ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

August 24, 2009 13:36 ET

ECU Silver Extends Debt Facility

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2009) - ECU Silver Mining Inc. ("ECU Silver") (TSX:ECU) is pleased to report that it has entered into an agreement with its lender to restructure its current debt. The restructuring of the debt will provide ECU Silver with greater financial flexibility as we move forward with additional development plans for future operational growth and for the planning of our exploration program.

The Company has reached an agreement to restructure its current debt whereupon it has extended the maturity date of the loan by one year. Principal repayments will now commence in November 2010 and will be payable in 12 equal monthly payments.

The ability to restructure the financing is testament to the quality of the Company's assets, the success with our milling operations and the excellent relationship we have with our lenders.

An important benefit of the debt restructuring is that the revenue generated by our operations will not be encumbered by principal repayments which are now deferred for one year. In addition, the debt restructuring will also mitigate the need for the Company to seek out other material financing alternatives.

About ECU Silver

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena 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 another 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 Velardena.

Cautionary Statements

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
    011 52 871 747 5750
    or
    ECU Silver Mining Inc.
    Stephen Altmann
    President
    (416) 366-2428
    www.ecu.ca