In my mind this is a good thing, the more visible pressure on the government the better.
| Press Release |
Source: Ecometals Limited |
Ecometals Suspends Operations in Ecuador
Wednesday May 7, 5:15 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--May 7, 2008 -- Ecometals Limited (CDNX:
EML.V -
News) (Frankfurt:
GDQ.F -
News) (Berlin:
GDQ.BE -
News) today announced the company has suspended operations in Ecuador in conformity with the Mining Mandate recently enacted by the Ecuadorian government.
"We have ceased all exploration activities," said Fran Scola, Chief Executive Officer of Ecometals. "However, a small core group of people is still in place, which permits us to quickly resume work in the future."
The Mining Mandate was adopted by the Constitutional Assembly of Ecuador on April 18, 2008. The decree suspended mining and exploration operations for a period of six months as a new mining law is drafted.
"Ecometals remains committed to long-term mining exploration in Ecuador and we look forward to continuing operations when the revised legislative structure is in place," said Mr. Scola.
About Ecometals
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Ecometals also holds 44.4% of Atomaer Holdings Pty Ltd., a private Australian holding company.
