ECC Ethos Gold Corp

EastCoal Inc. (TSX VENTURE:ECX)(AIM:ECX) ("the Company" or "EastCoal") announces
today that the Company and its wholly-owned, Cyprus incorporated subsidiary,
Gramsico Holdings Ltd. ("Gramsico") completed the disposal of all of the
Company's 0.1% shareholding and all of Gramsico's 99.9% shareholding in East
Coal Company LLC ("ECC") for an aggregate cash consideration of US$499,000, and
completed the disposal of all of the Company's 0.1% shareholding and all of
Gramsico's 99.9% shareholding in Ukraine Energy LLC ("UE") for an aggregate cash
consideration of US$1,000, in each case, pursuant to the terms of share purchase
agreements with an Austrian based company, EFI Holding GmbH ("EFI"). 


ECC and UE are Ukrainian incorporated companies that were indirectly
wholly-owned by the Company through Gramsico. ECC holds the assets relating to
the Company's material project, the Verticalnaya mine. There is no profit
attributable to the Verticalnaya mine. UE is an inactive shell company. 


The cash proceeds will be used to fund any further proposal to creditors under
the Bankruptcy and Insolvency Act (Canada) (the "BIA") and negotiating any
further transactions that may present themselves to the Company in order to
potentially generate some additional value for creditors and shareholders. 


The share purchase agreements with EFI also provide for a royalty interest to be
earned by the Company equal to US$1.00 per tonne of coal produced at the
Verticalnaya mine, and provide for the assignment to EFI of the Company's rights
pursuant to a loan agreement dated June 25, 2009 between the Company (as lender)
and ECC as (borrower). 


The Company and Gramsico also completed the disposal of all of the Company's
0.1% shareholding and all of Gramsico's 99.9% shareholding in Inter-Invest Coal
LLC ("IIC") for an aggregate cash consideration of US$15,020 pursuant to the
terms of share purchase agreements with a Cyprus based company, Strong Group
Corporation Limited ("Strong Group"). 


IIC is a Ukrainian incorporated company that was indirectly wholly-owned by the
Company through Gramsico. IIC holds the assets relating to the Company's
Menzhinsky mine, and, as previously announced, IIC is currently in a liquidation
process in the Ukraine. 


The share purchase agreements also provide for the assignment to Strong Group of
the Company's rights pursuant to various loan agreements between the Company (as
lender) and IIC as (borrower). 


Following completion of the disposal the Company will now be treated as an
investing company under the AIM Rules. 


The Company intends to make a proposal to creditors under the BIA imminently and
will update shareholders following the creditor meeting. 


As a result of the financial uncertainty created by the creditor proposal
process, trading on AIM in the Company's shares has been suspended with
immediate effect, pending clarification of the Company's financial position.  


The Company's listing on TSX Venture Exchange will be moved, with effect from
the opening of the markets on February 27, 2014 to the NEX exchange as
administered by the TSX Venture Exchange as the Company no longer meets the
continued listing requirements of a Tier 2 issuer on the TSX Venture Exchange. 


The Company is still actively seeking further sources of funding although there
can be no guarantee that the Company will be successful in securing further
financing or achieving its restructuring objectives. If the Company fails to
achieve its financing and restructuring goals it will likely result in the
Company becoming bankrupt. 


The Company will make further announcements in due course. 

Forward-Looking Statements: This news release contains discussion of items that
may constitute forward-looking statements within the meaning of securities laws
that involve risks and uncertainties. Although the Company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations will be
achieved. In particular, statements regarding the potential for the Company to
generate any additional value for creditors and shareholders, the ability of the
Company to complete any further transactions, the ability of the Company to
offer improved proposals to its creditors and the likelihood of the Company
becoming bankrupt if it fails to achieve its financing and restructuring goals
are or involve forward-looking statements. These statements reflect management's
expectations as of the date of this press release regarding the Company's future
financial performance and should not be read as guarantees of future performance
or results. Factors that could cause actual results to differ materially from
expectations include the effects of general economic conditions, actions by
government authorities and courts, uncertainties associated with contract
negotiations and additional financing requirements. These factors and others are
more fully discussed in Company filings with Canadian securities regulatory
authorities. 


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
EastCoal Inc.
Abraham Jonker
President and Acting CFO
+1 (604) 973 0079 / +1 (604) 992 5600 (Cell)
www.eastcoal.ca


Cenkos Securities plc
Alan Stewart/Derrick Lee
+44 (0) 131 220 6939

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