TORONTO, Dec. 3 /CNW/ - Ecometals Limited (TSX-V:EML), (the "Company") is pleased to announce that the shareholders of the Company approved a consolidation of its common shares at the Company's annual and special meeting of shareholders held on December 3, 2008.

The shareholders authorized the board of directors, in its sole discretion, to consolidate the common shares of the Company at a ratio of 5 to 1, as more particularly described in the information circular of the Company dated October 30, 2008, which is available at www.SEDAR.com. The Company currently has 241,490,420 common shares issued and outstanding, and after giving effect to the proposed consolidation the Company would have 48,298,084 common shares issued and outstanding. Management of the Company believes that the consolidation will attract a broader spectrum of investors and reduce shareholder transaction costs. The Company's name will not change as a result of the consolidation.

The proposed consolidation is subject to the approval of the TSX Venture Exchange.

About Ecometals

Ecometals Limited is a Canadian-listed mineral exploration and development company focused on mineral resources in Latin America. Ecometals also holds 44.4% of Atomaer Holdings Pty Ltd., a private Australian holding company.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and its expectations with respect to obtaining TSX Venture Exchange approval of the proposed consolidation, attracting a broader spectrum of investors and reducing shareholder transaction costs. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.