EcuaGold Resources Ltd.

EcuaGold Resources Ltd.

February 28, 2008 09:00 ET

EcuaGold Reports Encouraging Soil and Trench Results Within a Newly Discovered Gold Anomaly on the Curiplaya West Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to announce the discovery of epithermal gold mineralization at the West Zone of the Company's Curiplaya Project, located in southern Ecuador, Loja Province, within the "Dynasty Copper-Gold Belt". A newly defined soil gold anomaly, covering an area of approximately 150 x 200 metres, partially overlies a body of gold-bearing intrusive/hydrothermal breccia some 150 meters long and 125 meters wide. In addition to the main gold anomaly, several other gold anomalous areas were detected within a soil grid that covers an area of 500 x 600 metres. A total of 439 soil samples were taken along 21 grid lines, at 25-metre spacings.

The soil samples were assayed utilizing the Mobile Metal Ion ("MMI") methodology, and the precious metal values for the main gold anomaly averaged 0.49 g/t Au and 0.40 g/t Ag. Three high soil values (3.50 g/t, 2.75 g/t and 2.75 g/t) suggest a more highly mineralized area in the northeast quadrant of the anomaly, which is underlain by breccia. Two trenches were completed in this area to test for bed rock mineralization and continuous channel samples, taken at 2.0 metre intervals, returned the following average assay results: Trench #1 - 22.0 metres grading 4.74 g/t Au and 1.31 g/t Ag and Trench #2 - 41.7 metres grading 3.70 g/t Au and 1.71 g/t Ag, including a high-grade sample assaying 55.1 g/t Au and 0.80 g/t Ag. Excluding the high-grade sample, the average assays for Trench #2 were 39.7 metres @ 1.10 g/t Au and 1.76 g/t Ag. The detailed trench results were as follows:

-------------------------- ---------------------------
-------------------------- ---------------------------
Interval Gold Silver Interval Gold Silver
Metres g/t g/t Metres g/t g/t
-------------------------- ---------------------------

2.0 3.32 1.40 2.0 0.60 2.50
2.0 5.05 1.60 2.0 0.59 1.20
2.0 5.45 1.00 2.0 0.28 0.80
2.0 7.20 1.00 2.0 0.53 0.70
2.0 9.05 0.60 2.0 0.78 0.60
2.0 2.27 1.50 2.0 0.96 0.50
2.0 5.45 2.50 2.0 0.54 0.80
2.0 6.75 1.10 2.0 0.75 2.00
2.0 4.77 2.00 2.0 1.47 6.00
2.0 1.90 0.90 2.0 1.41 3.40
2.0 0.90 0.80 2.0 1.25 1.80
-------------------------- 2.0 1.46 1.40
2.0 1.64 2.50
22.0 4.74 1.31 2.0 2.90 2.90
-------------------------- 1.7 0.15 1.20
2.0 0.43 1.60
2.0 0.07 0.80
2.0 0.12 1.00
2.0 55.10 0.80
2.0 4.13 1.30
2.0 1.92 2.10

41.7 3.70 1.71

The regional geology comprises Cretaceous volcanics of the Celica Formation intruded by hornblende and quartz diorite porphyries. The West Zone is characterized by abundant faulting and associated fracturing along NE-SW, NW-SE and W-E trends, and intersections of these structures appear to have controlled the emplacement of the pipe-like body of intrusive/hydrothermal breccia. The overall prospect area shows a central zone of argillic and advanced argillic alteration surrounded by weak to moderate propylitic alteration. Alteration more closely related to gold mineralization includes pyrite, jarosite and hematite, and the breccia exhibits moderate acid leaching features. Detailed geologic mapping is ongoing, but the West Zone is tentatively interpreted as a breccia-hosted, high sulphidation epithermal gold system.

The Company is planning to follow up this initial program with additional trenching over both the main gold anomaly and some of the other gold anomalous areas within the grid. In addition, the grid may be expanded in certain areas. If warranted, this work will be followed by geophysical surveys prior to a future drilling program.


EcuaGold is also carrying out a soil and bed rock sampling program on the Limon Zone, at the Curiplaya Project, which is a potential copper/gold porphyry target with reported rock chip values up to 1.78% Cu. A 2,200 x 3,500 metre grid has been completed, and soil sampling is presently taking place along 12 grid lines at 100-metre spacings. Analytical results for this program should be received during March 2008.

Quality Assurance / Quality Control:

EcuaGold has put in place a detailed QA/QC program consistent with Canadian Securities Administrators National Instrument 43-101 and using best industry practices. The program includes chain of custody of samples; standards and blanks submitted to the independent Inspectorate Lab in Lima Peru with each batch of samples; and a check assay program on a proportion of sample pulps with a second independent laboratory. The results of the QA/QC program to date have been satisfactory.

Dr. William F. Lindqvist, a director of the Company, is the Qualified Person in compliance with National Instrument 43-101 with respect to this release.

About EcuaGold Resources:

EcuaGold Resources Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties in Ecuador. The Company presently controls a 100% interest in 11 concessions, has an option to earn a 100% interest in two other concessions, and has applications pending with the Ministry of Energy and Mines for 21 additional concessions. EcuaGold's land position currently exceeds 34,000 hectares, comprising nine distinct projects, and will approximate 99,000 hectares if the pending concession applications are granted in full.

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, among others, Aurelian Resources' Condor Project, IAMGOLD's Quimsacocha Project, International Minerals' Rio Blanco and Gaby Projects and Dynasty Metals & Mining's Copper-Gold Belt, Jerusalem and Zamora Projects.

EcuaGold's principal properties are the Molleturo Project, a high-grade polymetallic vein system, and the Curiplaya Project, a gold-copper porphyry system. NI 43-101 Reports were prepared for each project in connection with EcuaGold's TSX Venture Exchange listing on January 12, 2007.

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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