Edgewater Exploration Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 19, 2014) - Mr.
George Salamis, President and CEO of Edgewater Exploration Ltd.
("Edgewater" or the "Company") (TSX-VENTURE:EDW) is pleased to
provide a corporate update regarding the current status of on-going
discussions relating to the Company's 100% owned Corcoesto Gold
Project (the "Corcoesto Gold Project") in Galicia, Spain.
Edgewater is pleased to announce that over the past few months
it has been in negotiations with various parties interested in the
opportunity to advance the Corcoesto Gold Project. The Company is
continuing these negotiations and is working diligently to find the
right partner for the Corcoesto Gold Project. At this time,
Edgewater anticipates that negotiations will move forward with a
particular partner that management believes is best suited to
advance the Corcoesto Gold Project. These negotiations contemplate
a strategic partnership aimed at benefitting the local communities
surrounding the Corcoesto Gold Project in the most environmentally
sustainable manner. Management believes that the potential
transaction with this strategic partner would have positive
benefits for Edgewater and its shareholders and will satisfy the
project permitting criteria set forth by the Government of
Galicia.
President and CEO, George Salamis, states, "We remain firmly
committed to advancing the Corcoesto Gold Project. We understand
the final criteria that are necessary to obtain all of the
remaining permits to advance the project to construction and
production. To assist in achieving the final permitting
requirements we are now in very advanced discussions with a party
we believe is the best potential partner to advance the Corcoesto
Gold Project. This party has significant infrastructure build-out
experience as well as experience in many other industries. Their
balance sheet is strong and their technical expertise is broadly
recognized. Over the past three years Edgewater has historically
enjoyed support and approval from many levels of government, and it
was mostly on this basis that we have invested in advancing the
project. Since 2009, Edgewater has spent over $25 million to
advance the project through acquisition, exploration, resource
definition drilling, preliminary economic studies, permitting
phases and onto final feasibility studies."
The Company cautions that there are no guarantees that these
negotiations will result in a transaction, or if a transaction is
undertaken, as to its terms or timing. Further updates will be
provided to Edgewater's shareholders as these negotiations are
further advanced.
Additionally, Edgewater has received official documentation in
follow-up to a press release dated October 16, 2013 that, according
to the Galician Government, the Company has not complied with the
criteria to obtain all necessary permits to advance the Corcoesto
Gold Project. As announced in a July 10, 2013 press release, among
other things the Company was required 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 Galician
Government stated on July 10, 2013 that Edgewater and its
subsidiary were obliged to show funding sources within their
various accounts in the amount of EUR30 million or be in a position
to point to a partner's balance sheet that can satisfy this amount,
which is approximately 25% of the total capital costs estimated by
the Company in its previous engineering studies. These criteria
have not been complied with, and therefore the permitting
applications have been cancelled. Once the Company complies with
the criteria, it can re-apply for all remaining permits.
On December 17, 2012, Edgewater announced the approval of the
Environmental Impact Statement (EIS) by the Ministry of
Environment, Territory and infrastructure of the Government of
Galicia, which remains a major milestone in the permitting process.
As per recent discussions with the government, the EIS has recently
been confirmed valid for five years from the date of approval (to
December 2017).
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company
focused on the 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 Galicia, 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.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements and information in this news release
constitute "forward-looking statements" or "forward-looking
information" within the meaning of applicable securities
legislation. In certain cases, forward-looking statements or
information can be identified by the use of words such as
"believe", "intend", "may", "will", "should", "plans",
"anticipates", "believes", "potential", "intends", "expects" and
other similar expressions. Forward-looking statements and
information relate to, among other things: the intention of the
Company to consummate a transaction with a strategic partner and
advance the Corcoesto Gold Project; the intention of the Company to
re-apply for permits; and our goals and strategies.
Key assumptions upon which the Company's forward-looking
statements and information are based include the following: the
Company's ability to successfully identify suitable partners,
negotiate the terms of the transaction and satisfy all conditions
required to complete the transaction; the price of gold will not
fall significantly; the Company's ability to secure new financing
to continue its exploration and development activities; there being
no significant changes in the ability of the Company to comply with
environmental, safety and other regulatory requirements; the
Company's ability to re-apply for remaining permits; and the
Company's ability to achieve its growth strategy. These assumptions
should be considered carefully by readers. Readers are further
cautioned that the foregoing list of assumptions is not exhaustive.
Although the Company believes that the assumptions on which the
forward-looking statements or information are made are reasonable,
based on the information available to the Company on the date such
statements were made, no assurances can be given as to whether
these assumptions will prove to be correct.
Forward-looking statements or information are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
reflected in the forward-looking statements or information. Such
risks, uncertainties and other factors include among others, the
following: the Company may not be able to successfully identify a
suitable strategic partner, negotiate acceptable terms or obtain
all applicable government, regulatory and shareholder consents
required to complete the transaction, that the terms of those
consents may not be acceptable to the Company, or, assuming the
Company is able to successfully complete the transaction, the
Company is not able to achieve expected results following such
transaction; gold price volatility; mining development risk;
regulatory restrictions, including environmental regulatory
restrictions and liability; risks of sovereign investment; currency
fluctuations; speculative nature of gold exploration; global
economic climate; ability to obtain financing; dilution; share
price volatility; competition; loss of key employees; additional
funding requirements; and defective title to mineral claims or
property, as well as those factors discussed under the heading
"Risk Factors" in the Company's management discussion and analysis
for the period ended September 30, 2013, which is available on
SEDAR at www.sedar.com. Should one or more of these risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements and
information.
The forward-looking statements and information contained in this
news release are made as of the date indicated in that information
and, accordingly, are subject to change after such date. We do not
undertake to update any forward-looking statements or information,
except as, and to the extent, required by applicable securities
laws. For the reasons set forth above, investors should not place
undue reliance on forward-looking statements and information. The
forward-looking statements and information contained in this news
release are expressly qualified by this cautionary note.
Edgewater Exploration Ltd.Ryan KingVice President(604)
628-1012rking@edgewaterx.com
Edgewater Exploration Ltd. (TSXV:EDW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Edgewater Exploration Ltd. (TSXV:EDW)
Historical Stock Chart
From Jul 2023 to Jul 2024