Oct
16
Edgewater Comments on Recent Meetings With the Government in Galicia,Spain
VANCOUVER, BRITISH COLUMBIA, Oct 16, 2013 (Menafn – Marketwired via COMTEX) –Mr. George Salamis, President and CEO of Edgewater Exploration Ltd.(otcqx:EDWZF) (“Edgewater” or the “Company”) wouldlike to report on meetings that were held on October 14, 2013,between the Galician government’s Ministry of Industry (“theMinistry”) and Edgewater Exploration’s wholly owned subsidiary,Minera de Corcoesto (“Minera”). The meetings objectives were tofollow-up on discussions held between Minera and the Ministry in Julyof this year (see press release July 10, 2013) during which theMinistry tabled a new set of criteria for the Company to follow inorder to continue being processed for permitting under its SpecialStrategic Process status. As announced on July 10, 2013, amongstother new obligations set-forth by the Ministry, Edgewater had to beable to demonstrate its technical expertise and financial ability tofund development of the Corcoesto Gold Project notwithstanding thefact that the feasibility process has not yet been completed. TheGalicia Government stipulated on July 10, 2013 that Edgewater and itssubsidiary were obliged to show funding sources within its variousaccounts of 30 M Euros, which amounts to approximately 25% of thetotal capital cost estimated by the company in its previousengineering studies.
During the meetings held on October 14, 2013 representatives ofMinera were informed that Edgewater’s failure to present projectattributable financing of 30 M Euros would result in various actionsby the Ministry, though said actions were unspecified at the time. OnOctober 15th, through communications expressed in the local Galicianpress, Edgewater’s Galician representatives were made aware of theMinistry’s desire to cease permitting applications on all frontsrelated to the future development of the Corcoesto Gold Project.Edgewater’s subsidiary, Mineira de Corcoesto, has yet to receive anofficial notification from the Ministry. On December 17, 2012,Edgewater announced the approval of the Environmental ImpactStatement (EIS) by the Ministry of Environment, Territory andinfrastructure of La Xunta de Galicia, which remains a majormilestone.
George Salamis, CEO states, “The government’s halting of the projectpermitting process, occurring while mine financing conditions remainturbulent and before final feasibility has been achieved atCorcoesto, is problematic. However, we remain fully committed toadvancing the project until all milestones are achieved. We feel thisproject will be a significantly positive economic driver, employinghundreds of people directly and indirectly while utilizingenvironmentally sound and modern technology which will benefit thepeople of the region for generations to come.”
Edgewater remains firmly committed to advancing the Corcoesto GoldProject, through the completion of the feasibility study and reviewof finance mandates which are underway. On August 06 of this year,the Company publically released an updated Mineral Resource Estimate,which was the result of over 50,000 metres of in-fill drilling (seeEdgewater Exploration news release dated August 06, 2013).
To date, the Company has invested in excess of 20 M dollars on theproject, which has been a significant employer in the region helpingto employ more than 100 people over the last few years. As per thePreliminary Economic Assessment the project has the ability togenerate over 270 direct jobs and potentially twice that number fromindirect jobs with an initial investment of approximately 150 Mcapital, (see press release November 17, 2011).
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused onadvancement and development of precious metal properties. Edgewaterhas an experienced mine building and operating team with a trackrecord of success. The Company is currently developing the CorcoestoGold Project in northwest Spain, and exploring the Enchi Gold Projectin Ghana, West Africa.
Mr. Gregory Smith, P.Geo., Vice-President of Exploration of theCompany, is the Qualified Person as defined by NI 43-101, and isresponsible for the accuracy of the technical data and informationcontained in this news release.
On behalf of the board of EDGEWATER EXPLORATION LTD.
“George Salamis”
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.
Contacts:
Ryan King
Vice President
rking@edgewaterx.com
(604) 628-1012
SOURCE: Edgewater Exploration Ltd.
(C) 2013 Marketwire L.P. All rights reserved.
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