ECU Silver Mining Inc.

ECU Silver Mining Inc.

September 05, 2007 18:44 ET

ECU Silver Announces Another Discovery at the Velardena Project

Highlights - Another new discovery at the Velardena Project. - Intersected the Roca Negra vein at shallow depth. - Samples averaged 3.16 g/t gold, 491g/t silver and 5.0% zinc. - Drill-hole T6-03 yielded 4.0 g/t gold and 695 g/t silver. - Roca Negra vein has lateral extent of over 700 meters.

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - ECU Silver Mining Inc. (TSX:ECU) is pleased to announce that the Company has made another new discovery within the Velardena project at the historical Roca Negra mine. Historical mining was carried out on the Roca Negra vein which is located approximately 80 meters north of the Terneras vein where we recently announced the discovery of the western extension of the Terneras vein. Roca Negra is located between the Terneras and Santa Juana mines and is the most northly of the extensive east-west striking veins that include Terneras, San Juanes and San Mateo.

The following points are considered important to this latest discovery:

1) The Roca Negra vein has been defined to a 200 meter depth and lies within our current underground development and infrastructure;

2) The location of the Roca Negra vein at depth is easily accessible from our underground development;

3) The Roca Negra vein has so far been defined laterally for 700 meters and vertically for 200 meters;

4) The Roca Negra vein remains open laterally and at depth;

5) Based on recent work in known areas within the Velardena property, higher gold grades are expected at depth;

Michel Roy, CEO and Chairman stated that "Our latest discovery at the Roca Negra vein is positive for the Company for two important reasons. First, the grades values were excellent. Secondly, the entire sector defined to date at Roca Negra is readily accessible from existing underground infrastructures. Consequently, it can easily be integrated in our short to medium term mining plans."

Stephen Altmann, President added that "The discovery of the Roca Negra vertical extension is confirming the impressive continuity of several large veins within the Velardena property. Our extensive exploration program continues to show ongoing success. ECU has now outlined significant vein continuity in five historical mines/veins within the Velardena property alone."

Roca Negra History and Geology

The Roca Negra vein was mined from surface to shallow depths only (approximately 50 meters) and was closed in 1910. In our current exploration and drilling program, the vein was followed on surface for 700 meters and it was cut at two levels from underground with the deepest cut being approximately 220 meters below surface. The deepest cut is at the same elevation as the main access adit to the Terneras and Santa Juana mines.

We expect that the Roca Negra vein will have a vertical continuity of a minimum of 600 meters which would be consistent with similar known veins in the immediate area, namely, the Terneras, Santa Juana and San Mateo veins. However, readers are cautioned that until further drilling is carried out at Roca Negra, there can be no assurances that will be the case.

The western and eastern extensions of the Roca Negra vein, beyond the 700 meters already identified, have yet to be drilled.

The Roca Negra is a tabular structure with mineralization filling a pre-existing fault. The mineralization varies from calcite-rich sections with lower grades and quartz-rich sections with significant values in precious and base metals.

Sampling and drill results

Our exploration program at Roca Negra was focused in two areas. The first area was located about 300 meters east of the main cross-cut leading to the Santa Juana veins system. The work consisted of sampling along a 40 meter drift approximately 140 meters above the main access adit (equal to level 6 at Terneras) which yielded the following results:

Drift Samples - Roca Negra Vein
Sample Width Au Ag Pb Zn Cu
m g/t g/t % % %
33916 0.75 0.83 245 0.94 3.55 0.08
33917 0.43 0.11 515 1.24 0.08 0.26
33918 0.15 1.35 108 2.53 0.75 0.12
33919 1.15 5.92 533 0.67 10.00 0.47
33920 0.55 3.46 825 0.66 1.59 0.36
Average 0.61 3.16 491 0.91 5.01 0.31

These results represent excellent average grades for both precious and base metals and justify a major follow-up in this area.

The second area tested was at the same level as the access drift, 140 meters below the first area, and was drill tested with the following results:

Drilling Results - Roca Negra Vein
Hole Sample From To Width Au Ag Pb Zn Cu
# m g/t g/t % % %
T6-03 43878 75.50 75.89 0.39 4.00 695 0.46 0.14 0.54
T6-04 44068 93.47 93.67 0.20 0.90 106 0.19 0.05 0.15

These assay results are consistent with the historical assays from the Roca Negra vein which contained significant gold and silver values as well as variable lead, zinc and copper values. The widths are also consistent with the widths observed and mined above.

Going forward

The next step in the exploration/definition process at Roca Negra is to drill at lower depth up to the 600 meter level. This will then confirm the vertical continuity of Roca Negra to a depth that is consistent with the other known veins in the Velardena property. Laterally, we plan to drill the structure for at least 1,000 meters from our existing underground infrastructure.

Readers are cautioned that until a complete pre-feasibility study is completed, there are no assurances this latest mineralized zone will be economically viable, and although the above points are based on the best available data the company has collected to date, a material difference between the actual results and the Company's expectations may arise once further drilling is completed at the Roca Negra mine.

The Company is also currently drilling underground both at our Santa Juana and San Mateo mines, plus testing the San Juanes vein, and on surface at the Chicago vein as we continue to define the MC and other veins, results are expected on all of these fronts shortly.

Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.

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

Contact Information

  • ECU Silver Mining Inc.
    Stephen Altmann
    (416) 644-8640
    (416) 644-8801 (FAX)