Edgewater Comments on Recent Meetings With the Government in Galicia, Spain

Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX
VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") would like to report on
meetings that were held on October 14, 2013, between the Galician government's
Ministry of Industry ("the Ministry") and Edgewater Exploration's wholly owned
subsidiary, Minera de Corcoesto ("Minera"). The meetings objectives were to
follow-up on discussions held between Minera and the Ministry in July of this
year (see press release July 10, 2013) during which the Ministry tabled a new
set of criteria for the Company to follow in order to continue being processed
for permitting under its Special Strategic Process status. As announced on July
10, 2013, amongst other new obligations set-forth by the Ministry, Edgewater had
to be able to demonstrate its technical expertise and financial ability to fund
development of the Corcoesto Gold Project notwithstanding the fact that the
feasibility process has not yet been completed. The Galicia Government
stipulated on July 10, 2013 that Edgewater and its subsidiary were obliged to
show funding sources within its various accounts of 30 M Euros, which amounts to
approximately 25% of the total capital cost estimated by the company in its
previous engineering studies.


During the meetings held on October 14, 2013 representatives of Minera were
informed that Edgewater's failure to present project attributable financing of
30 M Euros would result in various actions by the Ministry, though said actions
were unspecified at the time. On October 15th, through communications expressed
in the local Galician press, Edgewater's Galician representatives were made
aware of the Ministry's desire to cease permitting applications on all fronts
related to the future development of the Corcoesto Gold Project. Edgewater's
subsidiary, Mineira de Corcoesto, has yet to receive an official notification
from the Ministry. On December 17, 2012, Edgewater announced the approval of the
Environmental Impact Statement (EIS) by the Ministry of Environment, Territory
and infrastructure of La Xunta de Galicia, which remains a major milestone.


George Salamis, CEO states, "The government's halting of the project permitting
process, occurring while mine financing conditions remain turbulent and before
final feasibility has been achieved at Corcoesto, is problematic. However, we
remain fully committed to advancing the project until all milestones are
achieved. We feel this project will be a significantly positive economic driver,
employing hundreds of people directly and indirectly while utilizing
environmentally sound and modern technology which will benefit the people of the
region for generations to come." 


Edgewater remains firmly committed to advancing the Corcoesto Gold Project,
through the completion of the feasibility study and review of 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 (see Edgewater Exploration news release dated August 06,
2013).


To date, the Company has invested in excess of $20 M dollars on the project,
which has been a significant employer in the region helping to employ more than
100 people over the last few years. As per the Preliminary Economic Assessment
the project has the ability to generate over 270 direct jobs and potentially
twice that number from indirect jobs with an initial investment of approximately
$150 M capital, (see press release November 17, 2011). 


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.


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.




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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ryan King
Vice President
rking@edgewaterx.com
(604) 628-1012
Edgewater Exploration Ltd. (TSXV:EDW)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024