Unchimé Iron Ore Project Update

Unchimé Iron Ore Project Update

ECR Minerals plc

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

AIM: ECR

US OTC: MTGDY

UNCHIMÉ IRON ORE PROJECT UPDATE

London: 3 October 2011 - ECR Minerals plc is pleased to announce that it has secured, at no cost to ECR, a 60 day extension to the date by which the Company is required to make a US$1.3 million cash payment to the owners of the Unchimé iron ore project in Salta Province, Argentina in part consideration for the acquisition of an initial ownership interest in the project of 70%.

More time is required for ECR to complete appropriate due diligence on the Unchimé project and decide whether to proceed with the acquisition.

Core samples from the diamond drilling programme completed by the Company at Unchimé during September are being analysed, however this process has been delayed due to a worldwide backlog of samples at suitable laboratories. In addition ECR is continuing to implement a programme of metallurgical testwork on samples from Unchimé.

In order to acquire an initial 70% interest in the Unchimé project ECR is now required to make a payment to the owners of the project of US$1.3 million on or before 1 December 2011, followed by an additional payment of US$500,000 not more than 7 months from the date of the previous payment.

For further information on ECR’s rights in respect of the Unchimé project please refer to the Company’s announcement of 5 July 2011.

Patrick Harford, Managing Director of ECR Minerals plc, comments:

“ECR is carrying out detailed due diligence on the Unchimé project in accordance with the substantial nature of the proposed acquisition. We are grateful to the present owners of the project for allowing us more time to do so.”

About ECR Minerals

ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.

For further information please contact:

ECR Minerals plc Tel: [phone]
Michael Silver, Chairman
Patrick Harford, Managing Director
Stephen Clayson, Director & Chief Financial Officer
Luca Tenuta, Non-Executive Director

Email: [e-mail]
Website:www.ecrminerals.com

Daniel Stewart & Company plc Tel: [phone]
Oliver Rigby/Tessa Smith

Old Park Lane Capital plc
Michael Parnes Tel: [phone]

Blythe Weigh Communications
Ana Ribeiro Tel: [phone]

Barry Kaplan Associates
Larry Kaplan Tel: [phone]