Edgewater Confirms Important Local Support for the Corcoesto Gold Project, Spain
May 26 2011 - 9:30AM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF)
("Edgewater" or the "Company") is pleased to announce that it has
received a strong endorsement from the Mayor of the Municipality of
Cabana de Bergantinos in Galicia, Spain where the Company's
Corcoesto Gold Project ("the Project") is located. The Company is
in the advanced stages of gold exploration at Corcoesto and has
recently started the initial phases of mine permitting with the
Galician authorities. The State of Galicia is an autonomous region
of Spain and all permits necessary to initiate mining are granted
locally by the Galician Government authorities. Recently, the
Government of Galicia certified a 90 year mining lease for the
Corcoesto Gold Project.
In his recent electoral campaign, Mayor Jose Muino announced his
strong support for future mine development at Corcoesto. On May 22,
Mayor Muino and his party were reelected for the third time to a
new term of 4 years, following 8 years in the same position as
Mayor of Cabana.
The Municipality of Cabana de Bergantinos is currently facing
economic challenges and sees mining at Corcoesto as a viable means
of job creation and economic stimulation. This is evidenced by a
number of key announcements made in a public document entitled
'Comprometidos con Cabana' (translated: "Committed to Cabana") in
which the Mayor states in reference to the Corcoesto Gold
Project:
"Over the last 4 years the community and municipality has been a
part of managing and supporting the process to put the Corcoesto
Mining Concession into Production. The communities surrounding the
Corcoesto Mining Concession aspire to see the municipality,
including the Mayor and Council, in support of the process to put
the Corcoesto Mining Concession into production. For the next 4
years the municipality will assist and support with the advancement
of the Corcoesto Mining Concession."
George Salamis, CEO, commented; "This is a tremendous
endorsement for future permitting and development of the Corcoesto
Gold Deposit. In addition to Mayor Muino's vocal support for the
project in recently held meetings, I have also recently met with
the Galician Mining and Environmental Permitting Departments in
Santiago de Compostela and held some very productive discussions
regarding the initiation of the Corcoesto permitting process. Both
authorities were extremely supportive of our project and permitting
endeavors."
About Corcoesto
The Corcoesto Gold Project is an advanced-stage exploration gold
project located in the autonomous region of Galicia northwest Spain
approximately 35km west southwest of the port city of La Coruna.
The Project is well located with excellent infrastructure including
paved road access and power is available from a 22kv power-line
that crosses the property. The Company acquired a 100% interest in
the Project in August, 2010 and has managed to almost quadruple the
current NI43-101 Resources. Corcoesto consists of a Measured and
Indicated resource of 5,657,000 tonnes grading 1.73 g/t Au
containing 315,000 ozs gold at a 0.65 g/t Au cut-off and an
Inferred resource of 16,542,000 tonnes grading 1.66 g/t Au
containing 885,000 ozs gold -- see details in News Release dated
September 21st, 2010. In the months to come, the Company will
initiate a scoping study looking at open pit mining and
conventional milling on-site.
About Edgewater Exploration Ltd.
Edgewater is a mineral exploration company focused principally
on acquisitions, advancement and development of precious metal
properties. Edgewater is currently developing the Enchi Gold
Project in Ghana, West Africa and the Corcoesto Gold Project in
northwest Spain.
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.
Contacts: Edgewater Exploration Ltd. Ryan King Vice President
(604) 628-1012 rking@edge-water.com www.edge-water.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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