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Emerita Announces It has Received Permits to Commence Drilling on Plaza Norte Zinc Project

Emerita Resources Corp. has made announcements that it has collaborated with the Aldesa Group, its partner, and received the permits required to begin the drilling on its Plaza Norte zinc project situated in Cantabria, Spain.

Recently, update meetings were organized in Santander with Government officials and the Honorable Miguel Angel Revilla, President of Cantabria Region. During a joint press conference with the Company, the Honorable Mr Revilla publicly revealed his strong support for the project and went to the extent of declaring it as one of the most significant economic development initiatives in the region in his view.

It is incredibly important to have such strong support from the government and the community in which we work. The Government of Cantabria have been highly proactive in establishing a framework for responsible development, including revising certain regulations to provide a clear and transparent process to acquire development permits in the region.

David Gower, P.Geo., CEO, Emerita Resources Corp.

The Andalusia Region in southern Spain has witnessed further developments, where the election conducted in December 2018 has led to the first change in government there since Spain became a democracy. In the coming week, meeting has been scheduled between the representatives of the Company in Spain and officials of the new government. The new government was elected on an anti-corruption platform.

Emerita has been part of a lengthy litigation process in relation to prevarication and corruption charges against officials of the outgoing Junta with regards to the Aznalcollar Public Tender (see news releases dated November 9th, 2016; January 26th, 2017; and March 28th, 2017). The Company is still dedicated to the acquisition and development of this project for the advantage of all stakeholders. In the context of the initial public tender process, Emerita has executed comprehensive engineering and environmental studies and is the group best positioned to efficiently develop the project and with the highest health, environmental, and safety standards.

The Company’s shareholders have extended their strong support for the consolidation of its share capital on a 5:1 ratio (see news release dated January 4th, 2019). About 97.966% of the votes cast were in support of the consolidation of the Company’s common shares. The Board of Emerita will keep its shareholders informed in the near future once the consolidation of the share capital will be effected and the shares will trade on the TSX Venture Exchange on a consolidated basis. Following consolidation, it is anticipated that the Company will have 28,419,165 shares issued and outstanding.

We approach 2019 with a renewed sense of optimism and a very clear focus on developing our projects in Spain. The support we have received from the Government and Municipalities in the Cantabria region is exceptional. The political developments in Andalusia provide us with some confidence that the disputes there can be resolved in a timely manner. With the strong support of our shareholders, the Company will have a much improved capital structure that is expected to be more attractive for future investors.

David Gower, P.Geo., CEO, Emerita Resources Corp.

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