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Ecuador Gold & Copper terminates Chinapintza gold JV with Minera Guangshou Ecuador

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Ecuador Gold & Copper terminates Chinapintza gold JV with Minera Guangshou Ecuador

Ecuador Gold& Copper Corp. said May 2 that it has agreed with itsCondormining Corp. SAunit to terminate the 2012 joint venture agreement between Condormining andMinera Guangshou Ecuador SA over the Chinapintza gold mineral deposit in Ecuador, withoutdisclosing the reason for the termination.

The parties signed the termination agreement on April 29, inaccordance to which Condormining will retain 100% ownership of the Chinapintzadeposit and the companies will release each other from all liabilities, claimsor obligations relating to the 2012 joint venture agreement.

Ecuador Gold & Copper also agreed to pay C$175,000 to Guangshou'sparent company, ChinapintzaMining Corp., to be settled through the issuance of 583,333settlement shares at 30 cents apiece.

Meanwhile, Guangshou and Chinapintza Mining will transferall technical and other information on the Chinapintza property to Ecuador Gold& Copper and will remove their equipment on the property within 135 daysfrom the issuance of the settlement shares, unless sold to Ecuador Gold &Copper or Condormining.

Finally, Ecuador Gold & Copper and Condormining haveagreed to use its best efforts to transfer the remaining 30% shares ofGuangshou's 70%-owned JV Chinapintza Mining SA to Guangshou or its nominee on orbefore the date of closing.

The termination agreement and the issuance of the settlementshares remain subject to the approval of the TSX Venture Exchange and the boardof Ecuador Gold & Copper.