ECU Element 29 Resources Inc

ECU Silver Mining Inc. (TSX:ECU) - 

ECU CASH INVESTMENTS HAVE NO DIRECT EXPOSURE TO RECENT CREDIT CRISIS

The current global credit crisis has many investors concerned about the short
term investments of cash resources by public companies and in particular, the
liquidity of these short-term investments. ECU Silver Mining Inc. ("ECU") is
pleased to report that its positive working capital and excess cash have been
invested in short-term certificates with National Bank Financial in Canada and
Scotiabank Inverlat in Mexico. The total amount of these invested funds are
immediately redeemable at any time.


ECU HAS NO EXPOSURE TO JOINT VENTURE RELATED NON-RECOURSE LOANS

Certain articles have been written regarding companies with exposure to
joint-venture related non-recourse loans. ECU reports that it has no major
company joint ventures and as such has no non-recourse loans with a major
company on any of ECU's mineral exploration properties. In addition, ECU has no
hedging contracts and/or derivative contracts in place. ECU has a joint venture
agreement with Golden Tag Resources Ltd. ("Golden Tag"), a junior exploration
company, on the San Diego property. There are no non-recourse loans between ECU
and Golden Tag. ECU maintains only one debt facility for US$12 million which has
standard debt covenants and no direct hedging or derivative exposure. The loan
facility is with IIG Capital of New York.


EXPLORATION UPDATE

ECU is currently working on building a 3-D geologic computer resource model
which will serve as the basis for the updated 43-101 technical report and for
the pre-feasibility study. All historical assay information received to date
have been input into the geologic resource database and data correlation
interpretation is underway. A more detailed update will be provided in the near
future.

Element 29 Resources (TSXV:ECU)
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