EcuaGold Resources Ltd.
TSX VENTURE : EGR

EcuaGold Resources Ltd.

October 10, 2007 09:00 ET

EcuaGold Begins Work on Ecuador's Largest Historic Silver Producer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2007) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to provide an update on the San Bartolome Project ("the Project"). The Project is located about 20 km southeast of Cuenca, Ecuador's third largest city. Corresponding to a high-grade epithermal Ag, Pb, Zn vein system, San Bartolome is Ecuador's largest historic silver producer, with reported historic grades of 20 oz/t Ag, 1.15% Pb and 2.9% Zn. Excellent infrastructure is present in the Project area. The San Bartolome Project consists of the Silver 1 concession (3,108 hectares) and three pending contiguous concessions - Silver 2, 3 and 4 (approximately 6,309 hectares).

Ecuador's Ministry of Energy and Mines ("MEM") approved EcuaGold's Environmental Impact Study ("EIS") for the Silver 1 concession in May 2007. The Company presently has MEM approved EIS filings for the Molleturo, Curiplaya and San Bartolome Projects.

The Company has initiated a general exploration program on the Silver 1 concession, consisting of mapping the concession and sampling available outcrops and stockpiles and tailings from historic mining activities. Assay results from this initial work should be available before the end of October. Further exploration work will entail, detailed geological, structural and alteration mapping; soil and rock geochemical sampling; geophysics; and trenching; leading to a Phase I drilling program.

Mineralization at San Bartolome was discovered in a polymetallic vein system (Ag-Pb-Zn) as a result of a geochemical survey developed by the United Nations Program in 1966 (reported in UNDP, 1972). The 1966 program was followed up between 1969 and 1972 with geophysical surveys, soil geochemistry, trenching and drilling (eight diamond drill holes) that identified mineralization in two areas: the Shunaste Sector located immediately to the north of the town of San Bartolome and the Ocashuaico Sector to the south-east. The United Nations Rotary Foundation developed more detailed investigations between 1976 and 1978 that included trenching and drilling on both sectors, and the digging of exploration pits in Ocashuaico. Based on these programs, the United Nations reported a "reserve" of 94,192 tonnes with grades of 22.93 oz/t Ag, 0.68% Pb, 1.99% Zn (not NI 43-101 compliant).

No additional works were developed until the formation of a joint company between Nosshoi Iwai (Japan) and Ag-Armeno Mines & Minerals Inc. (Canada), which carried on exploration and mining activities at San Bartolome between 1989 and 1994. Mining took place on two vein structures from 3 main levels accessed by adits, employing standard underground mining methods. Approximately 3,570 metres of underground tunneling were developed. In 1993, the mine operator reported an overall mining "reserve" of 205,000 tonnes with grades of @ 20 oz/t Ag, 1.15% Pb and 2.9% Zn (not NI 43-101 compliant). The mineralization appears to be open both along strike and down dip from the old underground workings.

Due to the sulphide nature of the ore, the process plant mainly consisted of a crushing and flotation circuit, with the concentrates shipped to a third party refiner. The processing rate was 100 TPD, and approximately 85,000 tonnes of ore were reportedly processed between 1991 and 1994, with upwards of 1 million ounces of reported total silver production, along with lead and zinc credits.

Please refer to EcuaGold's website at www.ecuagoldresources.com/s/sanbartolome.asp for further information on the San Bartolome Project.

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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