EcuaGold Announces Opening of
Office and Staff Additions in Colombia
Vancouver,
B.C. - August 7, 2008 - EcuaGold Resources Ltd. ("the Company" or "EcuaGold") (TSX Venture Exchange: EGR) is
pleased to announce that its wholly owned Colombian subsidiary, ColombiaGold Resources S.A. ("CGR") has
opened an office in Medellin, Colombia, which
will be the headquarters for EcuaGold's
activities in Colombia. EcuaGold is also
pleased to announce that CGR has hired two Colombian geologists who will
be based in the Medellin office and will
continue to be managed and assisted by the Company's Quito-based senior
exploration group.
Sr. Rafael Rodriquez Alvarez has been employed as Senior Geologist and CGR's principal contact in Colombia. Sr. Rodriquez has
over 25 years experience in the mining industry, having worked in Cuba, Portugal,
Peru, Argentina and, most recently, in Colombia.
He was Director of Exploration in the mid-1990s for Procoloro
Resources Inc., a junior Canadian mining company, which acquired
interests in several mineral properties in the Segovia - Remedios Region ("Region") in the
Department of Antioquia ("Antioquia"), Colombia. This Region has
accounted for a significant percentage of Colombia's
historic gold production, and is one of CGR's
key targeted areas in Colombia.
Sr. Rodriquez supervised both underground and surface exploration
programs in the Region, including 20,000 metres
of core drilling. Sr. Rodriquez is a part-time assistant professor of
geology at the National University of Colombia, Medellin, and has consulted for a number
of foreign mining companies throughout Colombia and in other Latin
American countries. He has a B.Sc. Geology from Havana University
and a M.Sc. Geology from the National University of Colombia, Medellin.
Sr. Daniel Canastho Echavarra,
who has been employed as Geologist, has over 19 years of technical and
administrative experience in the mining industry, principally gained in Colombia, but also in Ecuador and Venezuela. One of his recent
consulting assignments was working for the Government of Antioquia supervising the inspection and updating of
files on over 100 small mines in Antioquia. Sr.
Canastho has a B.Sc.
Geology from the National University of Colombia, Medellin.
CGR has been very active in Colombia over the past four
months, principally in Antioquia. CGR has
signed several confidentiality and exclusivity agreements with various
concession owners, mainly within the Segovia Batholith
trend, and is presently in advanced-stage negotiations to acquire several
precious metals projects in Antioquia, although
final agreements have not yet been concluded.
About EcuaGold Resources:
EcuaGold Resources Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties in Colombia, Peru
and Ecuador.
The focus of the Company's exploration activities is presently in Colombia and Peru. EcuaGold
controls, through wholly owned subsidiaries, a 100 percent interest in 13
granted concessions, comprising eight distinct projects, in Ecuador,
covering more than 34,000 hectares. The majority of EcuaGold's concessions are located in southern Ecuador,
a highly prospective region that is currently host to a number of
projects. These include Aurelian Resources'
Condor Project, IAMGOLD's Quimsacocha
Project, International Minerals' Rio Blanco and Gaby Projects and Dynasty
Metals & Mining's Copper-Gold Belt, Zaruma
and Jerusalem Projects. .
On Behalf of the Board of Directors of
ECUAGOLD RESOURCES LTD.
Anthony F. Ciali
President, CEO and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
The statements contained in this news release that are not purely
historical are forward-looking statements. Forward-looking statements may
relate to the success of any of the company's strategic initiatives, the
company's expectations, beliefs, growth and future prospects, and the
company's position in the market and future opportunities therein. Forward-looking
statements may also include, without limitation, any express or implied
statement relating to future events, industry performance, general
business and economic conditions or circumstances, regulatory and legal
requirements, and other matters, many of which are beyond the control of
the company. Forward-looking statements involve risks and uncertainties,
which could cause actual results to differ materially from those
projected. All forward-looking statements included in this news release
are based upon information available to the company as of the date hereof
and the company does not undertake any obligations to update
forward-looking statements should circumstances or management's beliefs
or opinions change.
No stock exchange has approved or disapproved the information contained
herein.
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