ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

April 01, 2011 10:57 ET

ECU Silver Releases Year End Results for 2010

TORONTO, ONTARIO--(Marketwire - April 1, 2011) - ECU Silver Mining Inc. (TSX:ECU) reports that it has released its audited consolidated financial statements for the year ended December 31, 2010 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

ECU reported a net loss of $6.9 million, or 2 cents per share in 2010, compared with a net loss of $8.4 million, or 3 cents per share in 2009. Since the Company reports as an exploration and development company, the income statement does not report revenues from sales. Revenues from metal sales are reported in the statement of cash flows and were $19.3 million in 2010, compared with $6.6 million in 2009, a 194% increase year over year.

Metal sales for 2010 were 16,021 ounces of gold, 356,559 ounces of silver, 445,650 pounds of lead and 423,996 pounds of zinc. Year over year, this represents a 250% increase in gold sales, a 144% increase in silver sales, 568% increase in lead sales and a 375% increase in zinc sales.

Michel Roy, CEO and Chairman stated, "We are pleased with the progress of our operations with metal sales being significantly higher than last year. The majority of our gold and silver sales came from the Oxide Mill, which has been running very well for us. A portion of the gold sales came from the sale of our gold/pyrite stockpile. The stockpile has been completely sold and the transportation and processing of our gold concentrate stockpile was very successful. We will continue to look for ways to optimize our mining and milling operations during 2011."

Stephen Altmann, President added, "In 2011 we plan to increase our exploration focus with the goal of increasing mineral resources and converting additional inferred resources into the measured and indicated categories. The exploration plan will focus on drilling the deep seated massive sulphides on the Velardeña Property, which started this past week, plus the delineation of additional known mineralized veins, extensions of existing veins and identification of new veins on all three of our properties".

Copies of the audited financial statements and related MD&A can be found on SEDAR at www.SEDAR.com.

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 N.I. 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