Eco Oro Minerals Corp.
TSX : EOM

September 20, 2011 08:42 ET

Eco Oro Minerals Drills 15.31 g/t Gold over 4.7 Meters at Mongora

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Eco Oro Minerals Corp. ("the Company" or "Eco Oro") (TSX:EOM) reports that diamond drilling on the Mongora target located 3-km south of its multi-million ounce Angostura gold deposit in northeastern Colombia continues to encounter significant gold values.

  • Hole MO10-21 – 16.15 grams gold and 75.5 grams silver per tonne over 2 meters (102 – 104 m)
  • Hole MO10-26 – 8.55 grams gold and 9.32 grams silver per tonne over 8.9 meters (91.65 – 100.55 m)
  • Hole MO10-30 – 15.31 grams gold and 6.51 grams silver per tonne over 4.7 meters (8.5 – 13.2 m)
  • Hole MO10-33 – 2.58 grams gold and 6.19 grams silver per tonne over 24.8 meters (54 – 78.8 m)

"Mongora, together with La Plata and Armenia, is one of 3 satellite mineral deposits in close proximity to the Angostura deposit," said Eco Oro's Chief Operating Officer, David Heugh. "All three show potential to complement and enhance the economics of the envisioned Angostura underground project currently being studied. Production from all 3 satellite deposits could be treated in the Angostura plant, thereby significantly reducing cost of development."

Since the last update on Mongora on August 19 2010, Eco Oro has completed another 18 diamond drill holes bringing the total to 58 drill holes comprising 20,276 meters of drilling. The Mongora drill program is focused on a gold-in-soil geochemical anomaly that extends to the west and southwest and connects with a gold-in-soil geochemical anomaly corresponding to mineralization in the Violetal area of the Angostura property where previous drilling has encountered significant mineralized structures one and a half kilometers to the west. The mineralization remains open along strike and at depth. A soil sampling program to the north is in progress and an initial mineral resource estimate for Mongora is scheduled to be completed before the end of 2011.

Significant values from the latest Mongora drill results include:

HOLE X_Collar Y_Collar Z_Collar BRG DIP DEPTH
MO10-20 1129965.594 1305769.386 3175.558 183 -50 285.25
MO10-21 1130209.664 1305759.296 3040.089 180 -53 302
MO10-22 1130146.759 1305651.375 3024.594 180 -50 309.45
MO10-23 1130239.153 1305840.802 3100.763 180 -50 352
MO10-24 1130250.501 1306069.898 3162.443 180 -50 369.3
MO10-25 1130015.879 1305860.289 3173.995 180 -50 319.3
MO10-26 1130210.677 1306128.267 3104.626 181 -46 388.2
MO10-27 1129949.961 1305600.514 3096.877 180 -49 334.45
MO10-29 1130049.485 1305515.413 2995.195 180 -49 272.55
MO10-30 1129999.041 1305428.517 2991.111 180 -49 367.2
MO10-33 1130102.081 1305754.507 3073.967 0 -45 341
MO10-35 1130238.656 1305737.271 3007.677 180 -53 328.9
HOLE FROM
(m)
TO
(m)
LENGTH
(m)**
Au
(g/t)
Ag
(g/t)
MO10-20 34.4 38.5 4.1 4.48 1.90
47 51.4 4.4 3.01 2.80
120 122 2 5.92 7.30
MO10-21 102 104 2 16.15 75.50
104 120.45 16.45 1.06 11.79
MO10-22 24 45.5 21.5 0.57 2.36
MO10-23 181 201 20 1.16 4.65
MO10-24 145 149.3 4.3 1.88 3.26
302 304 2 4.89 2.00
MO10-25 70 75 5 4.72 2.98
140 142 2 4.04 9.50
MO10-26 36 38 2 4.90 0.80
51.35 52.75 1.4 5.57 22.20
87 88.3 1.3 2.15 36.90
91.65 100.55 8.9 8.55 9.32
213 214 1 2.24 6.20
363 368 5 2.60 0.46
MO10-27 21 28.8 7.8 1.50 5.04
206 222 16 0.32 0.59
282 287 5 2.83 1.46
MO10-29 70.6 105 34.4 0.91 1.07
113 139 26 1.38 3.06
MO10-30 8.5 13.2 4.7 15.31 6.51
17 22 5 5.56 2.56
26.6 29 2.4 5.15 2.40
33 37.05 4.05 1.68 1.37
179 181 2 10.65 12.30
209 211 2 4.14 0.10
MO10-33 330.5 334 3.5 4.68 1.03
35.1 36.75 1.65 6.45 17.80
54 78.8 24.8 2.58 6.19
150 152 2 5.54 5.30
MO10-35 34.1 39.2 5.1 3.25 11.54
48.3 59.8 16.9 1.46 5.34
NOTE: m** is downhole width but based on drill holes and structural dip of the mineralization, the intervals vary from 67 to 92% of the true thickness of the structures.

A property plan map and drill cross sections will be posted on the Eco Oro website at www.greystarresources.com. Details and results from the entire 2011 Angostura program are being compiled into a new corporate website which Eco Oro expects will be launched by the end of September and will serve as a hub for investors to keep up to date with the Company, its developments and to review the exploration data in more detail.

Quality Control and Reports

The Company employs a quality control program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. Under these quality assurance measures, drill core is sawn into halves with one half of the core prepped on site and samples shipped to ALS-Chemex Laboratory (ISO 9002 registered) in Vancouver, B.C. for analysis. The remainder of the core is retained for future assay verification. Gold analysis is conducted by fire assay (one assay tonne) using an atomic absorption finish. The laboratory re-assays using the ALS-Chemex protocol, and additional checks may be run on anomalous values. Eco Oro has independent re-analysis and sample preparation checks run at other accredited laboratories. The Company also introduces background blanks prepared from previously analyzed core samples from the Angostura Project.

Qualified Persons

David Heugh, FAusIMM, FSAIMM, Chief Operating Officer of Eco Oro and a qualified person as defined by National Instrument 43-101, has reviewed, verified and takes responsibility for the technical information contained in this news release.

About Eco Oro Minerals Corp.

Eco Oro Minerals Corp. is a precious metals exploration and development company currently working its wholly-owned, multi-million ounce Angostura gold-silver deposit in northeastern Colombia. Eco Oro is committed to developing the project in an economically viable and socially responsible manner.

Forward-Looking Statements

Certain statements in this news release are "forward-looking" within the meaning of Canadian securities legislation. They include statements about estimated timelines for completion of the soil sampling program and potential synergies of the Mongora, La Plata and Armenia mineral deposits with the Angostura project. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. These factors include, among others, unexpected delays in completion of the work required for the above-noted sampling program, the actual results of exploration activities, possible variations in ore grade or recovery rates, fluctuations in the price of gold and silver, risks relating to additional funding requirements, political and foreign risks, production risks, environmental regulation and liability, government regulation as well as other risk factors set out under the heading "Risk Factors" in the Annual Information Form dated March 25, 2011 which is available on SEDAR at www.sedar.com. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Eco Oro Minerals Corp.
    Anna Stylianides
    Co-Chairman, Interim President & CEO
    +1 604 682 8212

    Eco Oro Minerals Corp.
    David Heugh
    COO
    +57 314 355 5900

    Eco Oro Minerals Corp.
    Juan Orduz
    Chairman
    +1 604 682 8212
    www.greystarresources.com