ECU Silver Mining Inc.
TSX : ECU

ECU Silver Mining Inc.

February 15, 2011 10:01 ET

ECU Silver Reports Gold and Silver Shipments and Production in Fourth Quarter

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - ECU Silver Mining Inc. (TSX:ECU) ("ECU" or the "Company") is pleased to announce silver and gold output for the fourth quarter of 2010 ("Q4 2010") from its mining operations at Velardeña in Durango State, Mexico.

Shipments for Q4 2010 consisted of 81,071 ounces of silver; 5,983 ounces of gold; 146,985 pounds of lead; and 190,220 pounds of zinc. Expressed in terms of silver equivalent ounces, and based on commodity prices averaged over the quarter, the Company shipped 404,195 silver equivalent ounces ("AgEq oz") during this period. Compared to the third quarter of 2010 (Q3 2010), silver shipments increase by 12%, gold shipments were unchanged, lead shipments increased by 4% and zinc shipments increased by 190%. Shipments for Q4 2010, on a silver equivalent basis, using equivalent commodity price ratios for Q4 2010 and Q3 2010, was up 4% versus Q3 2010.

In Q4 2010 the operations generated silver totalling 92,786 ounces and gold totalling 2,364 ounces. In addition, the mines generated 134,937 pounds of lead and 125,401 pounds of zinc. Expressed in terms of silver equivalent ounces, and based on commodity prices averaged over the quarter, total metal output was 225,596 AgEq oz, an increase of 1% compared to Q3 2010, using equivalent commodity price ratios for Q4 2010 and Q3 2010. 

Table 1 - Milling and Mining Operations Summary
  Metal Shipped Metal Output
Silver 81,071 oz 92,786 oz
Gold 5,983 oz 2,364 oz
Lead 146,985 lb 134,937 lb
Zinc 190,220 lb 125,401 lb
Silver Equivalent 404,195 oz 225,596 oz

Mineralized material mined for silver and gold averaged 92 g/t and 1.77 g/t, respectively, a decrease of 38% for silver and 41% for gold compared to the first nine months of 2010 while milling grades averaged 94 g/t and 1.97 g/t for silver and gold, respectively, an increase of 29% for silver and decrease of 22% for gold compared to the first nine months of 2010.

During the quarter, the Company sold 5,907 tonnes of gold/pyrite concentrate containing 3,757 ounces of gold. The sales of the gold/pyrite stockpile was completed in the month of January. The Company is now in discussions to sell gold/pyrite concentrates from production at its sulphide mine.

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