Escondoro Resources Ltd.

Escondoro Resources Ltd.

June 09, 2008 07:00 ET

Escondoro Postpones Its Initials Public Offering

QUEBEC CITY, QUEBEC--(Marketwire - June 9, 2008) - Escondoro Resources Ltd. - ("Escondoro" or the "Corporation") announces that, in light of the Ecuador's constitutional assembly's decision to suspend all mining exploration in the country for a period of 180 days until a new mining law is drafted, it decided to postpone its initial public offering. Therefore, the Corporation has discontinued the placement of its units under the amended and restated prospectus dated February 29, 2008. Also, an application was filed with each of the securities regulatory authorities in each of the provinces of Quebec, Ontario, Alberta and British Columbia to have its reporting issuer status revoked.

A draft of the revised mining law is expected shortly from the Ecuador's Ministry of Mines after which the Corporation will evaluate the impact on its holdings.

The Corporation is currently evaluating exploration and mining projects of merit located in other South American countries.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements. These statements relate to future events or Escondoro's future economic performance, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect the Corporation's accomplishments, economic performance or results when considered in light of the content or implications of statements made by Escondoro. Actual events or results could be significantly different. Escondoro undertakes no obligation, and does not intend, to update these forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Escondoro Resources Ltd.
    Mr. Guy Bedard
    President
    418-651-3854