Emerita Resources Provides Update on Drill Permitting at Iberia Belt West Project, Spain

Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) has engaged FRASA Ingenieros Consultores (“FRASA”) a highly reputable engineering firm with offices in Spain and Internationally, to prepare the environmental documentation for the Iberia Belt West (“IBW”) Project (the “Project”) in order to obtain the “Autorizacion Ambiental Unificada (AAU)”. FRASA are the Environmental Consultants used by major companies in the area for permitting and are well versed in the requirements to obtain work permits. The AAU is the environmental license required in the area for exploration activities. The Project is within the renowned Iberian pyrite belt, an area with numerous past producing and active mining operations currently operating under the same well established environmental statutes. The reclamation plan and permit application for the diamond drill program was completed by Emerita and submitted to the Government on (October 21 st 2020). The report comprises a comprehensive description of the proposed work program, the planned reclamation for the drill sites as well as an environmental assessment.   The Company has received excellent support and advice from the professionals within both the Mines and the Environmental Departments through this process.

The IBW Project straddles the boundary between two adjacent municipalities with approximately 85% of the Project in the municipality of Puebla de Guzman and approximately 15% of the Project area within Paymogo municipality. The Infanta Deposit and El Cura mineralized zones both occur within Puebla de Guzman, the Romanera Deposit occurs on the border between the two municipalities The Mayor of Puebla de Guzman, Mr. Antonio Beltrán , has stated publicly in a radio broadcast and in print media last week: “In Puebla de Guzmán, we define ourselves historically as a mining municipality, which would have no problem hosting a mining operation.”

In Spain, there are different classifications of land with respect to environmental sensitivity as it pertains to development. The portion of the Project that hosts the Infanta Deposit falls within the classification where there are no environmental restrictions for development. Emerita has been provided with a copy of a letter from the Environment Department to the Mines Department confirming this is the case and as such there is no requirement for an environmental study for this area of the Project for the purposes of mineral exploration. The Mines Department has the authority to issue the permit without further review by the Environment Department. In order to commence drilling, the Mines Department’s regulations require that the reclamation plan for the diamond drill program be published for 30 days on the government web site for comment. Drilling is a low impact activity and rarely is there any public objection to such a program.

The El Cura area of the property falls in the next category of environmental classification in terms of environmental protection to permit a drill program. The area within the Paymogo municipality is another step higher. Both areas require the “Autorizacion Ambiental Unificada (AAU)” which is being completed with the assistance of FRASA, the Company’s environmental consultant, to be submitted January 20th, 2021.

Based on discussions with government officials, the company expects that the reclamation plan for the Infanta area drilling will be posted on the web site within the next 1-2 weeks.

Joaquin Merino, P.Geo., President of Emerita states, “While we would like to be drilling immediately, the Company will follow the regulatory process exactly. The Company has a policy of doing progressive reclamation during its exploration programs and will work to the highest levels of environmental stewardship and worker safety and will abide by the regulations completely. We are confident that by using highly experienced and respected environmental consultants and engaging with the regulatory authorities that the plan for the drill program for Infanta will meet or exceed standards and the program should be approved soon. We have recently located our Spain office in Puebla de Guzman and are grateful for the encouragement and support for the Project that we have received from the officials there.”

About the IBW Project

The IBW Project occurs within the Iberian Pyrite Belt, one of the most highly mineralized volcanogenic massive sulfide (VMS) terranes in the world. The Project is located in the western part of the belt, adjacent to the border with Portugal, approximately 70 km west of Seville and 50 km from the port city of Huelva. The Project extends along a strike length of approximately 18 km. Access is excellent via paved and all-weather gravel roads. Within the Project area, several base metal occurrences have been identified by previous exploration, the most significant of which are the Romanera and the La Infanta and El Cura base metal deposits.

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 Information

This 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 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.

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