties provide reason to believe that the conceptual mineral potential could be significant. The property has never been completely subjected to modern exploration concepts and technology."
The Company has announced (see Press Release: March 4, 2008) that it is focused on converting a portion of these Potential Resources into Inferred Resources as quickly as possible and has outlined its exploration program over the next 6 to 9 months with an objective of increasing its current Inferred Resource by approximately 35% to 50% to between approximately 190 million to 210 million ounces of silver equivalent (excluding the base metal equivalent of 38 million ounces of silver equivalent or any additional base metal equivalents that may be included in the next update). This additional Inferred Resource would be over and above the existing Measured and Indicated Resources of approximately 34 million onces of silver equivalent (38 million onces of silver equivalent including base metals).
The content of this news release has been reviewed and approved by William J. Lewis of MICON, the qualified person authoring the NI 43-101 Report.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. Except as required under applicable securities legislation, we undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
