EGX : Ecuador Gold Announces Receipt Of Majority Approvals

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NEWS RELEASE ECUADOR GOLD ANNOUNCES RECEIPT OF MAJORITY APPROVALS October 18, 2016 - Vancouver, British Columbia: Ecuador Gold and Copper Corp. (TSX-V: EGX) (the "Company"), is pleased to announce majority approvals and the voting results of the annual general and special meeting held on Friday, October 14, 2016 (the "Meeting") of the Company's shareholders and holders of stock options, which carry the right to purchase common shares of the Company pursuant to the Company's stock option plan.

At the Meeting, the holders of the Company's common shares (the "Shares") were asked to consider and approve:

(1) the determination of the number of directors; (2) election of directors; (3) re-appointment of SF Partnership LLP as auditor; (4) approval of the Company's stock option plan; and (5) both the shareholders separately and together as a single class with holders of the Company's stock options (the "Options"), were asked to consider and approve a special resolution (the "Arrangement Resolution") authorizing and approving the acquisition of the Company by Odin Mining and Exploration Ltd. by way of a plan of arrangement (the "Arrangement"), as all described more thoroughly in the Company's management information circular dated September 14, 2016. A total of 18,279,433 Shares and 1,475,000 Options were represented at the Meeting, being 66.24% of the total issued and outstanding Shares and 100% of the total issued and outstanding Options, respectively, and all matters considered at the Meeting were duly approved with overwhelming majorities, as described in greater detail below.

Arrangement Resolution

The Company's shareholders and stock option holders passed a special resolution to approve the Arrangement by not less than (i) 66 ⅔% of the votes cast by the Company's shareholders; and (ii) 66 ⅔% of the votes cast by shareholders and option holders voting together as a single class at the Meeting, as follows:

Arrangement Resolution	Total Votes Cast	Votes For	% For	Votes Against	% Against
Shares voted	18,237,100	18,223,700	99.93%	13,400	0.07%
Shares and Options voted as a single class	19,712,100	19,698,700	99.93%	13,400	0.07%

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Number and Election of Directors

Shareholders approved the election of management's proposed directors, as follows:

Resolution	Total Votes Cast	Votes For	% For	Votes Against	% Against
Fix Number of Directors at 4	18,279,433	18,274,433	99.97%	5,000	0.03%
Election of Directors:	Total Votes Cast	Votes For	% For	Votes Withheld	% Withheld
Heye Daun	18,237,100	18,226,410	99.94%	10,690	0.06%
Marcelo Rivadeneira	18,237,100	18,216,725	99.89%	20,375	0.11%
Francisco Narvaez	18,237,100	18,216,725	99.89%	20,375	0.11%
Gonzalo Mendoza	18,237,100	18,216,725	99.89%	20,375	0.11%

Appointment of Auditor

Shareholders approved the re-appointment of the Company's auditors, as follows:

Resolution	Total Votes Cast	Votes For	% For	Votes Withheld	% Withheld
Appointment of Auditors	18,279,433	18,274,433	99.97%	5,000	0.03%

Stock Option Plan

Shareholders approved the Company's Stock Option Plan, as follows:

Resolution	Total Votes Cast	Votes For	% For	Votes Against	% Against
Stock Option Plan	18,237,100	18,208,325	99.84%	28,775	0.16%

About Ecuador Gold and Copper Corp.

Ecuador Gold and Copper Corp. is a Canadian exploration and mining company focused on its gold and copper mineral properties located in the Province of Zamora-Chinchipe in southern Ecuador. The Company has completed a Preliminary Economic Assessment of its Santa Barbara Gold and Copper Project dated May 29, 2015, and is currently listed on the TSX Venture Exchange under the symbol "EGX". For additional information, please visit us at www.ecuadorgoldandcopper.com.

For further information please contact: Heye Daun

President, Chief Executive Officer and Director Telephone: [phone] (Vancouver Office) Email: [e-mail]

Cautionary Note

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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