NEWS RELEASE
ECUADORIAN MINERALS CORPORATION
June 15, 1999
Trading: TSE.EMC
Ecuadorian Minerals Corporation (“EMC”) is pleased to announce that drilling has commenced on the 100%-held Beroen epithermal gold/silver property in southwestern Ecuador. The diamond drilling program will comprise 15 to 18 drill holes totaling approximately 2,000m and will initially test 3 primary targets: the Alejandra, San Luis and Dorada zones (as described in detail in the news release dated May 26, 1999).
Levels of gold and silver values obtained from EMC’s recent rock sampling program and from Rio Tinto’s previous rock sampling programs at the Alejandra and Dorada zones are considered to be typical of those associated with high-grade, bonanza-style vein/breccia mineralization related to epithermal precious metal systems. Based on EMC’s detailed, surface geochemical sampling results from the San Luis zone, this area has potential for bulk mineable precious metal mineralization within the volcanic sequence, in addition to bonanza-style vein/breccia mineralization. The Beroen deposit exhibits many similarities, in terms of style of alteration, mineralization, gold/silver values and structural setting, with Meridian Gold’s El Peńon gold/silver deposit in northern Chile.
Drilling is being carried out by Connors Perforaciones S.A., a wholly-owned subsidiary of Connors Drilling Limited of Kamloops, British Columbia and is expected to be completed by the end of July. Sample preparation and analyses will be carried out by Intertek Testing Services (Bondar Clegg) in Quito and Vancouver using conventional fire-assay assay methods. Assay control standards of known gold content will be utilized for quality control purposes in addition to duplicate analyses and a second independent analytical laboratory ( Monitor Geochemical Inc.) to check higher grade Bondar Clegg analyses. Results will be released as they become available following evaluation of the quality control parameters.
Drilling at another of EMC’s high-grade gold exploration targets, Vetaspata in Peru, is expected to start by September this year. Detailed field mapping, surveying and additional surface and underground sampling are presently underway to delineate drill-site locations for the planned 1,500m diamond drilling program. Additional data from the project will be released as they become available.
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.