Plexmar Resources Inc.
TSX VENTURE : PLE

Plexmar Resources Inc.

April 22, 2008 09:17 ET

Plexmar Resources Inc.: Ecuador Mining Mandate

QUEBEC CITY, QUEBEC--(Marketwire - April 22, 2008) - DISTRIBUTION OF THIS NEWS RELEASE IS RESTRICTED SOLELY TO CANADA. IT CANNOT BE DISTRIBUTED IN THE UNITED STATES THROUGH U.S.-BASED WIRE SERVICES.

Plexmar Resources Inc. (TSX VENTURE:PLE) reports that on Friday, April 18, 2008, Ecuador's constitutional assembly approved a Mining Mandate which has created uncertainty over the status of tenure to mining concessions in Ecuador. The Company is evaluating the impact of the Mandate as amendments are still possible. Further news will be issued once the Company has additional information on how the mandate impacts its holdings in Ecuador.

After a meeting with mining sector representatives on Friday, April 18, 2008, the President of Ecuador, through the Presidential Press, issued a statement clarifying the intent of the Mining Mandate, which states the following:

Quito, April 18, 2008 - The President of the Republic, Rafael Correa, reiterated today that the Mining Mandate seeks to eliminate all the illegal concessions but "it is not suspending the mining activity in Ecuador," he said.

The leader manifested this during the meeting in the Cabinet Hall with several representatives of the country's mining sector, in which he clarified that, "The Mining Mandate does not impede future concessions, but rather the majority of the current ones that are in a bad state and will have to be reverted in order to grant them later within a new legislative frame," he explained.

Finally, the Head of the State manifested that, "The current dilemma is not to say yes or no to mining, but rather to seek for responsible, economical, social and environmental mining," he said, after insisting that the position of the Government of the Citizen Revolution is yes to mining, but responsible mining.

The Company, together with other exploration companies, plans to meet with government officials to seek clarification of this mandate and possible amendments to ensure that tenure to existing concessions is assured.

FORWARD LOOKING STATEMENTS

This news release contains certain forward-looking statements. These statements relate to future events or Plexmar's future economic performance, and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect the company's accomplishments, economic performance or results when considered in light of the content or implications of statements made by Plexmar. Actual events or results could be significantly different. Plexmar 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

  • Plexmar Resources Inc.
    Guy Bedard
    President and Chief Executive Officer
    418-658-6776