Ecometals Limited

Ecometals Limited

February 01, 2010 12:22 ET

Ecometals Announces Delay in Proposed Sale of Condor Gold Project

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Ecometals Limited ("Ecometals") (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) announced on the 12 January, 2010 it had entered into an agreement with Alca Gold Limited ("Alca") for the sale of Ecometals' entire holding of shares in Condormining Corporation S.A. and Condorview S.A. for US$9,000,000 to be satisfied in cash by the Alca at Closing.

In the previous press release Ecometals indicated that closing of the transaction was scheduled to be on or before 25 January 2010, however Alca has requested an extension to the closing which Ecometals has agreed to provide. The parties have agreed to extend to a new closing to be on or before 28 February 2010.

Both Ecometals and Alca have restated their commitment to the prompt completion of the proposed transaction.

Safe Harbour Statement:

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes statements regarding the closing of the Transaction. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure of the purchaser to secure funding to complete the purchase, failure of Ecometals and/or the purchaser to satisfy conditions of closing, risks relating to changes in economic or regulatory conditions and Ecometals' ability to execute its business model and strategic plan and other risks set out in Ecometals' public documents filed on SEDAR. Although Ecometals believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Ecometals disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither 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.

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