EcuaGold Resources Ltd.

EcuaGold Resources Ltd.

November 01, 2007 09:00 ET

EcuaGold's Sampling Program Supports Historical High-Grades at San Bartolome

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to report the results of a preliminary exploration program on the Silver 1 concession at the San Bartolome Project (the "Project"), Ecuador's largest historic silver producer, with reported historic grades of 20 oz/t Ag, 1.15% Pb and 2.9% Zn. The program consisted of preliminary mapping of the concession and sampling of available outcrops, waste dumps and tailings from historic mining activities.

The selective grab sampling of mineralized vein material from the waste dumps supported the Project's reported historic high-grades, with the assays returning 40.9 to 71.7 oz/t Ag; 2.87 to 5.15 g/t Au, 0.84 to 4.36% Pb and 2.66 to 10.84% Zn, as detailed below:

TYPE (metres) (g/t) (oz/t) (g/t) % %

Grab - Waste Dump 1539 49.5 2.87 1.74 3.16
Grab - Waste Dump 1670 53.7 3.40 1.50 10.84
Grab - Waste Dump 2230 71.7 2.87 2.13 7.90
Grab - Waste Dump 1273 40.9 3.93 2.27 3.20
Grab - Waste Dump 1636 52.6 3.75 3.24 3.72
Grab - Waste Dump 1425 45.8 3.73 2.84 2.66
Grab - Waste Dump 2108 67.8 4.66 2.87 6.15
Grab - Waste Dump 1348 43.3 3.01 0.84 8.72
Grab - Waste Dump 2125 68.3 5.15 4.36 2.89
Grab - Waste Dump 1878 60.3 3.18 2.95 3.86

Tailings 85.1 2.7 0.41 0.10 1.53
Tailings 99.4 3.2 0.50 0.11 1.37
Tailings 112.9 3.6 0.34 0.13 1.66
Tailings 76.0 2.4 0.32 0.09 1.59
Tailings 88.9 2.9 0.24 0.10 1.15

Rock Chip - Vein Outcrop 1.2 63.5 2.0 0.59 1.45 0.08
Rock Chip - Vein Outcrop 0.15 290.1 9.3 2.68 0.96 0.22
Rock Chip - Vein Outcrop 2.0 1747 56.2 2.29 0.62 0.19


- The waste dump samples represent selective grab sampling of mineralized vein material from waste dumps in front of the former crushing plant and from levels 3 and 4 of the historic underground mining operations.

- Four of the tailings samples were taken from a 40m x 35m x 1m deep area in the southern portion of the tailings dam, and one sample was taken from a 25m x 25m x 1m deep area in the central portion of the tailings dam. It is estimated that the tailings dam may contain approximately 200,000 tonnes of historic tailings. A more detailed and systematic sampling program is required in order to confirm the average grades obtained to date of: 2.97 oz/t Ag, 0.36 oz/t Au, 0.11% Pb and 1.46% Zn.

- A total of 26 rock chip vein outcrop samples were taken from 22 outcrops. The three rock chip vein outcrop samples noted above were taken from two stockwork outcrops representing the surface structural extension of the historic mined veins. The assay results for the other outcrop areas in the Silver 1 concession returned anomalous values for Ag (0.20 - 83.2 g/t), Au (0.01 - 0.72 g/t), Pb (0.001 - 0.41%) and Zn (0.006 - 0.41%) over average widths of 1.88 metres.

The Company is planning to follow up this initial program with topographic surveying, detailed geological and structural mapping, aerial photograph interpretation, geochemistry, geophysics and trenching, leading to a future drilling program.

The San Bartolome Project is located about 20 km southeast of Cuenca, Ecuador's third largest city, and corresponds to a high-grade epithermal Ag-Pb-Zn vein system. Excellent infrastructure is present in the Project area. The 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.

Please refer to EcuaGold's website at for further information on the San Bartolome Project.

All samples from the San Bartolome 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; the San Bartolome Project, a past-producing high-grade polymetallic vein system; and the Curiplaya Project, a gold-copper porphyry system. In connection with its TSX Venture Exchange listing, EcuaGold obtained NI 43-101 reports for the Molleturo and the Curiplaya Projects.

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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