Toronto, Ontario, December 24th, 2008 – ECU Silver Mining (TSX:ECU) (the “Company”)
reports that it plans to file a restatement of its December 31, 2007 and September 30,
2008 financial statements and related Management Discussion and Analysis.
The Company intends to change certain of its accounting policies in order to comply with
Canadian Institute of Chartered Accountants' Accounting Guideline 11 ("AcG-11"),
"Enterprises in the Development Stage". These policies reflect the view that, until such
time as the Company completes an economic study and has proven and probable
reserves, it can not be considered to be in production and thus is in the development
stage. As a development stage company, costs directly related to mining properties are
deferred and revenues earned are recorded as a reduction of the deferred expenses.
Amortization of the deferred costs will not commence until the property is considered to
be in full commercial production. The Company will also record a write-down of its gold
pyrite material-in-process inventory to reflect its intention to hold the inventory while it
works to complete and prove the method it intends to use for further processing.
These accounting changes will be applied retrospectively in the amended December 31,
2007 and September 30, 2008 financial statements.
For further information please visit www.ecu.ca or contact:
CHF Investor Relations ECU Silver Mining Inc.
Chris Haldane, Account Manager Stephen Altmann, President
Tel: (416) 868-1079 ext. 237 Tel: (416) 366-2428
Email: chris@chfir.com Email: ecu@ecu.ca