Further to its press release of December 20th, 2010, Ecometals Limited (the "Company") is pleased to announce the final closing of the sale of its Condor Gold project, with the $2m initial payment tranche having now been paid in full to the Company. The future payment schedule is as follows:
$2,500,000 is payable on or before May 31, 2011; $2,500,000 is payable on or before November 30, 2011.
If after this initial payment of US$2,000,000 Ecuador Capital Corp fails to make the subsequent payment(s) then the shares in Condor and Condorview will revert to Ecometals, and Ecometals will not have to refund payment(s) made by ECC up to the point of non payment.
Ecometals Limited is a Canadian TSX Venture Exchange listed mineral exploration and development company focused on mineral resources in Latin America. Apart from its gold exploration in Ecuador, Ecometals also has significant manganese, iron and gold projects in Brazil at grass roots and development planning stages.