ECU Silver Mining Inc.

ECU Silver Mining Inc.

September 28, 2007 08:43 ET

ECU Silver Announces New Vein Discovery and Exploration Update

Highlights - New Vein Discovered near Santa Juana - Hole SJS 14-02 cuts new vein yielding 2.16 g/t gold, 148 g/t silver, 2.18% lead and 9.44% zinc over a core length of 1.8 meters (5.8 feet).

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2007) - ECU Silver Mining Inc. (TSX:ECU) ("ECU" or the "Company") is pleased to provide assay results of a new vein discovery and an update on its exploration activities in Durango, Mexico.

New Discovery

Recent drill holes have been aimed at testing the various major east - west trending veins in the Velardena Property. These main veins, namely Roca Negra, Terneras, San Juanes and San Mateo have been encountered along with several smaller veins that are associated with the main veins. Several of these smaller veins are of considerable interest to us and we are awaiting assays and interpretation.

However, through our efforts on our known veins, the Company is pleased to report that it has discovered a major vein, located north of the Roca Negra vein, which is essentially the southernmost vein of the Santa Juana mine system.

Other holes are planned to test this latest vein to confirm whether it is an entirely new vein or the continuity of the "C0" vein which is a major vein in the Santa Juana vein system. If it is the continuity of the C0 vein, it may add 500 meters to the lateral extent of that vein.

The new vein was cut by two holes with the following results:

Hole Sample # length m Au g/t Ag g/t Pb% Zn% Cu%
SJS 14-01 45544 0.43 1.2 124 3.52 7.36 0.11

SJS 14-02 45823 0.78 1.45 42 0.06 2.39 0.09
45824 1.02 2.7 229 3.81 14.83 0.52
Comp. 45823-24 1.8 2.16 148 2.18 9.44 0.33

These positive results of base metals and significant precious metals contents are typical of the geological environment and are consistent with historical data of the area. The Company has deemed these results, along with other known vein findings in the area, to be significant. As such, a more in-depth exploration program in the immediate and surrounding vicinity has commenced.

Exploration Update

Over the past year, ECU has advanced its exploration and development work at the Velardena Property and surrounding areas considerably. In doing so, the Company has deliberately shifted its focus away from production and has put more emphasis on exploration and development. As a result, we have enjoyed widespread drilling and sampling success which has been communicated through the announcement of several new discoveries. Within the Velardena Property we now have identified five areas of significant potential immediately accessible from actual underground workings;

i) Santa Juana - the vein packages within the Mineralized Corridor are being evaluated for potential bulk mining applications thereby opening opportunities for possible low cost mining.

ii) Terneras - the discovery of the elusive western extension of the Terneras Vein which is significant since Terneras was the most prominent vein in the Velardena district.

iii) San Mateo - the discovery of the downward extension of the main vein has been enhanced with the identification of thick lenses within the veins, known as "chimney" zones, with the limestone as host rock.

iv) San Juanes - the central previously untested portion of the vein has been drilled and the vein was cut. Final interpretation and assays are still pending.

v) Roca Negra - the Roca Negra vein has been intersected at shallow depth right within our current underground development and infrastructure.

The above noted veins and vein packages are very continuous and typically have demonstrated lateral continuity of up to one kilometer in addition to vertical continuity of over 500 meters as confirmed by our drilling program.

In addition, ECU has made discoveries at its adjacent Chicago Property where several veins have been identified including the best known vein, Los Muertos - Chicago Vein which has historically been followed for 1,300 meters horizontally. We have followed this vein through drilling and existing underground development for 390 meters horizontally and 240 meters vertically so far.

At our San Diego Joint Venture Property, we have confirmed the continuity of polymetallic high grade mineralization on laterally and vertically extensive veins which transect the property. Our joint venture partner is completing a N.I. 43-101 report at San Diego.

The above discoveries are currently being interpreted for inclusion into an updated N.I. 43-101 technical report to be delivered by Micon in the fourth quarter of 2007.

The Company strongly believes the corporate change in direction towards exploration and development will deliver superior shareholder value for ECU. While we are no longer operating the Velardena Mill for the purpose of generating revenues, we are utilizing the mill to test the metallurgical processes for our different veins. In this way, the mill is now acting as a pilot plant which will help determine the design of our future commercial size milling operation.

This shift in emphasis has allowed the Company to accelerate its exploration at all sites and positive results have already been achieved at the Terneras, San Mateo, Roca Negra and Chicago mines. Although the Company is currently very focused on the timely delivery of our next N.I. 43-101 technical report, full scale exploration operations are still on going and results from various sites are pending.

Readers are cautioned that until a complete prefeasibility study is completed, there are no assurances this latest mineralized zone will be economically viable, and although the above points are based on the best available data the Company has collected to date, a material difference between the actual results and the Company's expectations may arise once further drilling is completed.

Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release. All the samples represent the core length and may not be representative of the true width.

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. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • ECU Silver Mining Inc.
    Stephen Altmann
    (416) 644-8640
    (416) 644-8801 (FAX)