Edgewater Exploration Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 19, 2015) - Edgewater Exploration Ltd. (TSX VENTURE:EDW) ("Edgewater" or the "Company") announced today that the Company has received a letter from the Galician Government in Spain, stating that it intends to formally initiate cancellation proceedings in respect of the mining concessions comprising the Corcoesto Gold Project ("Corcoesto" or the "Project") in Galicia, Spain. The Company has been given ten days to reply to the letter. Edgewater is presently reviewing its position in light of this correspondence.
George Salamis, President and CEO stated: "The Company will consider its options to protect its investment and the interests of its shareholders. Edgewater has spent over US$35 million on the Project through the performance of significant engineering and environmental studies and resource definition drilling. This major investment by the Company over the past 5 years was encouraged by the government and culminated in the approval of the Company's Environmental Impact Statement ("EIS") in December, 2012. The Company will provide further updates to shareholders as information becomes available."
Additional details regarding the background to the recent action taken by the Galician Government is set out in more detail in Edgewater's news releases dated October 16, 2013 and March 19, 2014.
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.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements and information in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. In certain cases, forward-looking statements or information can be identified by the use of words such as "believe", "intend", "may", "will", "should", "plans", "anticipates", "believes", "potential", "intends", "expects" and other similar expressions. Forward-looking statements and information relate to, among other things: the intention of the Company to review its position in light of the correspondence received from the Galician Government and to consider all steps necessary to protect its investment on behalf of all its stakeholders.
Key assumptions upon which the Company's forward-looking statements and information are based include the following: the Company's ability to secure new financing to protect its investment on behalf of all its stakeholders; the price of gold will not fall significantly; and the Company's ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information. Such risks, uncertainties and other factors include among others, the following: gold price volatility; mining development risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; ability to obtain financing; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed under the heading "Risk Factors" in the Company's management discussion and analysis filed on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information.
The forward-looking statements and information contained in this news release are made as of the date indicated in that information and, accordingly, are subject to change after such date. We do not undertake to update any forward-looking statements or information, except as, and to the extent, required by applicable securities laws. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary note.
Edgewater Exploration Ltd.
Telephone: (604) 628-1012