EcuaGold Resources Ltd.
TSX VENTURE : EGR

EcuaGold Resources Ltd.

January 26, 2007 08:30 ET

EcuaGold Resources Ltd. Announces the Discovery of a New Vein and Acquisition of New Concessions at the Molleturo Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 26, 2007) - EcuaGold Resources Ltd. (the "Company") (TSX VENTURE:EGR) is pleased to announce that the Company has discovered a third high-grade mesothermal porphyry-related polymetallic vein at its Molleturo Project (the "Project") located in Azuay Province in southern Ecuador. The new vein (the "Paola Vein") is located 3.5 kilometers to the North-West of the Project's existing historic high-grade polymetallic veins, Isabel and Roman, which form one of the Company's two key exploration projects in Ecuador and with respect to which, a NI 43-101 Report was completed in connection with the Company's recent listing on the TSX Venture Exchange (See the Company's press release dated January 12, 2007).

The Paola Vein was discovered during an initial reconnaissance visit to the Project, in a small tributary of the Miguir River. The Paola Vein, with bearing North 35 degrees West, dips 70 degrees to the North-East with an observed average width of 10 centimeters contained in an outcrop measuring approximated 5 meters high and 15 meters wide. The Paola Vein is cutting intrusive rock lithologies (porphyritic granodiorite and diorite) pertaining to the Chaucha batholith. Rock chip samples were taken of the Paola Vein both during an initial and subsequent follow up visit. The samples were shipped to the ALS Chemex Lab in Lima, Peru for assaying, with the following reported assay results from the lab:



---------------------------------------
SAMPLE #1 SAMPLE #2
--------- ---------

SILVER (g/t) 1,235 1,120
GOLD (g/t) 2.78 5.05
COPPER (%) 1.38 2.36
LEAD (%) 11.1 11.1
ZINC (%) 39.7 18.85
---------------------------------------


The Company is also pleased to announce that applications have been made to the Ministry of Energy and Mines in Ecuador for the acquisition of six new concessions that are contiguous with the Company's existing Molleturo concessions and extend the project area to the north, east and west. The concessions were selected, in part, based on historical geological data, mainly gold and copper geochemical anomalies, and favorable geological characteristics (porphyritic rocks) and tectonic setting. The six concessions comprise 22,129 hectares, bringing the total Molleturo Project area to 48,059 hectares (approximately 118,706 acres).

Mr. John E. Bolanos, the Company's General Manager - Ecuador, is responsible for the exploration program at the Molleturo Project and has reviewed the technical information that forms this news release. Mr. Bolanos has over 15 years experience as a geologist working in Ecuador and has a Masters Degree in Mining Geology (M. Sc.) from the Camborne School of Mines in the UK and an undergraduate degree in geological engineering from the Central University in Ecuador.

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties in Ecuador. EGR presently controls, through wholly owned subsidiaries, a 100% interest in eleven concessions, and has an option to acquire a 100% interest in a twelfth concession, comprising eight distinct projects covering a total of 31,198.84 hectares. In addition, the Company has also made applications with the Ministry of Energy and Mines in Ecuador for seventeen additional concessions, associated with two existing exploration projects and one new exploration project, amounting to approximately 50,774 hectares. In total, the concessions granted to, or applied for by, the Company amount to 81,972.84 hectares (approximately 202,473 acres). The Company's principal properties are the Molleturo Project, a high-grade polymetallic vein system, and the Curiplaya Project, a gold-copper porphyry system. The majority of the Company's properties are located in southern Ecuador.

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.

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

Anthony F. Ciali, President & CEO and Director

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

Contact Information