NEWS RELEASE
ECUADORIAN MINERALS CORPORATION
March 29, 1996
Trading: TSE.EMC
ECUADORIAN COMPLETES CDN $9.0 MILLION PLACEMENT
The financing consists of 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 six percent in units will be payable to the investors. Yorkton and First Marathon received a cash commission of 6% at closing.
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 and property payments at the Cerro Pelado gold project, Ecuador; general corporate purposes.
The Company is utilizing existing working capital to complete the pre-feasibility study on the 3.5 million ounce Gaby gold resource by the summer of 1996. A total of 47 drill holes are planned (approximately 11,400 meters) which will accomplish two principal goals: 6,700 meters will further delineate the main Gaby deposit and 4,700 meters will test (for the first time) the major geochemical anomaly covering a surface area of about 5.5 km by 1.7 km which surrounds the main Gaby deposit. Initial assay results from the drilling on the main Gaby deposit will be reported shortly.
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. With the completion of this financing, the Company now has 29.5 million shares issued and 32.9 million shares fully diluted.
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.