Edgewater Exploration (EDW.V) has announced they hired Micon International, Golder Associates and KD Engineering to complete the feasibility study at their 100% owned Corcoesto gold project in Galicia, Spain. The company terminated its agreement with Tetra Tech as lead engineering firm for the project. This move is very likely caused by the fact that Tetra Tech was unable to have the updated resource estimate ready by the end of January as they promised.
Because of these events, we have to update our timelines, and are pushing back the expected date of the resource estimate by 3.5 months to half May. We don’t expect the feasibility study to be ready before September. This makes it very doubtful the company will effectively be producing in 2014, and we thus delay our anticipated start-up date to H1 2015.
We visited the Corcoesto project again in February and will release a site visit report shortly.
Disclosure: The author holds a long position in Edgewater Exploration Ltd. We attended a site visit and all our costs were reimbursed by the company. Please see our disclaimer for current sponsor positions.