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ECU SILVER MINING Obtains Interim Order for Plan of
Arrangement
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TORONTO, July 18, 2011 - On June 24, 2011, ECU Silver Mining
Inc. (�ECU�) and Golden Minerals Company ("Golden")
announced that they had entered into an agreement to effect a �merger
of equals� transaction structured as a plan of arrangement pursuant
to the Qu�bec Business Corporations Act (the �Plan of Arrangement�).
ECU is pleased to report that the Qu�bec Superior Court (the �Court�)
has issued an interim order authorizing ECU to, among other things,
call a special meeting of its securityholders
(the "Special Meeting") to obtain their approval of the
Plan of Arrangement.
ECU expects to hold the Special Meeting in late August or
early September, 2011 in Montr�al, Qu�bec.
The record date for determining the ECU securityholders
entitled to receive notice of and vote at the Special Meeting has
been set as July 26, 2011. The notice of meeting, management
information circular, forms of proxy and letters of transmittal with
respect to the Special Meeting are expected to be mailed to ECU securityholders in early August, 2011. ECU's
board of directors has unanimously recommended that ECU securityholders vote in favour
of the Plan of Arrangement. The hearing for the final order of
the Court approving the Plan of Arrangement is expected to be held in
late August or early September, 2011, with the closing of the Plan of
Arrangement expected to occur in early September, 2011.
Cautionary Statement on Forward-Looking Information
This press release contains forward-looking statements within
the meaning of applicable Canadian securities laws, including, but
not limited to, forward looking statements in respect of the Plan of
Arrangement. There are risks inherent in the nature of the proposed
transaction, including risks regarding the integration of the two
entities, incorrect assessments of the values of the other entity,
and failure to obtain the required security holder, court, regulatory
and other third party approvals.
This press release also contains forward-looking statements
and information concerning the anticipated timing and completion of
the Plan of Arrangement. ECU has provided these anticipated times in
reliance on certain assumptions that they believe are reasonable at
this time, including assumptions as to the time required to prepare
meeting materials for mailing, the timing of receipt of the necessary
regulatory and court approvals, and the satisfaction of and time
necessary to satisfy the conditions to the closing of the Plan of
Arrangement. These dates may change for a number of reasons,
including unforeseen delays in preparing meeting materials, inability
to secure necessary regulatory or court or other approvals in a
timely manner or the need for additional time to satisfy the
conditions to the completion of the Plan of Arrangement. In addition,
the Plan of Arrangement is subject to a number of conditions which
are typical for transactions of this nature. Failure to satisfy any
of these conditions may result in the termination of the agreement to
combine ECU and Golden and the Plan of Arrangement not being
completed. Readers are cautioned that the foregoing list of factors
is not exhaustive. Forward-looking statements are typically
identified by words such as: �believe�, �expect�, �anticipate�,
�intend�, �estimate� and similar expressions, or are those which, by
their nature, refer to future events. Although ECU believes that such
statements are reasonable, they can give no assurance that such
expectations will prove to be correct.
Additional information on these and other factors that could
affect ECU's, or the combined company's, operations or financial
results are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com) or ECU's website (www.ecu.ca).
The forward-looking statements and information contained in
this press release are made as of the date hereof. ECU undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless expressly required by applicable
securities laws.
ECU Silver Mining Inc. is focused on the exploration,
development and mining of silver, gold and base metals at its Velarde�a District Properties in Durango, Mexico,
where it holds an NI 43-101 compliant mineral resource of 40 million
silver equivalent ounces in the Measured and Indicated category and
391 million silver equivalent ounces in the Inferred category. ECU
also owns and operates two mills with a combined capacity of 820 tonnes per day.
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content of
this press release.
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President, Chairman and CEO
Toll free: 1 888
513 3444
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Cautionary Statements
Readers are cautioned that there are no assurances that all or
any part of ECU Silver�s mineral resource will be economically
viable. Until a prefeasibility study is completed, there are no
assurances the release of an updated mineral resource will be
economically viable.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
Press Release. This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act and Section
27E of the Exchange Act. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of the Company, including potential property
acquisitions, the timing, content, cost and results of proposed work
programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates, the
proposed construction of a mill, business and financing plans,
business trends and future operating revenues. Although the Company
believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from those
in forward looking statements as a result of various factors,
including, but not limited to, variations in the nature, quality and
quantity of any mineral deposits that may be located, significant
downward variations in the market price of any minerals produced, the
Company�s inability to obtain any necessary permits, consents or authorizations
required for their activities, to produce minerals from their
properties successfully or profitably, to continue their projected
growth, to raise the necessary capital or to be fully able to
implement their business strategies. All of the Company�s public
disclosure filings may be accessed via www.sedar.com and readers are
urged to review these materials, including the technical reports
filed with respect to the Company�s mineral properties.
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