Emerita Resources Corp. (TSX-V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that Spanish media are
reporting that there has been an important ruling in the legal
proceedings pertaining to the Aznalcóllar public tender. The
Company has not received official documentation from the courts to
review with its Spanish counsel at this point and it will provide a
full update as soon as that is completed.
Major Spanish media outlets are reporting that
related investigations are concluded and the case is to be sent for
trial. The judge who carried out the investigation has concluded
that there are enough evidences to demonstrate that prevarication
took place in the Aznalcóllar Tender. There are nine individuals
accused of crimes of prevarication, two were senior politicians,
five were government employees and two who were principals of the
competing company. According to media reports, the crime of
prevarication has been proven, the next phase of the trial is to
determine the level of responsibility of the individuals and assess
the individual penalties accordingly as required under the law.
The significance according to Emerita’s Spanish
counsel is that under Spanish law governing the public tender
process, if a crime is committed in awarding a tender that bid must
be disqualified and the tender must be awarded to the next
qualified bidder. Emerita is the only qualified bidder in the
tender process.
The above is based on reports published in major
Spanish media outlets. The Company will provide a more fulsome
update as soon as the official documents can be reviewed by the
Company and its legal counsel.
ABOUT THE AZNALCOLLAR
PROJECT
The Aznalcóllar Project (the “Project”) is a
past producing property within the renowned Iberian Pyrite Belt
that hosted the Aznalcóllar and Los Frailes open pit
zinc-lead-silver mines. Aznalcóllar. The focus of the project is
re-development of the Los Frailes deposit which was developed in
the mid 1990s. The historical open pit mineral resource as
calculated by the previous operator of the mine was estimated to be
71 million tonnes grading 3.86% zinc, 2.18% lead, 0.34% copper and
60 ppm silver. Reports by the operation’s mine department and a
review of the diamond drilling data for the mine indicate the
existence of a higher grade portion of the resource that was
estimated by the previous mine operator to contain 20 million
tonnes grading 6.66% zinc, 3.87% lead, 0.29% copper and 84 ppm
silver. A qualified person, as defined in National Instrument
43-101, has not done sufficient work on behalf of Emerita to
classify the historical estimate reported above as current mineral
resources or mineral reserves and Emerita is not treating the
historical estimate as current mineral resources or mineral
reserves.
The Aznalcóllar and Los Frailes deposits are
open for further expansion by drilling at depth, as historical
drilling was primarily constrained to depths accessible by open pit
mining. A summary of the historical resource estimate is available
on the Government of Andalucia’s web site in a report prepared by
the prior operator of the Aznalcóllar Project entitled “Proyecto de
Explotacion Yacimiento Los Frailes, Memoria Andaluza de Piritas,
Boliden- Apirsa, Octubre 1994” (Los Frailes Development project
Report, Boliden-Apirsa, October 1994) along with subsequent
resource estimate updates, the latest being from 2000. The Los
Frailes operation was only in production for approximately 1.5
years when a tailings dam failure along with low metal prices
caused the former operator to shut down the project. The Government
subsequently completed reclamation and took ownership of the site.
Since the mine was only in production for a short period, most of
the deposit remains intact for future development. Emerita
submitted a detailed technical proposal for a conceptual
underground mining operation that covers all aspects of the future
project development, including a major focus on the environment and
water management, exploration, mine development, beneficiation and
social impact and improvements. The comprehensive submission
comprises 17 volumes of technical documentation and 16 volumes of
maps and site plans. The work was completed by a team of 80 people
including Emerita technical personnel, as well as leading Spanish
and international consulting companies.
With a successful acquisition, Emerita would
commence work immediately upon receiving appropriate permits to
carry out drilling on the property and complete an NI 43-101
compliant mineral resource estimate required for the completion of
a feasibility study in support of development of a mining operation
at the site.
Emerita understands the importance of community
support for the project and would commit to a completely
transparent development process that includes the local community
of Aznalcóllar, local and national union representatives, the
Andalusia business community and local and national government
agencies, among other institutions.
Qualified Person
The scientific and technical information in this
news release has been reviewed and approved by Mr. Joaquin Merino,
P.Geo, President of the Company and a Qualified Person as defined
by National Instrument 43-101 of the Canadian Securities
Administrators.
About Emerita Resources
Corp.
Emerita is a natural resource company engaged in
the acquisition, exploration and development of mineral properties
in Europe, with a primary focus on exploring in Spain. The
Company’s corporate office and technical team are based in Sevilla,
Spain with an administrative office in Toronto, Canada.
For further information, contact:
Helia Bento+1 (416) 566-8179 (Toronto)
Joaquin Merino+34 (628) 1754 66 (Spain)
info@emeritaresources.com
Cautionary Note Regarding
Forward-looking InformationThis press release contains
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information
includes, without limitation, statements regarding the
mineralization of the Project, the tender for the Project, the
likelihood of the Company obtaining the rights to the Project, the
ongoing legal cases regarding the Project, the Company’s ability to
develop the Project, the Company’s ability to obtain governmental
approvals for drilling and exploration; the support of local
communities and governments; the prospectively of the Project, and
the Company’s future plans. Generally, forward-looking information
can be identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward- looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Emerita, as the case may be, to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive,
geopolitical and social uncertainties; the actual results of
current exploration activities; risks associated with operation in
foreign jurisdictions; ability to successfully integrate the
purchased properties; foreign operations risks; and other risks
inherent in the mining industry. Although Emerita has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Emerita does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER 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.
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