Mr. Fran Scola reports

ECOMETALS LIMITED: SALE OF CONDOR GOLD PROJECT

Further to Ecometals Ltd.'s Stockwatch press release of Nov. 19, 2010, prepayment has commenced with regard to the first tranche of $2-million (U.S.) in respect of the sale of its Condor gold project. The closing of the sale transaction is expected on or before Dec. 30, 2010, with the balance of the first tranche paid by that date. Also, the company reports that in an agreement dated Dec. 15, Alca Gold Limited has assigned its entire interest and obligations under the restated share purchase agreement of Nov. 19, 2010, to Ecuador Capital Corp., also of Vancouver.

Ecometals has agreed to sell its 90-per-cent shareholding in Condormining Corporation SA and Condorview SA for the sum of $7-million (U.S.) based on the following payment schedule:

1. From today until closing, $2-million (U.S.) is being prepaid in tranches.
2. On or before May 31, 2011, $2.5-million (U.S.) is payable.
3. On or before Nov. 30, 2011, $2.5-million (U.S.) is payable.

If after the initial payment of $2-million (U.S.) ECC fails to make the subsequent payment(s) then the shares in Condor and Condorview will revert to Ecometals, and Ecometals will not have to refund payment(s) made by ECC up to the point of non-payment.

We seek Safe Harbor.