Edgewater Announces Positive Progress on Corcoesto Gold Project Permitting
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 13, 2013) - : Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW)(OTCQX:EDWZF) announces positive progress and clarity on the permitting process for the Company's Corcoesto Gold Project ("the Project") in Galicia, Spain.
Based on on-going discussions with the Government of Galicia the Company understands the following:
- Edgewater's approved Environmental Impact Statement ("EIS") for the Corcoesto Gold Project remains in good standing for 5 years
- Edgewater can re-apply for final Corcoesto mining permits at any time once the financial and technical requirements are met.
Edgewater's Approved Environmental Impact Statement for the Corcoesto Gold Project is in good standing for 5 years. The good standing of the EIS approval has been verified by the Ministry of Environment and the Project's Mining Concession Licenses are in good standing until August 2064. Mr. Aurelio Núñez, Member of Partido Popular of Galicia in Parliament recently stated; "The (Corcoesto) project already has an approved positive environmental impact declaration."
Mr. Francisco Conde, The Minister of Economy and Industry for the Galician Government (La Xunta) was recently quoted in a radio interview and published on www.europapress.es, affirming the Government's "….support of the projects linked to the natural resources of Galicia." Regarding Edgewater's Corcoesto Project the Minister stated: "the Government will always support responsible mining which respects the environment and gives warranties to citizens." The Minister further stated: "Mineira de Corcoesto, the subsidiary of the Canadian company Edgewater, has time to submit a new project."
Edgewater has received written notice from the government of Galicia, an autonomous region within Spain that governs all permitting of mining projects within the region. The written notice states that Edgewater does not currently comply with the financial and technical requirements necessary to receive a mining permit at this time, however the government is awaiting a new permit application from Edgewater. It is Edgewater's understanding that once the financial and technical requirements are met, the Company can reapply the project for final mining permits to construct an open pit gold mine. The Corcoesto Gold Project's Environmental Impact Statement ("EIS"), a major milestone and part of the criteria required to receive final mining permits was approved in December 2012 and publically announced by the Galician Government January 2013.
George Salamis, President and CEO stated: "We continue to work with the Galicia Government in a constructive way to unlock the potential at Corcoesto for the benefit of the region and all stakeholders. As indicated by the Minister of Economy and Industry the Company can re-submit the application for a mining permit to develop the Corcoesto Gold Project as there is no set timeline. The Corcoesto Gold Project has the potential to employ over 250 people directly and many more indirectly in a region of Spain that is suffering high levels of unemployment and economic uncertainty. Edgewater is committed to the region and working openly and honestly in an effort to bring economic diversity while utilizing today's highest environmental standards with modern mining technology."
Mr. Salamis continued: "In light of the current ongoing discussions with the Government of Galicia Edgewater has implemented a program of cost cutting and is rationalizing all Project expenditures including all aspects of the ongoing Corcoesto feasibility study. Given the revised Government stipulated financial and technical/operational requirements to receive final mining permits for the Corcoesto Project Edgewater's management and Board of Directors are reviewing various alternatives to continue advancing the Project. With a +1.0 million ounce, open pit constrained gold resource that is open for expansion the Company believes there is an excellent opportunity to expand and optimize the Corcoesto Gold Project and create significant value for our shareholders."
In August, 2013 Edgewater announced an updated Measured and Indicated gold resource for the Corcoesto Gold Project. The Corcoesto Gold Project has an open pit constrained, NI 43-101 Measured and Indicated Resource at a 0.50 g/t gold cut-off of 24.2 million tonnes grading 1.32g/t Au containing 1,027,000 ozs gold (14.9 million tonnes grading 1.34g/t Au containing 644,000 oz gold Measured and 9.3 million tonnes grading 1.28g/t Au containing 383,000 ozs gold Indicated) and an additional Inferred Resource of 5.3 million tonnes grading 1.21 g/t Au containing 207,000 ozs gold (see Edgewater News Release dated August 6, 2013). Using a 0.8g/t Au cut-off the pit constrained Measured and Indicated Resource is 16.2 million tonnes grading 1.65 g/t gold, containing 863,000 ounces of gold (10.2 million tonnes grading 1.67g/t Au containing 546,000 ozs gold Measured and 6.1 million tonnes grading 1.63g/t Au containing 317,000 oz gold) and the Inferred Resource is 3.7 million tonnes grading 1.44 g/t Au containing 173,000 ozs gold.
Mr. Gregory Smith, P.Geo., Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on advancement and development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the Board of Edgewater Exploration Ltd.
George Salamis, President and CEO
"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.