Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

Investment Banker to Gold Miner: Ecuador Gold and Copper's Glenn Laing Explains Why He Thinks This is His Best Investment to Date
  • USA - English


News provided by

Ecuador Gold and Copper Corp.

Dec 16, 2013, 08:35 ET

Share this article

Share toX

Share this article

Share toX

Toronto, Ontario (PRWEB) December 16, 2013 -- Why would an investment banker who has raised $1 billion dollars through stock exchange listings, capital raisings, private placements and debt mandates, abandon his rosewood desk to run an exploration company in the remote mountains of Southern Ecuador?

Answer: for 6.4 million ounces of gold indicated resource and 2.1 million ounces gold inferred resource (both NI 43-101 resources).

Glenn Laing, the President, CEO and Director of Ecuador Gold and Copper (EGX-TSX.V) has 35 years’ experience in the mining and financial industries.

“Earlier in my career, I was a Managing Director at RandGold in South Africa,” explains Laing, “In 1993 I came to Canada to be part of TD bank’s mining team. After leaving TD bank I had my first real success in the Canadian junior mining and exploration scene with Lytton Minerals, a diamond play in the Canadian Arctic that went to a market cap of over $300 million after the discovery of a number of diamond pipes.”

“In 2010, a couple of guys came to me and asked me if I was interested in the Condor gold project in Ecuador.”

“At that point, Kinross had paid Aurelian Resources $1.3 billion for the Fruta Del Norte project, just north of Condor. Kinross over-paid for the project, then cut a deal with the Ecuadorian government that their shareholders didn’t like, went back to the government, attempted to renegotiate and eventually the whole deal fell apart in 2013.”

Back in 2010 Ecuador introduced a formal mining law. “This turned out to be fantastic opportunity for us. We picked up the Condor project for about $2.50/ounce in the ground. Forty times less than Kinross paid. In 2011 and 2012 we raised $12 million privately through various financings plus another $13 million this year. With these funds we have drilled out about 6 million ounces, so all in all including the purchase of the project we are at less than $3 per ounce.”

EGX is focusing on five main deposits within the Condor Complex which include: 1) Santa Barbara 2) Los Cuyes 3) Soledad 4) El Hito 5) Chinapintza (Joint Venture). The Condor gold project has an NI 43-101 indicated resource of 6.4 million oz gold (averaging 0.62 g/t) and inferred resource of 2.1 million oz gold (averaging 0.52 g/t). Also a 43-101 indicated resource of 18.5 million oz silver (averaging 2.43 g/t) and inferred resource of 4.5 million oz silver (averaging 1.09 g/t) and a 43-101 inferred resource of 1.1 billion lbs copper (0.31%).

“Ecuador’s President, Rafael Correa, has a PhD in Economics from the University of Illinois,” states Laing, “he cares deeply about the plight of his people but he is a business pragmatist who understands the oil revenues will run out one day.”

“Ecuador is the last mining frontier. You have Colombia to the north and Peru to the south. The Andes Mountains straddles all three countries, so it takes little imagination to figure out that these gold deposits carry on all the way through Ecuador.”

In November 2012, EGX announced a joint venture with the Chinese Guangshou Group for the exploration and development of the Chinapintza deposit. EGX will retain a 30% interest in the 300 tonne-per-day gold operation while Guangshou funds the construction and development of the asset. “This is a narrow vein, high grade deposit, well suited to the Chinese type mining operators like Guangshou”

“Our flagship asset is Santa Barbara,” states Laing, “There is a reason I brought in a Chinese player to Chinapintza. China and Ecuador already have a strong financial partnership. The development of the Santa Barbara deposit will very likely involve Chinese partners. We are ensuring that they are having a good experience, in terms of the permitting and the mining protocols in Ecuador”.

Highlights from the recent 10,000 metre drill program include: Hole DSB-23 (Santa Barbara) intersected almost continuous gold and copper mineralization over 496 meters from 204m to 700m grading an average of 0.90 g/t gold and 0.12% Cu.

Hole DCU-41 (Los Cuyes) encountered 149.0 m @0.84g/t Au and 9.0 g/t Ag and Hole DEH-05 (El Hito) intersected relatively continuous copper mineralization over 703 meters from 8.0m to 711.0m grading an average of 0.31% Cu and 1.18 g/t Ag.

Ecuador has a rapidly improving mining regime. There is a well understood favorable mining geology in the Andean Mineral belt. Mining contracts have recently been negotiated with Chinese-backed EcuaCorriente. INV Metals recently acquired IAMGOLD’s Quimsacocha Project. EcuaCorriente is proceeding with construction of Mirador copper and gold mine. All business in Ecuador is transacted in US dollars.

The Condor project is located approximately 40 km east of the town of Zamora in the Pachiicutza Mining District. Four types of mineral systems exist: 1.) Low sulphidation epithermal gold 2.) Structurally controlled vocaniclastics & breccia pipes 3.) Polymetallic (Au, Ag, Pb, Zn) mesothermal veins and 4.) Structurally controlled high grade epithermal gold.

“I had a good life as an investment banker,” confirms Laing, “but this is a once-in-a-lifetime opportunity to build something big that will benefit the host country and the shareholders for generations. I live and breathe Ecuador Copper and Gold 24 hours a day.”

In an interview last week, Kevin MacLean, Senior Vice-President of Sentry Precious Metals Fund stated that the last time his fund declined this dramatically, it subsequently went up 600%. The macro fundamentals for gold are intact: the vast increase in the monetary base will devalue currencies and inflate the value of hard assets.

EGX anticipates completing a Preliminary Economic Assessment by Q1 2014. It is currently trading at $.11 with a market cap of $22 million.

Legal Disclaimer/Disclosure:
A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author’s only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.

Also, please note that republishing of this article in its entirety is permitted as long as attribution and a back link to FinancialPress.com are provided. Thank you.

Carson Phillips, Ecuador Gold and Copper Corp., http://www.ecuadorgoldandcopper.com/, +1 416-227-3402, [email protected]

Modal title

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.