VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2012) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES

Further to its news release dated February 16, 2012, Ecometals Limited (the "Company") (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) is pleased to announce that it has closed a first tranche (the "First Closing") of its previously announced private placement (the "Offering") of up to 20,000,000 units of securities of the Company (each a "Unit") at a price of $0.10 per Unit (the "Issue Price") for gross proceeds of up to $2,000,000, which Offering has been extended for a couple more weeks to permit the closing of additional tranches. The Company intends to close a further tranche on or about March 21, 2012.

Each Unit comprises one common share of the Corporation ("Common Share") and one Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.16 per share at any time within 18 months after the issuance of the Warrant, subject to acceleration in the event that the closing price of the Common Shares on the TSX Venture Exchange equals or exceeds $0.16 for a period of 20 consecutive trading days after the closing of the Offering.

In the First Closing, subscribers purchased 4,329,200 Units for aggregate gross proceeds of CDN$432,920.

The gross proceeds from the sale of the Units will be used for general corporate purposes and to fund exploration work on the Company's Rio Zarza project.

In connection with the Offering, the Company has agreed to pay a finder's fee to persons permitted by applicable securities laws to act as finders (each a "Finder"), equal to, in the aggregate, 8% of the gross proceeds raised from subscribers introduced to the Company by such Finders payable either in (i) cash, (ii) Units issued at the Issue Price or (iii) a combination of (i) and (ii), in each case at the option of the Company. The Company paid a $4,000 cash fee to a Finder in the First Closing.

All securities issued today are subject to a four (4) month hold period expiring on July 10, 2012.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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