Emerita Resources Qualifies to Participate in the Public Tender Process for the Aznacollar Project, Andalusia, Spain
22 Mai 2014 - 2:00PM
Marketwired
Emerita Resources Qualifies to Participate in the Public Tender
Process for the Aznacollar Project, Andalusia, Spain
TORONTO, ONTARIO--(Marketwired - May 22, 2014) - Emerita
Resources Corp. (TSX-VENTURE:EMO) (the "Company" or "Emerita") has
submitted a bid to acquire a 100% interest in the Aznacollar
Project, located in the Iberian Pyrite Belt, in Andalusia Spain.
The Government of Andalusia and the Province of Sevilla announced
the public tender for the past producing property (Concurso
público para la adjudicación de la explotación de la reserva de
Aznalcóllar en la provincia de Sevilla) on January 16, 2014.
The bid documents were submitted by Emerita ahead of the deadline
for submissions on April 16, 2014. A government panel has informed
Emerita that it and one other bidder that participated in the
tender have qualified for the first stage of the process by meeting
the minimum financial requirements of the tender process. The
government panel is now evaluating the merits of the initial
technical proposals submitted by the two qualified companies. Only
companies whose initial technical proposals are considered to have
sufficient merit will continue to the second phase.
The tender process consists of two phases, with the first phase
being a financial proposal and an initial technical proposal and
the second phase comprising a detailed technical proposal. Each
phase will be reviewed by a government panel.
A data room containing the production records from the Los
Frailes and Aznalcollar mines, along with other technical
information, will be made available to the qualified companies in
order for such companies to prepare a detailed technical proposal,
which must be consistent with the initial technical proposal
presented in the first phase. The Aznacollar Project will be
awarded to the company deemed to have the most viable technical
proposal. The primary focus of the government is to attract a
strong, viable technical plan that demonstrates a path to
responsibly develop the project with highest regard for
environmental, health and safety issues. At this point Emerita does
not know whether it will be the successful bidder, however it is
one of only two companies that have qualified to continue in the
tender process.
According to Joaquin Merino, P.Geo., Emerita's President and
CEO, "We have an abundance of experience within Emerita in the
development of volcanic massive sulphide ("VMS") deposits such as
at Los Frailes. Our technical team has put together a comprehensive
proposal that involved contributions from more than twenty
professionals from various disciplines including resource
assessment, engineering and environmental. Emerita's management
team has been directly involved in the discovery, development,
operation and financing of these types of projects, including
projects that achieved commercial development in the Matagami Camp,
the Bathurst Camp and the Mount Isa area. We are very excited to be
a contender to develop a very modern and sustainable mining
operation at this important deposit in Andalusia."
The Aznacollar Project is a past producing property that hosted
the Aznacollar and Los Frailes open pit zinc-lead-silver mines. The
Los Frailes deposit was developed in the mid 1990s and the
historical open pit mineral resource of the mine is estimated to be
71 million tonnes grading 3.86% zinc, 2.18% lead, 0.34% copper and
60ppm silver. In addition, reports by the mine department during
the operation of the mine indicate the existence of a higher grade
portion of the resource that is estimated to contain 20 million
tonnes grading 6.66% zinc, 3.87% lead, 0.29% copper and 84 ppm
silver. The Aznacollar and Los Frailes deposits are open for
further expansion by drilling at depth, as historical drilling was
primarily constrained to depths accessible by open pit mining. A
qualified person (as defined in National Instrument 43-101) has not
done sufficient work on behalf of Emerita to classify the
historical estimate reported above as current mineral resources or
mineral reserves and Emerita is not treating the historical
estimate as current mineral resources or mineral reserves. The
historical estimate should not be relied upon. A summary of the
historical resource estimate is available on the Government of
Andalucia's web site1. This summary is based on a report prepared
by the prior operator of the Aznalcollar Project entitled "Proyecto
de Explotacion Yacimiento Los Frailes, Memoria Andaluza de Piritas,
Boliden- Apirsa, Octubre 1994" (Los Frailes Exploitation project
Report, Boliden-Apirsa, October 1994) and subsequent resources
estimate updates, the latest being from 2000. According to the
information provided by the Government of Andalucia, the prior
operator of the project used ordinary kriging as the estimation
method with block dimensions of 5X10X8 meters. The mineral
resources were not classified into the categories defined by the
Canadian Institute of Mining, Metallurgy and Petroleum and
therefore are not in compliance with NI 43-101 requirements. Los
Frailes operation suffered a major tailings dam failure
approximately 1.5 years after commencing production that, along
with low metal prices, caused the former operator to shut down the
project. The Government subsequently completed reclamation and took
ownership of the site. Since the mine was in production for a short
period, most of the deposit remains intact for future
development.
Qualified Person
The scientific and technical information in this news release
has been reviewed and approved by Mr. Joaquin Merino, P.Geo,
President and CEO of the Company and a Qualified Person as defined
by National Instrument 43-101 of the Canadian Securities
Administrators.
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 the Las Morras and Sierra
Alta properties in Spain. The Company's corporate office and
technical team are based in Sevilla, Spain with an administrative
office in Toronto, Canada.
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 anticipated or implied success of the
Company in the tender process, the anticipating timing of the
tender process, historical mineral resource estimates for the
Aznacollar property, the potential of the Aznacollar property 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 the
purchased properties; 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.
NEITHER 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.
1
http://www.juntadeandalucia.es/economiainnovacionyciencia/pamdoc/_archivos_/aznalcollar/dossier_minas_english.pdf
Emerita Resources Corp.Joaquin Merino+34 (628) 1754 66
(Spain)Emerita Resources Corp.Helia Bento+1 416 309 4293
(Toronto)info@emeritaresources.com
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