March 6, 1996 News Release

NEWS RELEASE ECUADORIAN MINERALS CORPORATION
March 6, 1996	Trading: TSE.EMC
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS ECUADORIAN TO RAISE UP TO CDN $9.0 MILLION
Yorkton Securities Inc. and First Marathon Securities Ltd. have agreed to a brokered private placement financing to raise up to Cdn $9.0 million for Ecuadorian Minerals Corporation (EMC), subject to approval by the Toronto Stock Exchange. The financing will consist of up to 4.0 million special warrants at Cdn $2.25 each, exercisable into one unit upon approval of a final prospectus. Each unit consists of one common share and one half warrant, with each whole warrant entitling the holder to purchase one additional common share for Cdn $2.75 for one year from the date of closing. Should the prospectus not be completed within 120 days, an additional ten percent in units will be payable to the investors, subject to approval by the Toronto Stock Exchange. Yorkton and First Marathon will receive a commission of 6% on closing, payable in cash. The proceeds of the financing will be used as follows: final feasibility study work plus property payments at its Gaby gold porphyry deposit in Ecuador; drilling at the Cerro Pelado gold target, Ecuador; new acquisitions in Ecuador and Peru; general corporate purposes. The Company is utilizing existing funds from the recent exercise of outstanding warrants to complete the pre-feasibility study on the 3.5 million ounce Gaby gold resource by the summer of 1996. Subject to a positive pre-feasibility study a final feasibility study, including additional drilling, will be commissioned soon thereafter. The ongoing pre-feasibility drilling program at Gaby will be completed next month with a total 10,000 meter program accomplishing two principal goals: approximately 5,000 meters to further delineate the main Gaby deposit and its 3.5 million ounce gold resource and 5,000 meters to test (for the first time) the major geochemical anomaly which surrounds the main Gaby deposit. This anomaly is approximately ten times the size of the main Gaby deposit and covers a surface area of about 5.5 km by 1.7 km. EMC is a Toronto-listed exploration and development company with a focus on bulk mineable gold-copper porphyry deposits in the northern Andes of South America, principally Ecuador and Peru. The Company has 25.5 million shares issued and 26.9 million shares fully diluted.
ON BEHALF OF THE BOARD 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: (602) 483-9932 or Fax: (602) 483-9926. Go Back to News Releases Return to Homepage
Ecuadorian Minerals Corporation is not a reporting issuer in the United States and the information provided herein is not a solicitation to sell shares. The Company, however, has maintained a Standard and Poor's Corporate Listing since July 1996.