Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) has reported that the company has received 90 year mining leases from the Galician Government authorities covering the known gold resource on the Company's 100% owned Corcoesto Gold Project in Galicia, Spain.
The three central mining leases at Corcoesto (Emilita, Ciudad de Landro, and Ciudad de Masma) have been confirmed and consolidated and their terms defined as 90 years with a start date of August 10th, 1974 (until August 10th, 2064). The new title documents were issued by the Energy and Mines Service (under the direction of the Conselleria of Economy and Industry) of the Territorial Department of A Coruna, Galicia on February 8th, 2011.
George Salamis, President and CEO, states "We have found the Department of Mines in Galicia to be highly cooperative. This latest step initiated by them is a clear sign of the government's support for the Corcoesto Gold Project and a concrete step forward in the advancement of the Project."
The Corcoesto Project contains a Measured and Indicated resource of 5,657,000 tonnes grading 1.73 g/t Au containing 315,000 ozs gold at a 0.65 g/t Au cutoff and an Inferred resource of 16,542,000 tonnes grading 1.66 g/t Au containing 885,000 ozs gold at a cutoff of 0.65 g/t Au for resources from surface to 200 m depth and a cutoff of 2.0 g/t Au for resources below 200 m.
- CIM definition standards were followed for the resource estimate
- The 2010 resource model used an inverse-distance-power (IDP) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
- A total of 1,101.9 m of surface trenching in 55 trenches, 443.1 m of adit sampling in 4 adits and 42,326.2 m of diamond and RC drilling in 436 drill holes were used in the resource with sample spacing's that were less than 30 m for Measured resources, less than 40 metres for Indicated resources and less than 195 m for Inferred resources except for Inferred resources below 200 m from surface and for the northern two vein systems that used drill spacing's of 196 m
- A base cutoff grade of 0.65 g/t Au was used for reporting resources above a depth of 200 m from surface and a cutoff grade of 2.0 g/t Au was used for reporting resources below 200 m from surface
- Dilution is included for a minimum mining width of 2.0 m on a 4.0 m high mining bench
- Mineral Resources that are not mineral reserves do not have economic viability
The mineral resource is detailed in a NI 43-101 technical report entitled; "Technical Report for the Corcoesto Gold Deposit" (the "Report") by Alan Noble, P.E. of Ore Reserves Engineering, dated September 2010. The Mineral Resource estimate was based on 42,326.2 m of diamond and RC drilling in 436 holes as well as surface trenching and adit sampling data. The Mineral Resource includes drilling results that were not included in prior resource estimates including deep drilling and Inferred resources were not included in prior estimates in areas with widely spaced drilling.
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.
Source: Edgewater Exploration Ltd.