VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 25, 2013) - Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW) (EDWZF) is pleased to announce that the NI 43-101 Technical Report titled "NI 43-101 Technical Report Mineral Resource Estimate for the Corcoesto Gold Project Galicia Region, Spain" dated September 20th, 2013 has now been filed on Sedar. The Technical Report was prepared by Micon International Limited of Toronto, Canada, in conjunction with the Company.
Highlights of the Updated Measured and Indicated 2013 Resource include;
- Measured and Indicated resources have increased to over one million ounces providing a significantly greater confidence in the deposit. Using a 0.5g/t Au cut-off the pit constrained Measured and Indicated resource is 24.2 Mt grading 1.32g/t Au, containing 1,027,000 ounces of gold.
- The Corcoesto resource holds together well at higher cut-off grades providing an opportunity to potentially mine higher grades during the initial years of operation. Using a 0.8g/t Au cut-off the pit constrained Measured and Indicated resource is 16.2 Mt grading 1.65g/t Au, containing 863,000 ounces of gold.
- All zones remain open for expansion through further exploration.
Table 1 - Corcoesto Gold Project - Pit-Constrained Mineral Resource
|Resource Category||Cut Off |
|Tonnes (kt)||Au (g/t)||Gold (koz)|
|Measured + Indicated||0.5||24,208||1.32||1,027|
|1. See notes attached to Table #2|
Table 2 - Corcoesto Gold Project Mineral Resource Estimate at various cut-off grades
|Resource Category||Cut-off||Tonnes (kt)||Au (g/t)||Gold (koz)|
|Measured + Indicated||0.5||24,208||1.32||1,027|
- Mineral resources were classified following the guidelines of the JORC Code (2012) an accepted reporting code in terms of Canadian National Instrument 43-101.
- Mineral resources are constrained within a Whittle pit shell based on a gold price of US$1,400/oz.
- Numbers may not compute due to rounding.
- All grades have been quoted in grams per tonne (g/t) for the resource inventory.
- Density values were assigned in relation to an oxide surface; no further distinction between fresh and oxide material has been made within this resource estimate.
- There are no known legal, political, environmental or other risks that could materially affect the potential development of these mineral resources
- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them.
- Mineral Resources that are not mineral reserves do not have economic viability.
- The Corcoesto Resource Estimate was prepared by Jason Ché Osmond, M.Sc., EurGeol., C.Geol., FGS, Senior Geologist, Micon International Co. Limited, and a Qualified Person ("QP") as defined by National Instrument 43-101.
- The updated resource estimate is detailed in "NI 43-101 Technical Report Mineral Resource Estimate for the Corcoesto Gold Project Galicia Region, Spain" with a report date of September 20th, 2013 by Jason Ché Osmond, M.Sc., EurGeol., C.Geol and Joseph M. Keane, P.E..
- For additional details of the resource estimate see News Release dated August 6, 2013
Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on the 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.
In Spain, Edgewater owns a 100% interest in the Corcoesto Gold Project which has an approved Environmental Impact Statement (see news release January 2013) and completed a Preliminary Economic Assessment (see news release November 2011) demonstrating positive economics on the Corcoesto Gold Project. The Company is currently nearing the completion of a feasibility study for the Corcoesto Gold Project in northwest Spain.
In Ghana, the Company's Enchi Gold Project (51/49 JV with Kinross) is host to an Inferred Resource of 749,000 ounces of gold (20,627 million tonnes at an average grade of 1.13 g/t gold), using a cut-off of 0.7 g/t gold. The Enchi Resource Estimate dated July 12, 2012 was prepared by Todd McCracken, P.Geo. of Tetra Tech., who is independent of Edgewater and a Qualified Person ("QP") as defined by National Instrument 43-101. CIM definition standards were followed for the resource estimate. The 2012 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids. A capping of gold grades at 18 g/t and a density of 2.45 g/cm3 was applied. Mineral Resources that are not mineral reserves do not have economic viability.
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."