ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

May 03, 2011 09:58 ET

ECU Silver Finds New Mineralization in Upper Levels of the Santa Juana Mine

TORONTO, ONTARIO--(Marketwire - May 3, 2011) - ECU Silver Mining Inc. (TSX:ECU) is pleased to announce that it has uncovered additional high grade mineralization in the upper levels of the Santa Juana mine which is located in the main Velardeña Property. This new mineralization averaged 1.64 grams per tonne (g/t) gold (Au), 324 g/t silver (Ag), 0.72% lead (Pb), 0.13% Zinc (Zn) and 0.35% Copper (Cu) over 3.8 meters (12.5 feet). This mineralization is additional to the mineral resources from the mine's lower levels that were included in the Company's last NI 43-101 mineral resource report.

The underground development at the Santa Juana mine has again identified high grade sulphide mineralization over and above those that were calculated in the Company's last mineral resource report, confirming that the potential resources at Santa Juana not only extend at depth and laterally, but above the current mineral resources as well.

A cross-cut on level 12 of the Santa Juana mine was recently opened which intersected one of ECU's major veins, the A-2 vein. Four veins, totaling 0.95 meters (3 feet) in width, were intersected with eight samples taken over 3.8 meters grading an average 1.64 g/t Au, 324 g/t Ag, 0.72% Pb, 0.13% Zn and 0.35% Cu, including a sample that graded 12.21 g/t Au, 4381 g/t Ag, 0.44% Pb, 0.19% Zn and 3.32% Cu over 0.2 meters (0.7 feet).

SampleWidthGoldSilverLeadZincCopper
(m)(Au g/t)(Ag g/t)(Pb %)(Zn %)(Cu %)
806060.29.0112228.470.231.15
806090.21.422132.100.140.32
806110.27.2416340.450.231.59
806130.27.464452.190.280.52
806120.212.2143810.440.193.32
806140.24.962347.870.110.38
806160.46.1010682.480.771.70
806190.35.3113680.711.411.82
Total3.81.643240.720.130.35

The host rock, where current development work is being completed, is a diorite and the mineralization occurs as parallel veins striking northwest and belonging to the Santa Juana corridor. The four veins represent the upward projection of the A-2 vein.

Michel Roy, CEO and Chairman of ECU stated, "The way in which this mineralization is occurring in this mineralized area, makes it an ideal area for future low cost mining. The mineralization is on the main access level, and with its potential extensive lateral continuity, it represents the potential for easier mining and more productivity. A big advantage of mining on level 12, the main access level, is that we do not have to use the shaft since access on the level is by a main adit, which means less handling and lower production costs."

This mineralization is not in the current mineral resource report and is significantly greater than the corresponding resource block, on the lower level 14, which graded 1.41 g/t Au and 98 g/t Ag over a diluted width of 1.0 meter.

The A-2 vein was recently opened on level 15.5 (see press release dated November 8, 2010) over a strike length of 127 meters (417 feet) grading 4.90 grams per tonne (g/t) gold (Au), 386 g/t silver (Ag), 2.55% lead (Pb) and 1.72% zinc (Zn) over an average width of 0.86 meters (2.8 feet),

The new mineralization was discovered in an upper level of the Santa Juana mine which currently extends from level 12 to level 19. The Company's NI 43-101 mineral resource estimate includes only a portion of the A-2 vein which was previously opened for only 40 meters. The reported portion was classified as measured resources grading 3.05 g/t gold, 240 g/t silver, 0.77% lead and 0.49% zinc over 1 meter.

Deep Drilling of Massive Sulphides

The Company continues to advance well with the high performance drill rig that will target the rich massive sulphides at depth. Drilling with the smaller BQ bit is now complete and reaming of the hole has recommenced and is nearing completion.

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 (0.6 million gold equivalent) ounces in the measured and indicated category and 391 million silver equivalent (6.0 million gold 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

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

    ECU Silver Mining Inc.
    Stephen Altmann
    President
    Toronto, Canada
    (416) 366-2428

    ECU Silver Mining Inc.
    Mark Butler
    Investor Relations
    Toronto, Canada
    1 888 513 3444