Emerita Resources Provides Corporate Update and Announces Board Changes
Emerita Resources Provides Corporate Update and Announces Board
Changes
TORONTO, Dec. 13, 2018 -- Emerita Resources Corp. (the “Company” or “Emerita”)(TSX-V: EMO) along with its Spanish
joint venture partner, the Aldesa Group (“Aldesa”), have received all permits required to initiate the exploration program at the
jointly owned Plaza Norte Project (the “Project”) located in Cantabria Region, northern Spain.
The Project was acquired in a public tender process organized by the Dirección General de Industria, Comercio y Consumo -
Consejería de Innovación, Industria, Turismo y Comercio del Gobierno de Cantabria (the Government of Cantabria, in northern
Spain). The Plaza Norte Project is located in the Reocin Basin which hosts the famous Reocin mine, formerly one of the
premier zinc producers in Europe, having produced approximately 62 million tonnes grading 11% zinc and 1.0% lead.
Upon completion of the environmental and social licenses, the government ratified the resolution granting a three year
exploration permit to Cantabrica del Zinc (“CDZ”) (Emerita and Aldesa’s joint venture company). CDZ has initiated
negotiations with local land owners to access selected target areas for drilling. CDZ expects to commence the first drilling
campaign in Q1, 2019. Presently, geological and geophysical modeling is being conducted in advance of the drilling.
David Gower, P.Geo., CEO of Emerita, commented: “We are highly encouraged with the strong support we have received from
the government in Cantabria with respect to the Project. A meeting will be held in Santander next week with the President of
Cantabria, Miguel Ángel Revilla Roiz, and our joint venture partner, Aldesa, to present the Project. The President of Cantabria
has publicly expressed support for the Project, demonstrating the strong local support for the Project which is essential for its
success. We have also consulted with the municipalities in the Project area and have received their approval.”
The process for final granting of the license involved extensive consultation. The 3,600 Ha. of the Plaza Norte Project extends
into parts of 6 municipalities, Suances, Reocin, Torrelavega, Santillana del Mar, Cartes and Mazcuerras. To complete the
permitting process, the Project was presented to each of the municipalities for public consultation. Once the social license
was obtained from the municipalities, the Project was presented to the Regional Environmental Bureau and the Historical and
Cultural Heritage Bureau for review, and once all comments were addressed gained their approvals. Receipt of the approvals
satisfied the final requirements to allow the Panel responsible for the Public Tender process to finalize the resolution and
award the license.
About the Plaza Norte Project
The Plaza Norte Project was identified by Emerita’s team after reviewing the historical data gathered during exploration
programs mostly carried out by Asturiana de Zinc (Glencore) when the Riocin Mine was in operation. The key points which
make Plaza Norte a unique opportunity are:
• Proven Historical Mining activity: The Plaza Norte Project is immediately adjacent and hosts the extensions of the
Reocin mine which produced approximately 62 million tonnes grading 11% zinc and 1.0% lead (USGS paper:
“Compilation of Mineral Resource Data for Mississippi Valley-Type and Clastic-Dominated Sediment-Hosted Lead-Zinc
Deposits”). The region has a strong understanding of the economic benefits associated with a modern mining
operation.
• Extensive Existing Data Base. Emerita has acquired the historical data base for the Plaza Norte Project which
includes more than 300 drill holes (approximately 73,000 meters of drilling) with numerous high grade intercepts such
as hole 532 – 18.96 meters grading 9.72% zinc, Hole SS21 – 8.20 meters grading 7.05% zinc. A significant number of
the drill holes are preserved in well maintained core shacks and also available. Target areas with multiple mineralized
diamond drill intercepts have been identified for immediate follow up drilling.
• Strong Spanish Partner Emerita’s joint venture partner, Aldesa, is a major Spanish construction and infrastructure
firm with international operations. Emerita will be the operator of the Plaza Norte Project.
• Recent legislated revisions to improve permitting process The parliament of Cantabria passed amendments to the
law that regulates various land uses in April 2017 and created a solid legal framework intended to promote and attract
mining activity in the region.
• Political Support and Solid Mining Laws . The rights to the Plaza Norte Project have been granted for an initial three
-year term with the option to renew. The government has publicly indicated its support for exploration in the region.
Andalusia Election
Elections were held in the Andalusia Region last week and for the first time since Spain became a democracy, 36 years ago,
the ruling socialist party has not been elected in sufficient seats to form the government. It is most likely that the new
government will be formed by a coalition of conservative parties. The key issues during the election were corruption, the weak
economic performance of the region and disaffection with the Federal Socialist party. Multiple corruption cases have recently
been initiated that allege large sums of money were wrongly being paid and in numerous cases represented a willful
mishandling of public funds. Economically, Andalusia has performed the weakest in Spain. Health care services, education
and other services have been deteriorating and the levels of unemployment are 10 points higher than the Spanish average
(Spain unemployment rate 12% in 2017).
Emerita has been engaged in a lengthy law suit relating to corruption charges which has named certain bureaucrats employed
by the outgoing Junta in Andalusia related to the Public Tender for the Aznalcollar project. The Company looks forward to
meeting with the incoming Government at the appropriate time to discuss the project. Emerita remains committed to
acquiring and developing that project in a responsible manner that will benefit the community. During the tender process,
Emerita spent approximately $1 million on detailed technical studies amounting to approximately 10,000 pages of data and
plans, which included a detailed water program for the development that was signed off by the federal water authority. The
Company remains prepared to expedite development of this important project in the region should the case be favorably
resolved.
Changes to the Board of Directors
The Company announces that Mr. David Patterson and Mr. Colin Watt have resigned from the Board of Directors, effective
immediately. Mr. Patterson and Mr. Watt have been with the Company since its inception. We greatly appreciate the strong
contribution they have made to the Company and wish them well in their future endeavours.
Qualified Person
Joaquin Merino is a “qualified person” as such term is defined in NI 43-101 and has reviewed and approved the scientific and
technical information included in this press release and has approved its dissemination.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in
Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical teams are based in Sevilla,
Spain with an administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 309 4293 (Toronto)
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation, statements regarding the Plazas Norte Project, the Company’s ability
to complete a financing, the mineralization of the Plaza Norte Project, the operation of joint venture company, the support of
the local community and governmental authorities, the impact of the new government coalition in Andalusia, the impact of
changes to the Company’s board of directors, and the Company’s future plans. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from
those expressed or implied by such forward-looking information, including but not limited to: general business, economic,
competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with
operation in foreign jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign
operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors
that could cause actual results to differ materially from those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update
any forward-looking information, except in accordance with applicable securities laws.
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THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.