EcuaGold Resources Ltd.

EcuaGold Resources Ltd.

August 07, 2008 09:00 ET

EcuaGold Announces Opening of Office and Staff Additions in Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to announce that its wholly owned Colombian subsidiary, ColombiaGold Resources S.A. ("CGR") has opened an office in Medellin, Colombia, which will be the headquarters for EcuaGold's activities in Colombia. EcuaGold is also pleased to announce that CGR has hired two Colombian geologists who will be based in the Medellin office and will continue to be managed and assisted by the Company's Quito-based senior exploration group.

Sr. Rafael Rodriquez Alvarez has been employed as Senior Geologist and CGR's principal contact in Colombia. Sr. Rodriquez has over 25 years experience in the mining industry, having worked in Cuba, Portugal, Peru, Argentina and, most recently, in Colombia. He was Director of Exploration in the mid-1990s for Procoloro Resources Inc., a junior Canadian mining company, which acquired interests in several mineral properties in the Segovia - Remedios Region ("Region") in the Department of Antioquia ("Antioquia"), Colombia. This Region has accounted for a significant percentage of Colombia's historic gold production, and is one of CGR's key targeted areas in Colombia. Sr. Rodriquez supervised both underground and surface exploration programs in the Region, including 20,000 metres of core drilling. Sr. Rodriquez is a part-time assistant professor of geology at the National University of Colombia, Medellin, and has consulted for a number of foreign mining companies throughout Colombia and in other Latin American countries. He has a B.Sc. Geology from Havana University and a M.Sc. Geology from the National University of Colombia, Medellin.

Sr. Daniel Canastho Echavarria, who has been employed as Geologist, has over 19 years of technical and administrative experience in the mining industry, principally gained in Colombia but also in Ecuador and Venezuela. One of his recent consulting assignments was working for the Government of Antioquia supervising the inspection and updating of files on over 100 small mines in Antioquia. Sr. Canastho has a B.Sc. Geology from the National University of Colombia, Medellin.

CGR has been very active in Colombia over the past four months, principally in Antioquia. CGR has signed several confidentiality and exclusivity agreements with various concession owners, mainly within the Segovia Batholith trend, and is presently in advanced-stage negotiations to acquire several precious metals projects in Antioquia, although final agreements have not yet been concluded.

About EcuaGold Resources:

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties in Colombia, Peru and Ecuador. The focus of the Company's exploration activities is presently in Colombia and Peru. EcuaGold controls, through wholly owned subsidiaries, a 100 percent interest in 13 granted concessions, comprising eight distinct projects, in Ecuador, covering more than 34,000 hectares. The majority of EcuaGold's concessions are located in southern Ecuador, a highly prospective region that is currently host to a number of projects. These include Aurelian Resources' Condor Project, IAMGOLD's Quimsacocha Project, International Minerals' Rio Blanco and Gaby Projects and Dynasty Metals & Mining's Copper-Gold Belt, Zaruma and Jerusalem Projects.

On Behalf of the Board of Directors of ECUAGOLD RESOURCES LTD.

Anthony F. Ciali, President, CEO and Director

The statements contained in this news release that are not purely historical are forward-looking statements. Forward-looking statements may relate to the success of any of the company's strategic initiatives, the company's expectations, beliefs, growth and future prospects, and the company's position in the market and future opportunities therein. Forward-looking statements may also include, without limitation, any express or implied statement relating to future events, industry performance, general business and economic conditions or circumstances, regulatory and legal requirements, and other matters, many of which are beyond the control of the company. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. All forward-looking statements included in this news release are based upon information available to the company as of the date hereof and the company does not undertake any obligations to update forward-looking statements should circumstances or management's beliefs or opinions change.

No stock exchange has approved or disapproved the information contained herein.

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