By
Vancouver, British Columbia: Edgewater Exploration Ltd.
("Edgewater" or the "Company") is pleased
to report additional drill results for the Company's 100%
owned Corcoesto Gold Project, Northwest, Spain.
Edgewater now has 4 diamond drill rigs conducting a program of in-fill drilling on the Corcoesto Gold Project, designed to upgrade inferred resources to a measured and indicated category as part of a Definitive Feasibility Study. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0 metres. (See Table 1 below).
George Salamis, President and CEO of Edgewater stated: "In late 2011 we completed the Preliminary Economic Assessment on the Corcoesto Gold Project with highlight results including an NPV 5% of US$206 Million, and a 3.4 year pay back using a $1300/oz gold price. Edgewater's current market capitalization is approximately $30 Million, valuing the Company at $22/oz in all resource categories. We believe 2012 poises to be a significant year for Edgewater as we anticipate getting exploitation development permits and advancing a full feasibility study on the project. These latest drill results from Spain are part of a 20,000 metre infill program with a mandate to convert inferred resources to measured and indicated. As we proceed with this in-fill drilling and conduct further step-out holes, we would anticipate also adding additional inferred gold resources to this highly prospective project."
Notes:
On November 17, 2011 Edgewater announced the results for the Preliminary Economic Assessment ("PEA") on the Corcoesto Gold Project. The NI 43-101 technical report for the PEA was filed with the regulatory authorities and made available on SEDAR on December 30, 2011.
Sample preparation and analyses are conducted using industry standard practices. Samples are delivered to Chemex Lab in Seville, Spain and sample analyses completed at independent commercial facilities of ALS Romania for gold and ALS Canada (Vancouver) for As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling and analyses include a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of blanks, duplicate samples, and check assays. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.
Mr. Gregory Smith, P.Geo., 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 exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the in Northwest Spain.
On behalf of the board of EDGEWATER EXPLORATION LTD.
"George Salamis"
George Salamis,
President and CEO
For further information, please contact:
Ryan King, Vice President
rking@edgewaterx.com
Telephone: (604) 628-1012
"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.
Edgewater now has 4 diamond drill rigs conducting a program of in-fill drilling on the Corcoesto Gold Project, designed to upgrade inferred resources to a measured and indicated category as part of a Definitive Feasibility Study. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH11W41 that returned 0.87g/t Au over 55.0 metres, and 1.93g/t Au over 38.7 metres and DDH11W47 returning 1.60g/t Au over 41.0 metres. (See Table 1 below).
George Salamis, President and CEO of Edgewater stated: "In late 2011 we completed the Preliminary Economic Assessment on the Corcoesto Gold Project with highlight results including an NPV 5% of US$206 Million, and a 3.4 year pay back using a $1300/oz gold price. Edgewater's current market capitalization is approximately $30 Million, valuing the Company at $22/oz in all resource categories. We believe 2012 poises to be a significant year for Edgewater as we anticipate getting exploitation development permits and advancing a full feasibility study on the project. These latest drill results from Spain are part of a 20,000 metre infill program with a mandate to convert inferred resources to measured and indicated. As we proceed with this in-fill drilling and conduct further step-out holes, we would anticipate also adding additional inferred gold resources to this highly prospective project."
Table 1 Corcoesto Highlight of Recent Drill Results
71.20
|
126.20
|
55.00
|
0.87
| ||
164.30
|
203.00
|
38.70
|
1.93
| ||
164.30
|
168.30
|
4.00
|
4.20
| ||
201.80
|
203.00
|
1.20
|
21.20
| ||
221.50
|
246.80
|
25.30
|
0.84
| ||
265.80
|
307.00
|
41.20
|
1.60
| ||
278.20
|
279.20
|
1.00
|
10.63
| ||
8.75
|
22.00
|
13.25
|
1.16
| ||
128.00
|
140.30
|
12.30
|
1.38
| ||
8.50
|
14.80
|
6.30
|
2.83
| ||
197.30
|
261.00
|
63.70
|
0.94
| ||
198.60
|
202.10
|
3.50
|
3.79
| ||
13.55
|
18.40
|
4.85
|
3.73
| ||
55.20
|
66.55
|
11.35
|
1.11
| ||
240.70
|
264.20
|
23.50
|
0.74
| ||
317.35
|
348.80
|
31.45
|
0.68
| ||
327.80
|
337.50
|
9.70
|
2.46
| ||
221.00
|
230.40
|
9.40
|
3.33
| ||
225.00
|
230.40
|
5.40
|
5.10
| ||
268.00
|
287.70
|
19.70
|
2.86
| ||
278.00
|
287.70
|
9.70
|
5.20
| ||
282.20
|
283.40
|
1.20
|
33.30
|
Notes:
- All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
- Weighted averages calculated using uncut assays.
