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Edgewater Exploration Ltd. (TSXV:EDW,OTCQX:EDWZF) is pleased to provide an update on corporate, exploration and development work on the Corcoesto Gold Project, in Galicia, Spain.
As stated in the press release:
- Pursuant to an agreement dated July 27, 2010 Edgewater has completed the acquisition of a 100% interest in the Corcoesto Gold Project from a wholly-owned subsidiary of Lundin Mining Corporation (“Lundin Mining”) by making a final cash payment of US$3.0 million.
- On May 31, 2011 Edgewater announced the updated NI 43-101 compliant resource at Corcoesto (see details in News Release dated May 31, 2011) which consists of a Measured and Indicated resource of 5,783,000 tonnes grading 1.74 g/t Au containing 325,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 20,265,000 tonnes grading 1.76 g/t Au containing 1,149,000 ozs gold. This resource will form the basis for a Preliminary Economic Assessment (“PEA”) on the Corcoesto Gold Project. The Company is now nearing completion of the PEA and the results from this study will be announced in the next several weeks.
George Salamis, President and CEO of Edgewater stated:
“Since acquiring the Corcoesto Gold Project in July, 2010 Edgewater has completed 12,400 metres of infill and step-out diamond drilling and has successfully increased the gold resource by over 400%. Over the past year Edgewater has made great progress at Corcoesto and has assembled a world-class team of gold project builders, environmental managers and engineering consultants, all of whom have a proven track-record to advance Corcoesto into its next phase of growth. With the PEA nearing completion and after recently spending some time at Corcoesto I am very encouraged on how the project is advancing both from an economic and mine permitting stand point.”
Click here to read the full Edgewater Exploration (TSXV:EDW) press release.
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