Vancouver, British Columbia – May 8, 2012

Ecometals Limited (TSX-V: EC), (the “Company”) announces that it has issued a promissory note to an arm’s length individual to evidence a loan to the Company in the aggregate amount of US$242,000 (the “Loan”). The Loan is repayable on the earlier of (i) May 31, 2012, and (ii) the date on which Ecuador Capital Corporation (“ECC”) deposits the sum of US$1,450,000 into escrow representing the final installment of the purchase price to be paid by ECC to the Company with respect to the purchase by ECC from the Company of the Condor Gold Project. The proceeds from the Loan are being used for working capital purposes.

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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