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Emerita prepares for Spanish restrictions to ease

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TSXV:EMO
04 May 2020 15:12 (EDT)

Emerita Resources (TSXV:EMO) is preparing to ramp-up its operations in Spain, as COVID-19 cases in the country start to drop.

While Spain remains one of the European countries hit worst by the pandemic, new cases numbers are beginning to drop, and restrictions have started to ease.

Consequently, Emerita has updated its shareholders on where the company stands, as the COVID-19 situation begins to improve.

The Supreme Court of Spain has ruled in favour of Emerita after a legal dispute broke out surrounding the company’s Paymogo Project and the local government.

With a new provincial government in place that has shown support for the project, the company expects any further issues with the project to be resolved quickly once the lockdown measures subside.

David Gower, CEO of Emerita, is eager for the legal proceedings to finalise to the project can move forward.

“We look forward to the pending resolution of this title dispute. We are excited to begin the delineation of the high-grade mineralization that occurs at shallow depths on this Project and we expect the Paymogo project to be a cornerstone project for the Company’s immediate focus.

“We have held numerous meetings with investors, many of whom have indicated an interest in participating in the development of the Project when it is awarded,” he said.

In further news, Emerita has signed a letter of agreement with Western Metallica Corp. Through the agreement, Western Metallica can earn up to 55 per cent in Emerita’s Sierra Alta gold project.

In order to claim the interest Western Metallica will need to pay $50,000 in cash and issue 500,000 shares to Emerita.

Western Metallica will also need to spend $500,000 on mineral exploration of the project in the next two years and, if the terms of the agreement are met, the two companies will form a joint venture. The new funding will be put toward the site’s initial drill program.

Emerita Resources (EMO) is up 100 per cent, with shares trading for 5.5 cents at 2:20pm EDT. 

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