Edgewater Appoints Project Finance Advisor Mr. AJ Ali
January 30 2012 - 9:00AM
Marketwired
Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX
VENTURE:EDW)(OTCQX:EDWZF) is pleased to announce the appointment of
Mr. AJ Ali as the Company's Project Finance Advisor. Mr. Ali will
advise the company and assist in structuring the overall project
finance package, including bank debt, for the potential
construction of the Corcoesto Gold Project in northwest Spain.
Mr. Ali is currently the Chief Financial Officer of Avanti
Mining Inc. He is a Canadian Chartered Accountant with over 25
years experience in the mining industry and has been involved with
over $2B (USD) in project financings for global mining projects.
Prior to Avanti Mining, he was the Chief Financial Officer and a
Director of Centenario Copper Corporation before its acquisition by
Quadra FNX Mining and Chief Financial Officer of EuroZinc Mining
Corporation (2004 to 2006) before it merged with Lundin Mining. Mr.
Ali was the Chief Operating Officer and Chief Financial Officer of
Resource 21 (1998 to 2003), a subsidiary of the Boeing Company,
formed to produce satellite-based imaging data and information
services. Mr. Ali was the Vice-President, Finance and Chief
Financial Officer of Vista Gold Corp. (1992 to 1998). Prior to the
merger of Peak Gold, Metallica Resources and New Gold Inc., Mr. Ali
served as the Director and the chair of the Audit Committee of
Metallica Resources Inc.
Edgewater Exploration is advancing the Corcoesto Gold Project in
northwest Spain with a plan to complete a final feasibility study
by Q1, 2013. Edgewater anticipates receiving mining permits for the
Project during 2012, with these milestones ahead the Company has
engaged Mr. Ali to advise and assist the company in relation to
structuring a financing package for the development of
Corcoesto.
President and CEO George Salamis stated, "AJ is a key addition
to our team, he brings a wealth of knowledge, experience and global
relationships which will give Edgewater the ability to negotiate
the best possible terms as we initiate discussions with
international banks in relation to structuring a financing package
for Corcoesto. I look forward to working alongside AJ as we proceed
with the development and financing of this gold project in Galicia,
Spain."
The NI 43-101 technical report for the Preliminary Economic
Assessment announced on November 17, 2011 was filed with the
regulatory authorities and made available on SEDAR on December 30,
2011. The Base Case Highlights include:
Base Case Highlights (US$1300)
-------------------------------------------------------
Average Annual Gold Production 102,000/oz
Average Annual Net Revenue (US$) 60.0 Million
Life of mine Net Present Value (NPV)(US$)(5%) 206 Million
Pre-Tax Internal Rate of Return (IRR) 24%
Pre-Tax Payback (years) 3.4
Initial Open pit and underground Capital Cost (US$) 135 Million
Average Annual Cost (US$/oz) 713
Combined open pit and underground operation 9.9 year mine life
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.
Contacts: Edgewater Exploration Ltd. Ryan King Vice President
(604) 628-1012rking@edgewaterx.com
Edgewater Exploration (CE) (USOTC:EDWZF)
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