ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

March 23, 2011 10:01 ET

ECU Silver Reports Arrival of High Performance Deep Drill at Its Velardena Site

TORONTO, ONTARIO--(Marketwire - March 23, 2011) - ECU Silver Mining Inc. (TSX:ECU) is pleased to announce that the high-performance deep hole diamond drill has arrived on site at its 100% owned Velardeña Property and is being lowered in the mine today to be installed in the drilling station on level 18.

The high-performance drill will be used to further test the deep seated massive sulphides at a depth of approximately 800 meters below level 18 to confirm the extensions of the intercepts that were reported in drill hole SJ-08-21 on July 9, 2008.

Drill hole SJ-08-21 intersected two massive sulphide veins (the M-S veins). The first intercept yielded 3.66 grams per tonne (g/t) gold (Au), 295 g/t silver (Ag), 7.87 per cent lead (Pb) and 12.07 per cent zinc (Zn) (945 g/t Ag equivalent) over a core length of 12.04 metres (40 feet). The second intercept yielded 7.90 g/t Au, 550 g/t Ag, 11.25 per cent Pb and 27.68 per cent Zn (1,845 g/t Ag equivalent) over a core length of 1.75 metres (six feet). Silver and gold equivalents are calculated based on current commodity prices.

The high-performance deep hole drill will employ directional drilling by using a combination of down-hole mud-motors and controlled drilling. The drill has a capacity to reach vertical depths of up to 2,000 meters. The exploration program to test the massive sulphides at depth will consist of a series of deep holes ("parent holes") from which a further series of daughter holes will fan out from the parent hole to intercept targets at a certain distance from the parent hole.

The high-performance drill is being mobilized to the underground drill station located on level 18 of the Santa Juana mine and we expect drilling operations to commence shortly.

The benefits to be obtained from the use of the high-performance diamond drill are, among other things, the ability to:

  • Intersect deep target areas with accuracy;

  • Branch a number of daughter holes off a main parent borehole to test multiple targets to verify the continuity of the zones;

  • Achieve significant cost savings by virtue of reduced quantity of drilling to get the same number of intercepts.

Michel Roy, Chairman and CEO stated, "This latest exploration campaign will finally allow the Company to verify the theories about the nature of the deep massive sulfides intercepts and their relative importance."

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 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