TORONTO, ONTARIO -- 05/07/08 --
Ecometals Limited (TSX VENTURE: EML) (FRANKFURT: GDQ) (BERLIN: GDQ) 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.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this release that do not express historical facts are forward-looking statements. Such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from those expressed in them. These include risks relating to changes in economic or environmental conditions and the company's ability to execute its business model and strategic plans. The company relies on litigation protection for forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Ecometals Limited - Investors
Mark Kesselman
Chief Financial Officer
Email: info@ecometalslimited.com
Website: www.ecometalslimited.com
Senior Consultant - Media
Colin Languedoc
Barnes McInerney Inc.
(416) 367-5000
(416) 367-5390 (FAX)
Email: clanguedoc@barnesmcinerney.com
