ECR soars on windfall hopes as Aussie subsidiary exits administration
MGA has tax losses estimated at approximately A$80mln (£42mln).
Stephen Clayson chief executive said the intention now is to realise value from ECR’s 100% shareholding by identifying a suitable purchaser and concluding a sale “at the earliest opportunity.”
Analysis to confirm MGA’s tax loss position as at 30 June 2014 is in progress and needs to pass a “continuity of ownership test” in Australia though ECR believes it is compliant.
ECR has an option over 50% of the Itogon gold project in the Philippines and 100% of the SLM gold project in La Rioja Province Argentina.
Shares jumped 53% to 0.243p.
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