VANCOUVER, Dec. 11, 2012 /CNW/ - Emerick Resources Corp. (TSX-V: ERC.H) ("Emerick" or the "Company") is pleased to announce that it has completed its reverse takeover ("RTO") of Medgold Resource Ltd. ("Medgold"), a private European-focused gold exploration company. Subject to TSX Venture Exchange acceptance, the Company's shares will trade under the name, Medgold Resources Corp.
The newly merged company will explore for major gold deposits in the Mediterranean region, focusing on countries with a known history of gold production, and mining-friendly legal/fiscal codes. The Company's project portfolio includes gold projects in Tuscany, Italy, and an extensive pipeline of projects in Portugal and Spain. The legislative environment covering mine planning and development has eased recently in the three targeted countries as a result of the on-going economic downturn in the Mediterranean region and the resulting need for investment and job creation.
The Company will be guided by a highly experienced Board of Directors made up of exploration and mining industry veterans led by Vancouver-based entrepreneur Simon Ridgway as Chairman of the Board and Chief Executive Officer. Mr. Ridgway, and the other members of the Board- Daniel James, Ralph Rushton, Jeremy Martin and David Hall -have been responsible for establishing and financing a number of successful exploration and mining companies including Fortuna Silver Mines Inc., Stratex International PLC, Northland Resources S.A. and Horizonte Minerals PLC.
Chairman Simon Ridgway said: "I am delighted to conclude the RTO of Medgold as I believe it places us in a strong position to discover and build the next generation of European gold mines, at a time when the region needs investment and job-creation. Medgold has been building an exciting project portfolio and pipeline in highly prospective regions with historic gold production. I'm confident that the technical teams that have been established in Italy, Spain and Portugal will deliver value for our new shareholders."
ON BEHALF OF THE BOARD
Ralph Rushton, Director
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "objective", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the expected benefits of the transaction, the completion of the transaction, the receipt of any regulatory approvals for the transaction and the potential of the properties are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Emerick's expectations include actual exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the filings made by Emerick with securities regulators. Although Emerick has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
SOURCE: Emerick Resources Corp.
For further information:
Investor relations: Jaclyn Ruptash, tel: 604-801-5432
Shares Issued: 52.4-million