EcuaGold Resources Ltd.
TSX VENTURE : EGR

EcuaGold Resources Ltd.

April 24, 2008 09:00 ET

EcuaGold Adopts a Revised Exploration Strategy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to announce that the Company has adopted a revised exploration strategy to expand its exploration activities outside Ecuador. Since February 2008, EcuaGold's geologists have made several trips to both Colombia and Peru, visiting several projects of potential interest and making valuable contacts. These visits have provided the Company with valuable first-hand knowledge of geological areas of interest that best fit EcuaGold's future growth strategy. Senior management has also met with government mining officials in both countries to introduce the Company and its plans for future growth. EcuaGold was well received by these officials who promoted a very positive attitude towards foreign mining investment in their countries. Major law firms engaged by EcuaGold in Bogota and Lima are in the process of incorporating a wholly owned subsidiary of EcuaGold in each country. The subsidiaries are expected to become legally operational in May 2008. As of March 31, 2008, EcuaGold's fiscal year-end, there was approximately $2.5 million in the treasury, an amount adequate to finance the Company's diversification plans for the remainder of 2008.

EcuaGold is also pleased to announce that it has entered into a geological consulting agreement with Dr. Richard A. Jemielita, an independent consulting geologist with over 25 years of international mining experience. While providing overall consulting services to the Company, Dr. Jemielita will initially focus on Peru, where he has over 16 years of experience in consulting for major mining companies, including Newmont, Barrick and Rio Tinto. Dr. Jemielita has a BSc Honours Geology and a PhD Geology from the University of Aberdeen, Scotland, UK. He is also a Qualified Person in compliance with National Instrument 43-101.

On April 18, 2008, Ecuador's Constitutional Assembly approved a new mining mandate which, among other things, invokes a 180-day suspension of activities on virtually all mining concessions; limits to three the number of concessions that a mining company may hold; and revokes all mining concession applications in process. EcuaGold has made a preliminary review of the mandate, but must seek further clarification from government officials regarding several unclear articles in the mandate before it can fully assess the impact it will have on the Company's concession holdings and operations in Ecuador. If limited to three concessions, EcuaGold will, at minimal cost, protect its three core properties with approved Environmental Impact Studies - the Curiplaya, Molleturo and San Bartolome Projects.

About EcuaGold Resources:

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties. To date, EcuaGold's exploration activities have been focused solely in Ecuador, where the Company's principal properties are the Molleturo Project, a high-grade polymetallic vein system, and the Curiplaya Project, a gold-copper porphyry system. NI 43-101 Reports were prepared for each project in connection with EcuaGold's TSX Venture Exchange listing. A third core property is the San Bartolome Project, a high-grade polymetallic vein system (Ag, Pb, Zn) and Ecuador's largest historic silver producer. In addition to maintaining its interests in its core Ecuadorian projects, EcuaGold is expanding its exploration activities into Colombia and Peru.

On Behalf of the Board of Directors of ECUAGOLD RESOURCES LTD.

Anthony F. Ciali, President, CEO and Director

The statements contained in this news release that are not purely historical are forward-looking statements. Forward-looking statements may relate to the success of any of the company's strategic initiatives, the company's expectations, beliefs, growth and future prospects, and the company's position in the market and future opportunities therein. Forward-looking statements may also include, without limitation, any express or implied statement relating to future events, industry performance, general business and economic conditions or circumstances, regulatory and legal requirements, and other matters, many of which are beyond the control of the company. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. All forward-looking statements included in this news release are based upon information available to the company as of the date hereof and the company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.

No stock exchange has approved or disapproved the information contained herein.

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