- See Table attached for complete results.
| Hole 11W40 |
290.15
|
180
|
-55
| ||
| Hole 11W41 |
250.00
|
155
|
-60
| ||
| Hole 11W42 |
283.80
|
155
|
-50
| ||
| Hole 11W43 |
210.15
|
182
|
-50
| ||
| Hole 11W47 |
376.10
|
155
|
-50
| ||
| Hole 11W48 |
499.50
|
183
|
-50
| ||
| Hole 11W49 |
245.05
|
183
|
-50
| ||
| Hole 11W50 |
96.80
|
179
|
-44
| ||
| Hole 11W51 |
310.00
|
160
|
-60
| ||
| Hole 11W52 |
90.45
|
179
|
-45
| ||
| Hole 11W53 |
345.65
|
183
|
-50
| ||
| Hole 11W54 |
380.00
|
156
|
-65
| ||
| Hole 11W55 |
96.80
|
180
|
-44
| ||
| Hole 11W56 |
95.40
|
180
|
-45
| ||
| Hole 11W57 |
446.00
|
181
|
-60
| ||
| Hole 11W58 |
265.20
|
182
|
-50
| ||
| Hole 11W59 |
102.00
|
180
|
-50
| ||
| Hole 11W60 |
355.00
|
159
|
-60
| ||
| Hole 11W61 |
101.55
|
180
|
-50
| ||
| Hole 11W62 |
453.20
|
180
|
-50
| ||
| Total |
5292.80
|
On November 17, 2011 Edgewater announced the results for the Preliminary Economic Assessment ("PEA") on the Corcoesto Gold Project. The NI 43-101 technical report for the PEA was filed with the regulatory authorities and made available on SEDAR on December 30, 2011.
Sample preparation and analyses are conducted using industry standard practices. Samples are delivered to Chemex Lab in Seville, Spain and sample analyses completed at independent commercial facilities of ALS Romania for gold and ALS Canada (Vancouver) for As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling and analyses include a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of blanks, duplicate samples, and check assays. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.
Mr. Gregory Smith, P.Geo., 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 exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the in Northwest Spain.
On behalf of the board of EDGEWATER EXPLORATION LTD.
"George Salamis"
George Salamis,
President and CEO
For further information, please contact:
Ryan King, Vice President
rking@edgewaterx.com
Telephone: (604) 628-1012
"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.
From
|
To
|
Length (Meters) |
Au ( g/t) |
As % |
Rec. % |
Au GxT (g-m/t) | ||
25.25
|
26.25
|
1.00
|
0.55
|
1.00
|
100.00
|
0.55
| ||
31.50
|
32.50
|
1.00
|
0.57
|
0.24
|
100.00
|
0.57
| ||
163.50
|
164.50
|
1.00
|
0.61
|
0.99
|
100.00
|
0.61
| ||
167.10
|
177.50
|
10.40
|
0.56
|
0.57
|
100.00
|
5.82
| ||
176.50
|
177.50
|
1.00
|
3.21
|
1.33
|
100.00
|
3.21
| ||
186.30
|
187.70
|
1.40
|
6.90
|
0.72
|
100.00
|
9.66
| ||
220.80
|
231.65
|
10.85
|
0.95
|
0.26
|
100.00
|
10.31
| ||
221.80
|
222.90
|
1.10
|
1.38
|
0.43
|
100.00
|
1.52
| ||
230.50
|
231.65
|
1.15
|
6.53
|
0.77
|
100.00
|
7.51
| ||
240.80
|
258.80
|
18.00
|
0.62
|
0.34
|
99.07
|
11.16
| ||
240.80
|
242.75
|
1.95
|
1.40
|
0.42
|
92.31
|
2.73
| ||
255.00
|
258.80
|
3.80
|
1.41
|
0.65
|
100.00
|
5.36
| ||
282.70
|
286.00
|
3.30
|
1.62
|
0.51
|
100.00
|
5.35
| ||
285.00
|
286.00
|
1.00
|
3.45
|
0.22
|
100.00
|
3.45
| ||
17.70
|
19.70
|
2.00
|
2.44
|
0.47
|
95.00
|
4.88
| ||
18.70
|
19.70
|
1.00
|
4.42
|
0.77
|
100.00
|
4.42
| ||
56.00
|
65.20
|
9.20
|
1.14
|
