VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/11/13 -- Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE: EDW)(OTCQX: EDWZF) ("Edgewater" or the "Company") is pleased to provide an update on several positive initiatives recently undertaken aimed at benefitting all stakeholders and communities surrounding the Corcoesto Gold Project ("Corcoesto" or the "Project") in Galicia, Spain. In addition, the Company is pleased to provide an update on the on-going Bankable Feasibility Study which is on track for Q3/13 completion.
Mr. Salamis, President and CEO states: "The positive initiatives announced today reflect the Company's core values which emphasize clarity, accountability, honesty, transparency and a commitment to developing Corcoesto gold resources in the most environmentally friendly manner possible using best practice technology. The Corcoesto Bankable Feasibility Study being completed by Micon International Limited is on schedule for completion in Q3/13 with feasibility level operating and capital cost estimates to date being in-line with previous estimates tabled in the 2011 Preliminary Economic Assessment."
The Company has recently entered into an agreement with the Association of Excavators of Galicia ("AEXGA") giving top preference on future mine development and operational contracts to Galician earth-moving companies for the Corcoesto Gold Project. The focus of this agreement is to prioritize and guarantee the creation of quality employment opportunities for the local communities surrounding the Project and the whole Galician region. This underscores Edgewater's commitment to maximizing local employment through several different initiatives. The Company continues to take steps to ensure the surrounding communities and region derives the maximum socio-economic benefits from the Project.
Additionally over the past several months, the Galician firm, Northwest Consultants, in parallel with the University Santiago de Compostela, have been working closely with the local communities and governments to complete an extensive socio-economic report and plan for the Corcoesto Gold Project. This independent socio-economic report (see http://www.edgewaterx.com for the full report) has been tabled to the Government of Galicia and demonstrates several benefits including;
-- Multi-level extensive community engagement during all phases of mine development and operation-- Numerous medium to long term social programs and training initiatives proposed, all designed to benefit local communities and stimulate growth-- +1,600 direct and indirect jobs in Galicia generated during the first year of development-- Halt and possibly reverse the decreasing population in the region through economic diversification and stimulus-- Sustainable development initiatives designed to benefit local communities and industries.
Mr. Salamis reports: "The successful development of Corcoesto, with the support of the surrounding communities and government, will provide the necessary skilled jobs to assist in supporting long term sustainable development in the region for generations to come, in addition to the added financial benefits that come from a project of this scope."