EcuaGold Resources Ltd.
TSX VENTURE : EGR

EcuaGold Resources Ltd.

October 24, 2007 09:00 ET

EcuaGold Announces a New Copper Porphyry Project in Ecuador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to announce that it has entered into a purchase option agreement (the "Option") with a private owner to acquire a 100% interest in the Curiacu concession (3,100 hectares). Curiacu (the "Project") is located in Bolivar Province, 180 kilometers southwest of Ecuador's capital city of Quito, and is easily accessible. Recent rock chip sampling of outcrops in the Project's principal target area returned assay results of up to 3.46 g/t Au, 17.7 g/t Ag, 3.21% Cu over three metres.

To date, two mineralized targets have been identified within the Project, based on historical stream sediment geochemical results (British Geological Survey, Prodeminca 2000). Follow up field visits, including geological and mineralogical field observations and rock chip sampling, have confirmed that copper / gold porphyry-style mineralization is present in the target areas.

Within the principal target area, the La Mina Target (1Km x 1Km), 11 rock chip samples have been taken of 6 outcrops to date. The sample widths varied between 2.50- 5.00 metres and averaged 3.5 metres. The assay results for the 11 samples ranged from 0.01 g/t to 3.46 g/t Au, 0.20 g/t to 17.70 g/t Ag and 0.003% to 3.21% Cu. The average assay results for the 11 samples were 0.36 g/t Au, 2.95 g/t Ag, 0.37% Cu, with a peak assay result of 3.46 g/t Au, 17.7 g/t Ag, 3.21% Cu over 3.0 metres.

The Project is located in the Western Miocene porphyry copper belt (50Km x 200 Km), wherein several historical porphyry copper / gold projects have been explored. The copper / gold porphyry-style mineralization at La Mina is associated with phyllic altered porphyritic granodiorite, breccia bodies and quartz/pyrite stockwork structures.

Pursuant to the terms of the Option, the Company paid the owner US$4,000 upon signing the Option and agreed to pay the 2007-2008 mining concession fees, amounting to US$3,100. The Company is required to make semiannual payments to the owner until, and unless, the Option is exercised. These payments amount to US$5,000 for the first and second year semiannual periods after signing the Option, US$7,500 on month 30 and US$10,000 on month 36 and on all future semiannual periods. EcuaGold can exercise the Option at any time and acquire the concession by paying the owner US$125,000, payable 50% in cash and 50% in shares of the Company. If exercised, the owner's interest will convert to a 1.25% net smelter return royalty, which royalty can be purchased by EcuaGold for US$75,000, payable 50% in cash and 50% in shares of the Company.

Samples from the Curiacu Project were sent to the Inspectorate sample preparation facility in Quito, Ecuador for processing and were assayed at the Inspectorate laboratory in Lima, Peru.

Dr. William F. Lindqvist, a director of the Company, is the Qualified Person in compliance with National Instrument 43-101 with respect to this release.

About EcuaGold Resources:

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties in Ecuador. The Company presently controls, through wholly owned subsidiaries, a 100 percent interest in 13 concessions in Ecuador, comprising nine distinct projects. The company also has pending applications for 21 more concessions that are associated with three existing projects and two new projects. EcuaGold's current land position covers more than 34,000 hectares and will increase to approximately 99,000 hectares if the pending concession applications are granted in full.

The majority of EcuaGold's concessions are located in southern Ecuador, a highly prospective region that is currently host to a number of projects. These include, among others, Aurelian Resources' Condor Project, IAMGOLD's Quimsacocha Project, International Minerals' Rio Blanco and Gaby Projects and Dynasty Metals & Mining's Copper-Gold Belt, Zaruma and Jerusalem Projects.

EcuaGold'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 on January 12, 2007.

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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