July 19, 1996 News Release

NEWS RELEASE ECUADORIAN MINERALS CORPORATION
July 19, 1996	Trading: TSE.EMC
ECUADORIAN TO ISSUE SHARES FOR GABY PROPERTY PAYMENT
Ecuadorian Minerals Corporation ("EMC") is pleased to announce that it has signed amending agreements ("the Agreements") with its Ecuadorian partners at the Gaby gold property in Ecuador to satisfy part of its July 1996 property option payments by the issue of EMC common shares. The option payments totaling US$2.0 million are being made pursuant to existing agreements whereby EMC can acquire up to a 100% undivided interest in the Gaby property. Under the terms of the Agreements signed on July 16, 1996, EMC has paid US$500,000 in cash and will issue a total of 1,650,968 common shares at a price of Cdn$1.24 per share for an aggregate value of US$1.5 million, subject to regulatory approval. This share transaction will effectively provide the Company with an additional US$1.5 million in working capital towards a projected feasibility study on the Gaby property; this study is expected to commence at the end of this year, following a successful completion of a pre-feasibility study in the fall. In addition, EMC has granted an aggregate of 67,500 Incentive Share Options to employees and consultants pursuant to its Stock Option Plan. The exercise price is Cdn$1.55 per share until July 2006 and the granting of these options is subject to regulatory approval.
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.