ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

October 07, 2010 10:51 ET

ECU Silver Discovers Second New Vein on the Chicago Property

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - ECU Silver Mining Inc. (TSX:ECU) is pleased to report on the second of two newly discovered veins on the Chicago Property. As reported in press releases dated August 25 and August 31, 2010, ECU identified two new veins plus a high grade extension of the known Gambusinos Vein, all within the Chicago Property.

The Company has now received assays from this second vein for a length of 45 meters with grades averaging 6.99 grams per tonne (g/t) gold (Au), 393 g/t silver (Ag), 9.02% lead and 6.83% zinc over an average width of 0.26 meters (1 foot). Assays were based on 15 cuts separated by approximately 3 meters (10 feet) each, with the best cut grading 14.98 g/t Au, 599 g/t Ag, 9.12% lead and 16.21% zinc over an average width of 0.30 meters (1 foot).

This is very similar to the results reported on August 31, 2010 for the "Escondida" vein which is parallel to this new vein with similar mineralization within a vein system that is known to extend over 1,300 metres (4,265 feet) in length and 850 metres (2,790 feet) in depth, based on previous geological information. This vein was not included in the Company's last NI 43-101 mineral resource estimate.

Michel Roy, Chairman and CEO stated; "With these three new veins on the Chicago Property, all in close proximity to one another, the Chicago system is looking more and more like the mirror image of the large Santa Juana vein system. We are very excited about Chicago as it is showing signs that the potential to increase resources is becoming as significant as the Velardeña and San Diego properties."

The new vein is similar to the other veins found and identified in the Chicago area within a geological setting similar to the geology and mineralization of the extensive Santa Juana vein system, located within the adjacent Velardeña Property. The veins are polymetallic and rich in gold, silver, lead and zinc. The main difference between the Chicago and Santa Juana mines is that the Santa Juana veins strike NW -SE whereas the Chicago veins strike NE-SW.

Cautionary Statements

Readers are cautioned that until a prefeasibility study is completed, there are no assurances these latest mineralized zones will be economically viable.

All widths are true widths. Samples were assayed at the ERSA laboratory in Torreón, Coahuila, Mexico which is currently in the process of being certified. Mr. Michel Roy, P. Geo., a "qualified person" within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

About ECU Silver

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardeña District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardeña.

Cautionary Statements

Readers are cautioned that there are no assurances that all or any part of ECU Silver's mineral resource will be economically viable. Until a prefeasibility study is completed, there are no assurances the release of an updated mineral resource will be economically viable.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, the proposed construction of a mill, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for their activities, to produce minerals from their properties successfully or profitably, to continue their projected growth, to raise the necessary capital or to be fully able to implement their business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.

Contact Information

  • ECU SILVER MINING INC.
    Michel Roy
    Chairman and CEO
    Torreon, Mexico
    011 52 871 747 5750
    or
    ECU SILVER MINING INC.
    Stephen Altmann
    President
    Toronto, Canada
    (416) 366-2428
    or
    ECU SILVER MINING INC.
    Mark Butler
    Investor Relations
    Toronto, Canada
    (905) 602-4248
    www.ecu.ca