The Company wishes to announce that it has agreed with Zurily Resources and Trading PTE Limited (the "Lender") an extension to its US$ 750,000 loan (the "Loan"). The Loan was originally advanced to the Company by the Lender on July 7th 2009 with repayment due on October 7th 2009. A Loan extension agreement has been entered into today between the Company and the Lender to extend that repayment date to April 7th 2010. In consideration for the extension, the Company is issuing to the Lender on today's date 400,000 bonus warrants entitling the holder to acquire one common share at a price of $0.74 until April 7th 2010.
The extension will allow funds designated for the drill program at Rio Zarza and other working capital requirements to be retained within the Company.
The Loan extension and the warrant issue have been agreed by the TSX-V.
Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in South America. Apart from its gold exploration activities in Ecuador, Ecometals also has significant manganese and iron projects in Brazil at grass roots and development planning stages. Visit www.ecometalslimited.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.