EcuaGold Resources Ltd.

EcuaGold Resources Ltd.

April 02, 2007 09:00 ET

EcuaGold Resources Ltd. Announces MEM Approval of EIS Filings For the Molleturo and Curiplaya Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX VENTURE:EGR) is pleased to announce that the Ministry of Energy and Mines ("MEM") of Ecuador has approved, without qualifications, the Environmental Impact Study ("EIS") filings for EcuaGold's Molleturo and Curiplaya Projects. It had been anticipated that the EIS filings would have been approved earlier in the year, and as a result, EcuaGold has been unable to implement the exploration programs recommended in the NI 43-101 Reports (the "Reports") prepared for each project in connection with the Company's IPO and listing on the TSX Venture Exchange.

In the interim, EcuaGold has hired additional geologists, including an exploration manager and senior geologists for each project, and has lined up the requisite consultants, including a geophysicist. With the EIS approvals, EcuaGold will now commence the geological and geophysical programs recommended in the Reports in preparation for the initiation of a drilling program of up to 3,000 metres at each project. The pre-drilling programs are expected to take two to three months to complete, and drilling is expected to commence in June / July 2007, subject to the availability of a drill rig and obtaining all local approvals.

EcuaGold signed a drilling contract ("the Contract") with Kluane International Drilling Inc. ("Kluane") in January 2007, providing for up to 6,500 metres of diamond drilling, covering both the Molleturo and Curiplaya Projects. Based on the timing of the EIS approvals, EcuaGold notified Kluane that it was releasing the drill rig that had been scheduled for mobilization in March 2007. Kluane has subsequently agreed that, based on the Contract, EcuaGold will have a priority claim on a drill rig for the planned June / July 2007 drilling program(s).

"The MEM's approval of the EIS filings for the Molleturo and Curiplaya Projects marks a key milestone for the Company, and we look forward to initiating the planned geological, geophysical and drilling programs for both projects," stated Mr. Anthony F. Ciali, EcuaGold's President & CEO. "The MEM was very cooperative and responsive to EcuaGold's requests and was thorough in its review of the EIS filings. On behalf of the Board, I wish to acknowledge the significant efforts and contributions of the Company's Quito staff and environmental consultant in achieving this milestone."

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 another concession and has applications pending with the Ministry of Energy and Mines for 17 additional concessions. EcuaGold's land position currently exceeds 31,000 hectares, comprising 8 distinct projects, and will approximate 82,000 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 recently 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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