Ecometals Limited Announces Execution of Settlement Agreement with Asia Minerals Limited
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/21/12 -- Ecometals Limited (the "Company") (TSX VENTURE: EC)(BERLIN: GDQ)(FRANKFURT: GDQ) announced in its press release dated January 11th, 2012 that Asia Minerals Limited ("Asia Minerals") had requested repayment of the upfront payment of US$2,000,000 which it had paid to the Company pursuant to a Sale Agreement (the "Agreement") dated March 31, 2011, as amended, between Asia Minerals, as buyer, Noble Mining Ltd., as seller, ("Noble Mining"), and the Company, as guarantor, regarding the proposed sale by the Company to Asia Minerals of its indirect interest in its Serra do Navio stockpiled manganese mineralized material in the northern Brazil state of Amapa. See also press releases dated April 4, 2011, April 18, 2011, September 19, 2011, October 17, 2011, December 2, 2011 and December 16, 2011.
The Company is pleased to announce that it has executed a settlement agreement with Asia Minerals whereby, in exchange for a full and final settlement, without any admission whatsoever as to liability, of all claims between the parties, Ecometals will not repay the US$2,000,000 but will instead transfer a 10% shareholding in the Company's Brazilian subsidiary Ecometals Manganese do Amapa Ltda, which owns the manganese mineralized material to AML. The resolution of this issue will assist the Company in its discussions with other interested parties in the disposal process for the Company's manganese assets in northern Brazil.
The CEO of the Company, Mr William Lamarque, commented: "We are pleased to have put this issue behind us which avoids costly and time consuming legal disputes and is a major step forward in allowing us to focus on our stated goal of monetizing legacy assets in favour of our future as a gold company. Many shareholders will recognize the significance of this settlement agreement as a reflection of Ecometals' recent Brazilian court victory, where our ownership position in the Serra do Navio manganese project was vindicated, and an apparent criminal conspiracy against Ecometals was uncovered. We would also like to thank our recently appointed corporate advisors, BalanTrove Management, LLC, for assisting in resolving this difficult matter."
About Ecometals
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Apart from the Manganese Project, Ecometals also has gold exploration activities in Ecuador and Brazil and significant iron projects in Brazil at grass roots and development planning stages.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither 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.
Contacts:
Ecometals Limited - Investors
William Lamarque
Chief Executive Officer
wglamarque@ecometalslimited.com
Ecometals Limited - Investors
Andrew Robertson
Chief Financial Officer
+ 44 207 340 8521
arobertson@ecometalslimited.com
Ecometals Limited
Information:
Enquiries: info@ecometalslimited.com
URL: www.ecometalslimited.com
For Information Regarding BalanTrove Management, LLC:
Enquiries: info@balantrove.com
URL: www.balantrove.com
