ECR Minerals PLC (LON:ECR, OTC:MTGDY) said it secured a 60 extension to the date by which it is required to make a US$1.3 million cash payment to the owners of the Unchimé iron ore project in Salta Province, Argentina.
The payment would be the first step in the acquisition of an initial ownership interest in the project of 70 percent.
ECR requires more time to complete due diligence on Unchimé and decide whether to proceed with the acquisition. The extension was granted at no cost to ECR.
Core samples from the diamond drilling programme completed by the company at Unchimé during September are being analysed, however this process has been delayed due to a worldwide backlog of samples at suitable laboratories.
ECR is continuing to implement a programme of metallurgical testwork on samples from Unchimé.
In order to acquire the initial 70 percent interest in the project, ECR is now required to make a payment to the owners of the project of US$1.3 million on or before December 1 2011, followed by an additional payment of US$500,000 not more than 7 months from the date of the initial payment.
ECR is a mineral development company with interests in the US, Argentina, Indonesia, Thailand and Australia.
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