/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
TORONTO,
Nov. 5, 2013 /CNW/ - Ecuador Gold
& Copper Corp. (TSX-V: EGX), (the "Company" or
"EGX") is pleased to report that it has mobilized two drill
rigs to the Company's Condor Gold and Copper Project in southeast
Ecuador to execute a 3,000 meter
drill program at the Santa Barbara gold-copper porphyry
deposit. This new program will target expansion of resources
around the Santa Barbara North Zone, approximately 1,000 meters to
the northeast of the mineralized centre of the Santa Barbara South
Zone where resources now stand at 236.1 million tonnes at 0.57 g/t
gold and 0.1% copper (4.33 million ounces gold and 520.0 million
lbs. copper) in the Indicated category and 102 million tonnes at
0.50 g/t gold and 0.1% copper (1.6 million ounces gold and 225
million lbs. copper) in the Inferred category. For details of
previously reported resources at the Condor Gold and Copper
Project, see the Company's technical report (the "Technical
Report") prepared pursuant to National Instrument 43-101
Standards for Disclosure for Mineral Projects ("NI 43-101")
dated effective July 23, 2013 and
filed on SEDAR on September 5, 2013,
available at www.sedar.com and the Company's news release dated
October 16, 2013 announcing the
increased resources at Santa Barbara South Zone available for
viewing at www.ecuadorgoldandcopper.com. An updated Technical
Report is currently being prepared to be filed within 45 days of
the October 16, 2013 news
release.
Previous drilling at the Santa Barbara North
Zone target indicated that the best gold intersections were in the
eastern-most portion of the deposit. A small Inferred
resource of 5 million tonnes of 0.9 g/t gold (145,000 ounces) has
been calculated and reported in the July 23,
2013 43-101 Technical Report. The objective of the current
drill program is an expanded Santa Barbara North Zone resource
targeting the volcanic rocks further to the east, similar in
composition to the basaltic andesites that hosted the majority of
the mineralization at the Santa Barbara South Zone. The
Company's geologists in Ecuador
have been mapping and exploring in the Santa Barbara North Zone
area for the past four months and have defined a drill target area
extending to the east of the known Inferred resource and trending
north-northwest.
EGX has engaged HP Drilling Services of Cuenca,
Ecuador to complete the planned
3,000 meter drill program.
Existing Resources
The Condor Gold and Copper Project contains an
Indicated mineral resource of 6.365 million ounces gold (within
318.9 Mt grading 0.62 g/t gold). Additional Inferred mineral
resources contain 2.06 million ounces gold (within 127.0 Mt
grading 0.52 g/t gold). In addition the El Hito Cu-Mo porphyry
deposit hosts an Inferred copper resource of 161 million tonnes
grading 0.31% copper (1.1 billion pounds of copper). For more
information, please see the Company's resource table at
www.ecuadorgoldandcopper.com or its Technical Report dated
July 23, 2013 which is available
under the Company's profile on SEDAR at www.sedar.com.
These resources were calculated and updated by
Al Maynard and Associates Pty Ltd.
of Perth, Australia as of
July 23, 2013 and are described in
the Technical Report. Recent updates to the Santa Barbara
resources were announced in the Company's October 16, 2013 news release and will be
reported in a new technical report within 45 days of the news
release.
Qualified Person
Mit Tilkov, P.Geo., Vice-President Exploration
of Ecuador Gold and Copper Corp. is a qualified person, as defined
by NI 43-101, supervised the project field work, and is responsible
for the preparation of the technical information in this news
release.
Cautionary Note
The Company has not completed a preliminary
economic assessment or feasibility study of the Condor Gold and
Copper Project under NI 43-101, and there is no assurance that the
exploration and subsequent development operations of the Condor
Gold and Copper Project will be economically or technically
viable.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire
Services or for dissemination in the
United States. Any failure to comply with this restriction
may constitute a violation of U.S. securities laws.
SOURCE Ecuador Gold and Copper Corp.