TORONTO, February 7th, 2013 – Emerita Gold Corp. (TSX-V:EMO) (the “Company” or “Emerita”) has mobilized field crews to the Las Morras Property in the Extremedura Region of Spain (the “Property”), following the successful completion of its listing on the TSX Venture Exchange on January 10, 2013. The initial work program, which commenced on January 25, will focus on completing geochemical surveys in the area where a high concentration of gold nuggets and boulders containing visible gold have been identified on the Property (Figure 1).
The Property is 100% owned by the Company, and was acquired upon confirming that a large number of gold nuggets and rock samples containing visible gold (Figures 2 to 5) had been discovered by local prospectors. Heavy mineral concentrate (HMC) sampling in 2012, covering approximately 5% of the Property, confirmed the presence of a large number of gold grains in the soils in the area. Samples comprising approximately 4.5 kilograms of soil were panned to a concentrate of approximately 50 grams and the gold grains were counted using a binocular microscope. Seven samples contained between 400 and 800 grains of gold and 52% of the samples contained more than 50 gold grains. The overburden in the area is generally less than one meter thick. Two discrete anomalous areas were identified by this preliminary sampling.
These anomalies extend 600 meters and 400 meters in an east-west direction respectively (Figure 4). The planned geochemical survey will cover an area extending approximately 5 kilometres in a northeasterly direction on cross lines approximately 2.5 kilometres long. Sampling will be done at 50 meter sample spacing on lines 100 meters apart with more detailed sampling locally. At each site a soil sample as well as an HMC sample will be collected. The Company plans to follow the survey with trenching and diamond drilling.
According to Joaquin Merino, P.Geo., President and CEO of Emerita: “We are excited by what we have seen on this Property. It is unusual to see such a high concentration of gold grains, rock samples with visible gold and gold nuggets in soil as occurs at Las Morras. To be the first to systematically explore such an area is exciting for the Company. As the anomalies from the survey are developed in the coming weeks we intend to release results on a timely basis.”
The Company has filed on SEDAR a NI 43-101 technical report describing the Property entitled “Technical Report on the Las Morras Exploration Concession, Extremadura Region, Spain” and dated as of October 25, 2012.
In addition, the Company has engaged Syndicated Capital Corp. (“SCC”) of Vancouver, B.C., to provide investor relations services to the Company. The Company has agreed to pay SCC $5,000.00 per month, for an initial term of 12 months. Mr. A. Salman Jamal of Vancouver, B.C., is the principal of SCC. The agreement is subject to the approval of the TSX Venture Exchange. Mr. Jamal was a former director of the Company and presently holds, through SCC, 500,000 common shares of the Company, and holds directly 275,000 stock options to acquire common shares of the Company.
The scientific and technical information in this 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. Field work at the Las Morras Property is being conducted under the direct supervision of Mr. Merino.
About Emerita Gold Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Spain, with a primary focus on exploring the Las Morras Property in the Extremedura Region of Spain.
Emerita Gold Corp.
President & CEO
For further information, contact:
+ 1 416 309 2139 (Toronto)
+34 (628) 1754 66 (Spain)
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 exploration prospects and proposed work programs and 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.
Figure 1: Location Map – Las Morras Property.
Figure 2: Location of the area (green polygon) with initial HMC Survey completed by the Company from which gold grains in each sample were counted (see Figure 4 for results). The black polygon shows the approximate outline of the ongoing geochemical survey.
Figure 3: Reported gold nugget samples from the Las Morras Property. Nuggets range in size from 1 to 270 grams in size.
Figure 4: Gold grain counts from the initial HMC survey. Two discrete anomalous areas have been identified and additional sampling will properly document the extent of the anomalies.