NEWS RELEASE

ECUADORIAN MINERALS CORPORATION

December 13, 1999

Trading: TSE.EMC

ECUADORIAN COMPLETES DRILL PROGRAM AT VETASPATA
INITIAL RESULTS CONFIRM STRONG GOLD MINERALIZATION
BEMA STRATEGIC ALLIANCE DEAL CLOSES

Vetaspata, Peru

Ecuadorian Minerals Corporation (“EMC”) has completed a first-phase core drilling program at the Vetaspata gold property in southeastern Peru. Nineteen relatively wide-spaced (50 to 280m apart) angled drill holes, totaling just under 1,750m and ranging from 32m to 120m in depth, tested an initial limited area of approximately 800m in a north-south direction by 550m in an east west direction within the overall 60 sq km property (see attached map). Within the drill-tested area, high grade gold mineralization was previously found by EMC by sampling of surface and underground workings within a stacked series of mineralized horizons or “mantos” which form part of a sedimentary sequence of quartzites and shales.

Assay results have been received for the first twelve drill holes (VC1 to 12) located primarily in the eastern part of the drilled area. These results are very encouraging to EMC as they confirm the subsurface extent over a large area (which is still open in several directions) of the strongly mineralized mantos previously sampled underground and at surface. In several of the 19 drill holes, multiple mantos were encountered (a total of eight in VC-17), while in other drill holes expected mantos were not intersected due to local faulting and/or folding of the strata. Where possible, in the table of results below, for ease of reference the mantos have been designated in sequence, commencing with number 1 (“#1") as the uppermost manto. The correlation of the relative sequence of mantos between holes is based on EMC’s current interpretation of the drill data.

The highest grade intercepts reported to date are located in hole VC-6, where manto #2 provided an intercept of 1.8m at 14.4 g/t gold (including 0.8m at 24.4 g/t) at a depth of 15m and manto #3 comprised 0.8m at 28.8 g/t gold at a depth of 32.7m. Manto #1 is exposed in a 13m by 6m surface outcrop close to the collar of hole VC-6 where a 2m by 1m rock panel sample carried 24.0 g/t gold. Several manto intercepts in the core which contain visible coarse gold particles (notably in VC-4 and 5) returned lower than expected gold values (in the 6 to 8 g/t gold range). These results may be explained by the problems inherent in sampling of coarse and often erratically distributed high-grade gold mineralization by core drilling which generates small sample volumes compared to large scale surface or underground sampling. Evidence to support this theory at Vetaspata is provided by sampling results from the principal underground workings in the vicinity of several of the drill holes (VC-2,3,4,5 and 6). The Rosario and Calisaya adits (see attached map), whose workings correlate with EMC’s manto #1, were systematically evaluated by EMC through the collection of multiple, large volume, individual samples, each consisting of a 2m by 1m rock panel sample. Average uncut values for these rock samples taken from the Rosario and Calisaya adits were 54m at 17.9 g/t gold and 32m at 39.7 g/t gold respectively (15.9 g/t and 17.6 g/t respectively when gold values are cut or reduced to a maximum of 30 g/t). Individual gold values range from 3.6 to 184.0 g/t and two of the rock panel samples in the Calisaya adit, within 5m of each other and each containing visible gold particles, reported significantly different results of 6.7 and 184.0 g/t gold respectively, indicative of the local grade variation that is common in many of these types of deposits.

A table of results for the initial 12 drill holes is shown below (see attached map for locations):

Certain of the lower grade intercepts reported above may be attributable to mineral leaching which is evident in some of the manto core samples and/or the intercepts may be located outside of possible ore shoots (i.e. zones with higher grades) within the mantos, the latter typical of many high-grade, sediment-hosted gold deposits e.g. the Witwatersrand in South Africa.

Drilling was carried out by the Peruvian subsidiary of Canadian-based Bradley Drilling. Sample preparation and assaying were undertaken by Bondar Clegg’s Lima and Vancouver facilities respectively, with analysis by conventional fire-assay methods. Duplicate analyses of selected Bondar Clegg samples were completed by ALS Geolabs in Lima and show acceptable reproducibility considering the nature of the gold mineralization. Standards (with known gold values) and blanks were included for quality control purposes.

Results for samples from the remaining seven drill-holes are expected prior to the end of the year. These drill-holes (VC 13 to 19) have tested, on a wide-spacing, the western part of the area and include drill holes in the recently discovered southerly extension of the mineralized zone (see news release dated October 18, 1999)where manto samples collected at surface reported values ranging from trace to 23.3 g/t gold. Multiple manto intercepts (a total of eight in hole VC-17) are seen in several drill holes. This new mineralized zone remains open to the south.

Future Work Program at Vetaspata

EMC is very encouraged by the drill results so far and following receipt of all drill hole data intends to carry out additional follow-up exploration work, including further drilling, in the new year. Funding for this work is expected to be provided by the exercise of approximately 4.6 million in-the-money warrants at a price of Cdn$0.60 for a total of approximately US$1.8 million.

In order to assess the possibility that the drill core samples may have underestimated the overall grade of the mantos compared to the bulk underground samples, EMC will initiate a detailed follow-up technical evaluation program at Vetaspata in early January prior to additional drilling on the property. This program will include: continuous, small scale (0.5m length or less) rock panel sampling of two well-exposed surface manto outcrops in the mine area; underground drifting (utilizing local labor) to reach and bulk sample the manto horizons intercepted so far in several of the drill-holes; and the drilling of multiple drill-holes from the same location in the areas of the known workings for comparative purposes. Additional duplicate samples will also be taken from existing core and previously prepared reject samples to compare to the original results generated so far.

A new area containing manto-style mineralization (“Campanilla”) has been recently located by a local prospecting team hired by EMC approximately 3km to the southeast of the area drilled but still within EMC’s property block. A series of stacked mantos, possibly five in total and ranging from 0.5 to 2m in width have been found in an approximately 1 km long , 100m wide escarpment. The terrain is extremely rugged and the mantos show extensive surface leaching. Although a limited number of initial surface samples show low gold values, the presence of such an extensive manto system at such a distance from the area drilled to date, indicates the potential that the gold mineralization at Vetaspata may form only a part of a major mineralized gold district in the region. Detailed follow-up mapping and sampling is expected to commence in the area in January.

Strategic Alliance - Bema Gold

Pursuant to EMC’s November 1, 1999 news release, regulatory approval has now been received for the respective issuance of shares by EMC and Bema Gold Corporation (“Bema”) as part of the strategic alliance to advance EMC’s properties in Ecuador and Peru. Bema has subscribed for 3.8 million units of EMC at a price of Cdn$1.33 per unit for a total consideration of Cdn$5.05 million. Bema has issued 3.28 million common shares in payment of the Cdn$5.05 million purchase price for the units. Each unit consists of one common share and one-half of a common share purchase warrant. One common share purchase warrant will entitle Bema to purchase one additional EMC common share at Cdn$2.00 for two years. In addition, Bema has a first right of refusal on any joint venture or other disposition of any of EMC’s properties and on any financing by EMC. EMC views the Bema common shares that it has received as an investment and has no near-term plans to dispose of such shares. Future proceeds from any sales of Bema shares will be added to EMC’s working capital and used primarily to fund exploration programs on its principal mineral properties in Ecuador and Peru and for new acquisitions. Bema’s subscription for the EMC shares is for long-term investment purposes and will result in Bema owning 7.0% of EMC’s shares on an issued and outstanding basis and 9.1% on a fully diluted basis. EMC looks forward to working closely in the future with Bema and to establishing a long term, mutually beneficial business relationship.

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.

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