0.87
|
100.00
|
10.49
| ||
61.00
|
62.00
|
1.00
|
7.05
|
2.03
|
100.00
|
7.05
| ||
71.20
|
126.20
|
55.00
|
0.87
|
0.35
|
100.00
|
47.85
| ||
76.00
|
82.50
|
6.50
|
1.23
|
0.35
|
100.00
|
8.00
| ||
136.00
|
149.60
|
13.60
|
0.83
|
0.23
|
100.00
|
11.29
| ||
136.00
|
137.00
|
1.00
|
2.51
|
0.43
|
100.00
|
2.51
| ||
164.30
|
203.00
|
38.70
|
1.93
|
0.41
|
99.45
|
74.69
| ||
164.30
|
168.30
|
4.00
|
4.20
|
0.41
|
100.00
|
16.80
| ||
179.20
|
180.20
|
1.00
|
9.62
|
0.51
|
100.00
|
9.62
| ||
201.80
|
203.00
|
1.20
|
21.20
|
0.26
|
100.00
|
25.44
| ||
211.00
|
212.00
|
1.00
|
0.79
|
0.26
|
100.00
|
0.79
| ||
242.60
|
243.60
|
1.00
|
1.98
|
2.77
|
100.00
|
1.98
| ||
84.00
|
85.00
|
1.00
|
0.49
|
0.92
|
100.00
|
0.49
| ||
117.80
|
122.00
|
4.20
|
0.60
|
1.24
|
100.00
|
2.52
| ||
160.00
|
161.10
|
1.10
|
0.71
|
0.26
|
100.00
|
0.78
| ||
188.20
|
192.20
|
4.00
|
0.65
|
0.82
|
100.00
|
2.60
| ||
216.40
|
217.50
|
1.10
|
0.62
|
0.76
|
100.00
|
0.68
| ||
264.35
|
265.35
|
1.00
|
0.94
|
0.25
|
100.00
|
0.94
| ||
270.20
|
271.20
|
1.00
|
0.77
|
0.20
|
100.00
|
0.77
| ||
82.00
|
83.00
|
1.00
|
0.59
|
0.14
|
100.00
|
0.59
| ||
108.30
|
109.30
|
1.00
|
2.23
|
0.50
|
100.00
|
2.23
| ||
124.80
|
131.00
|
6.20
|
0.61
|
0.52
|
100.00
|
3.78
| ||
141.00
|
142.00
|
1.00
|
2.07
|
1.53
|
100.00
|
2.07
| ||
157.50
|
160.00
|
2.50
|
2.50
|
0.73
|
100.00
|
6.25
| ||
159.00
|
160.00
|
1.00
|
4.09
|
0.97
|
100.00
|
4.09
| ||
193.00
|
196.30
|
3.30
|
1.66
|
0.61
|
100.00
|
5.48
| ||
193.00
|
194.00
|
1.00
|
4.18
|
1.42
|
100.00
|
4.18
| ||
198.00
|
199.00
|
1.00
|
1.85
|
0.20
|
100.00
|
1.85
| ||
203.50
|
205.00
|
1.50
|
0.78
|
0.64
|
100.00
|
1.17
| ||
206.50
|
207.50
|
1.00
|
0.61
|
0.46
|
100.00
|
0.61
| ||
221.50
|
246.80
|
25.30
|
0.84
|
0.27
|
99.33
|
21.25
| ||
221.50
|
223.50
|
2.00
|
4.85
|
0.62
|
100.00
|
9.70
| ||
256.00
|
257.00
|
1.00
|
0.56
|
0.16
|
100.00
|
0.56
| ||
265.80
|
307.00
|
41.20
|
1.60
|
0.30
|
99.20
|
65.92
| ||
272.40
|
273.40
|
1.00
|
5.27
|
0.38
|
100.00
|
5.27
| ||
278.20
|
279.20
|
1.00
|
10.63
|
1.02
|
100.00
|
10.63
| ||
284.20
|
295.90
|
11.70
|
2.06
|
0.30
|
100.00
|
24.10
| ||
299.00
|
300.00
|
1.00
|
9.55
|
0.29
|
100.00
|
9.55
| ||
324.80
|
327.40
|
2.60
|
4.96
|
1.63
|
100.00
|
12.90
| ||
356.50
|
358.50
|
2.00
|
0.61
|
0.37
|
100.00
|
1.22
| ||
8.75
|
22.00
|
13.25
|
1.16
|
0.47
|
91.28
|
15.37
| ||
8.75
|
10.35
|
1.60
|
4.24
|
1.13
|
100.00
|
6.78
| ||
54.00
|
55.00
|
1.00
|
7.05
|
0.20
|
100.00
|
7.05
| ||
71.00
|
72.00
|
1.00
|
2.39
|
0.99
|
100.00
|
2.39
| ||
100.00
|
101.00
|
1.00
|
1.06
|
0.80
|
100.00
|
1.06
| ||
104.00
|
105.00
|
1.00
|
0.68
|
0.09
|
100.00
|
0.68
| ||
109.00
|
110.00
|
1.00
|
1.16
|
0.71
|
100.00
|
1.16
| ||
114.60
|
115.60
|
1.00
|
2.62
|
0.42
|
100.00
|
2.62
| ||
128.00
|
140.30
|
12.30
|
1.38
|
0.29
|
100.00
|
16.97
| ||
| distribué par | Ce noodl a été diffusé par Edgewater Exploration Ltd. et initialement mise en ligne sur le site http://www.edgewaterx.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 16:06:16 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
