ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

October 30, 2009 10:36 ET

ECU Silver Highlights New Assays From Development Work

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) - ECU Silver Mining Inc. (TSX:ECU) is pleased to announce assay results which include samples that ranged up to 210 grams per tonne (g/t) of gold (Au) and up to 2,582 g/t of silver (Ag). The assay results include 204 samples collected from development work on level 19, currently the deepest level, at the Santa Juana Mine on the main Velardena Property.

The Company is developing new mining areas at the Santa Juana mine and has so far drifted for over 500 metres (m) along seven veins on level 19. Assays, taken every three metres along the drifts, returned an average of 12.7 g/t gold and 305.4 g/t of silver over 0.62 m for a total length of 531 m (see Table 1). This new underground development will allow for additional access to multiple mining stopes on this level.

The identification of these veins on the lower level 19, approximately 550 metres below surface, continue to confirm the robust presence of the veins in the Santa Juana system. The veins continue to show evidence of better grades and larger widths as they descend deeper into the mineral resource. To date, our exploration drilling, as identified in our NI 43-101 mineral resource, has shown evidence of mineralization down to 1200 metres below surface, where the Company had announced the discovery of massive sulphide intercepts (see press release dated July 9, 2008).

Table 1 - Assay Results on Level 19 Drifts

VeinSamplesLengthThicknessGoldSilver
 Nb(m)(m)(g/t)(g/t)
A12440.891.057.03534.0
A21952.910.677.49481.0
A43196.510.6811.53258.0
B's1653.740.545.8636.0
C12476.540.3524.85226.0
CC3178.600.5820.20632.0
G13479.270.788.67179.0
G1 sul2552.670.448.63131.0
Total/Avg.204531.130.6212.70305.4

The Company also wishes to announce that the Board of Directors of ECU has granted incentive stock options to directors, officers, consultants and employees of the Company to purchase 2,970,000 common shares of the Company at a price of $0.80 per common share and exercisable for five years.

Additional Information

Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.

All widths are true widths. Samples were assayed at the ERSA laboratory in Torreon, Coahuila, Mexico. Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

About ECU Silver

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardena.

Cautionary Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, the proposed construction of a mill, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for their activities, to produce minerals from their properties successfully or profitably, to continue their projected growth, to raise the necessary capital or to be fully able to implement their business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.

Contact Information

  • ECU Silver Mining Inc.
    Michel Roy
    Chairman and CEO
    011 52 871 747 5750
    or
    ECU Silver Mining Inc.
    Stephen Altmann
    President
    (416) 366-2428