Edgewater Submits Environmental Impact Assessment for Corcoesto and Applies for Special "Strategic Project" Status
02 Marzo 2012 - 8:30AM
Marketwired
Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF)
("Edgewater" or the "Company") is pleased to announce that dated
February 9th, 2012, the Company has submitted to the Galician
Mining Authorities the Environmental Impact Assessment ("EIA") for
the Corcoesto Gold Project ("Corcoesto"). This document completes
the Exploitation Project application and the Reclamation Plan
submitted December 30th, 2011, and follows the legal requirements
set up by the European Directives and the Galician legislation. The
submittal of these three documents initiates the process to obtain
all required development and mining permits for the project.
In addition to the EIA filing, Edgewater's in-country management
have applied to have Corcoesto designated as a special "Strategic
Project" with the provincial government (La Xunta de Galicia). This
recently passed legislation is strong evidence of the Galician
government's commitment to assist economic development in the
region. The Corcoesto project meets the criteria for this special
status, based on the size of the potential mining investment in
Galicia highlighted in the recently completed Preliminary Economic
Assessment, in addition to the number of potential employment
opportunities generated from a future mining operation envisaged at
Corcoesto. If successfully awarded, the "Strategic Project" status
will allow Corcoesto to be fast-tracked on several levels,
including mine permitting.
President and CEO George Salamis stated, "As we endeavor to
advance and de-risk Corcoesto, I remain very pleased with the
support and progress we are getting from the Galician government,
at all levels. We will now initiate a number of public consultation
sessions in conjunction with the local authorities and will work
with the communities to adhere to the highest socioeconomic and
environmental standards. Based on our team's experience in Spain,
we anticipate receiving our exploitation permit during the second
half of 2012. Potentially even faster, if the project is awarded
its "Strategic Project" status. We believe this is a significant
milestone for Corcoesto and Edgewater as we simultaneously work
towards a construction decision early 2013. Subject to the outcome
of the Bankable Feasibility Study, we remain firmly committed to
seeing Corcoesto come to fruition as Galicia's newest gold mine and
ensure that the communities surrounding Corcoesto derive maximum
benefit from a future operation."
The Exploitation Permit application is a compilation of
technical studies including the general design, lay-out and
planning for the proposed open pits, plant site, waste dumps, the
treatment plant and the TMF (tailings management facilities). The
permit application also includes specific studies on geology,
geotechnical attributes, hydrogeology, water-usage, blasting,
health and safety, etc.
The Reclamation Plan includes the design and planning of future
mine-site reclamation in addition to a thorough Waste and Tailings
Management Plan and the Preliminary Project for Closure.
About Edgewater Exploration Ltd.
Edgewater is a gold development and exploration company
advancing the Corcoesto Gold Project, in Galicia, Spain. Edgewater
anticipates completing a definitive feasibility study, the
environmental permitting and capital financing, simultaneously
during 2012. Edgewater and joint venture partner Kinross Gold Corp.
is drilling the Enchi Gold Project in Ghana West Africa, located
approximately 70km south west of the Chirano gold mine following
the Bibiani Shear.
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
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