Vancouver, B.C. May 2, 2012 - Ecometals Limited (the “Company”) (TSXV: EC) announces a further update to its news release dated March 30, 2012 in which it was stated that Ecuador Capital Corporation (“ECC”) was to make a final payment of US$1,850,000 to the Company on or before April 30, 2012 in respect of the sale by the Company to ECC of the Condor Gold Project. The Company agreed to extend the deadline for the payment to May 31, 2012 subject to payment of a US$500,000 instalment of the final payment amount, and a penalty of $100,000. The US$500,000 instalment has been received by Ecometals. The final instalment of the purchase price in the amount of US$1,450,000 is due and payable on or prior to May 31, 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.

Neither 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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