Edgewater Exploration (CVE:EDW) on Thursday said that it has received strong support to develop its Corcoesto gold project in Galicia, Spain from the local mayor of the municipality Cabana de Bergantinos.
Currently, Edgewater has been engaged in advanced stages of gold exploration at Corcoesto, located in northwest Spain, and has begun initial stages of mine permitting with Galician authorities.
During a recent electoral campaign, Mayor Jose Muino said he supports “future mine development” at Corcoesto, and last week he and his party were re-elected for another four year term.
In a public document called “Committed to Cabana”, Mayor Muino stated: "For the next four years the municipality will assist and support with the advancement of the Corcoesto Mining Concession.”
"This is a tremendous endorsement for future permitting and development of the Corcoesto Gold Deposit,” said George Salamis, CEO of Edgewater.
“In addition to Mayor Muino's vocal support for the project in recently held meetings, I have also recently met with the Galician Mining and Environmental Permitting Departments in Santiago de Compostela and held some very productive discussions regarding the initiation of the Corcoesto permitting process.”
The State of Galicia is an autonomous region of Spain, and thus all permits necessary to initiate mining are granted locally by the local government authorities. Recently, Galicia's government certified a 90-year mining lease for Corcoesto.
Since acquiring a 100% interest in Corcoesto in August last year, Edgewater has managed to nearly quadruple the resources at the project, which now consists of 315,000 measured and indicated ounces of gold, and 885,000 ounces of inferred gold.
The municipality of Cabana de Bergantinos, currently facing economic trouble, perceives mining at Corcoesto as an economically viable way to job creation, thereby stimulating the economy.
In the ensuing months, Edgewater plans to start a scoping study to assess an open pit mine and a conventional milling facility on-site, the company said.