NEWS RELEASE
ECUADORIAN MINERALS CORPORATION
May 18, 2000
Trading: TSE.EMC
UNDERGROUND SAMPLING PROGRAM AT VETASPATA, PERU
Ecuadorian Mineral Corporation (“EMC”) is pleased to report the results of an extensive underground rock panel sampling program recently completed on the previously identified sediment-hosted, gold mineralized horizons (“mantos”) at its Vetaspata property in southeastern Peru. Assay results from a Phase 1 drilling program completed on the property in December 1999, together with a summary of results from EMC’s earlier surface and underground sampling campaigns at Vetaspata, were provided in a news release dated January 14, 2000.
In the recent program, a total of 233 rock panel samples were collected from a series of tunnels (adits) and crosscuts, excavated by local miners, within an area measuring approximately 240m by 60m covering portions of approximately 600m of underground workings. Thirty-four underground rock panel samples had been previously collected by EMC from the Rosario and Calisaya adits within the area (see news release dated January 14, 2000) giving a total of 267 underground samples collected to date. The overall, average uncut gold grade obtained for the full set of 267 samples is 12.8 g/t with a sample value range of 0.2 to 184.0 g/t gold. At a 5 g/t cut-off grade (i.e. excluding all values below 5g/t gold), the uncut gold grade averages 17.2 g/t (175 samples) and at a 10 g/t cut-off an average, uncut gold grade of 25.9 g/t was obtained (93 samples). The principal manto sampled during the program was the uppermost in the series (designated by EMC as Manto #1), with a thickness of approximately 1m. Sample preparation and assaying were carried out by A.L.S. Geolab S.A. in Lima, Peru using conventional fire assay methods. Duplicate analyses were also carried out at A.L.S. for all samples and showed good reproducibility.
FUTURE WORK PROGRAM AT VETASPATA
The wide-spaced Phase 1 drilling program carried out in December, 1999 was successful in outlining a series of mineralized, stacked manto horizons over an area of approximately 800m by 500m. The maximum number of mantos intersected in any one drill hole during the program was seven in drill hole VC-17. Typically, where not affected by faulting, three or four mantos were encountered in each of the drill holes. The manto sequence appears to remain open on the north, south, east and west margins of the drilled target area. As part of a Phase 2 program, planned for later in the year, close-spaced drilling will be used to track the high-grade gold mineralization (now delineated over significant areas by underground sampling) outwards into the extensive block of ground containing the manto sequence outlined by the Phase 1 drill program.
Geological field work is continuing on ground held by EMC (approximately 47sq km of mining concessions) that surrounds the initial drill target area. During the latter part of 1999, a series of stacked mantos was discovered by EMC at Campanilla, located within EMC’s group of concessions, some 3km to the southeast of the drilled area (see news release dated December 13, 1999). The discovery of the Campanilla area is considered highly significant by EMC since it indicates potential for a major district-wide gold system in the Vetaspata-Campanilla region. The 3km long zone between Vetaspata and Campanilla will be explored on a top priority basis, as will other areas reported by local prospectors to host similar mantos, especially further east, close to the Bolivian border.
BEROEN - ECUADOR
A Phase 2 core-drilling program is scheduled to begin on the Beroen epithermal gold/silver property during the last week of May. The program will consist of 2500m to 3000m of drilling comprising approximately 20 drill holes. The bulk of the program will be focused on the Alejandra and Dorada zones (and their possible extensions) where a preliminary in-house, inferred resource estimate of 1.55 million ounces gold and 13 million ounces silver has been calculated by Dr. Barry Rayment, EMC’s qualified person (see news release dated September 1, 1999). Recently announced available tunnel round and face panel rock sample results from an exploration tunnel (adit) being driven through the Alexandra zone by EMC (see news release dated April 13, 2000) evidence the high-grade nature of the Alejandra mineralization. Samples collected from the first 17.4m of the adit returned average uncut assay values of 24.1 g/t gold and 311 g/t silver and included a 4.5m wide bonanza style zone which gave average uncut values of 83.0 g/t gold and 1,016 g/t silver. The exploration adit, still in progress, is planned for a total length of 30m and further results from the adit together with results from the Phase 2 drilling program will be released as they become available.
At the Gaby gold property in Ecuador, EMC has signed an amending agreement (the “Agreement”) with the underlying property owner to satisfy a past-due property payment by the issuance of EMC common shares. The property payment of US$240,000 is being made pursuant to existing agreements whereby EMC can earn up to a 100% undivided interest in the Gaby property. Under the terms of the Agreement signed on May 17, 2000, EMC will issue a total of 401,036 common shares at a price of Cdn$0.90 to satisfy the US$240,000 amount. The share issuance is subject to regulatory approval.
Stephen J. Kay, President and CEO
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
For additional information, contact Linda North at Tel: (480) 483-9932 or Fax: (480) 483-9926.