ECU Silver Mining Inc.

ECU Silver Mining Inc.

December 24, 2008 13:21 ET

ECU Silver to File Restatement of Financials

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2008) - ECU Silver Mining (TSX:ECU) (the "Company") reports that it plans to file a restatement of its December 31, 2007 and September 30, 2008 financial statements and related Management Discussion and Analysis.

The Company intends to change certain of its accounting policies in order to comply with Canadian Institute of Chartered Accountants' Accounting Guideline 11 ("AcG-11"), "Enterprises in the Development Stage". These policies reflect the view that, until such time as the Company completes an economic study and has proven and probable reserves, it can not be considered to be in production and thus is in the development stage. As a development stage company, costs directly related to mining properties are deferred and revenues earned are recorded as a reduction of the deferred expenses. Amortization of the deferred costs will not commence until the property is considered to be in full commercial production. The Company will also record a write-down of its gold pyrite material-in-process inventory to reflect its intention to hold the inventory while it works to complete and prove the method it intends to use for further processing.

These accounting changes will be applied retrospectively in the amended December 31, 2007 and September 30, 2008 financial statements.

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Contact Information

  • CHF Investor Relations
    Chris Haldane
    Account Manager
    (416) 868-1079 ext. 237
    ECU Silver Mining Inc.
    Stephen Altmann
    (416) 366-2428
    (416) 366-8131 (FAX)