Last Sunday, the right-wing conservative Partido Popular (PP) has won the elections in Galicia, the autonomous region in Spain where Edgewater’s (EDW.V) Corcoesto Project is located.
The PP – which supports the development of the Corcoesto gold mine – obtained in excess of 45% of the votes and gains 3 seats (up to 41 seats from 38 in 2009), strengthening their position in the parliament, where they now hold almost 55% of the seats.
This is an excellent development for Edgewater Exploration, as the PP is fully supporting the development plans at the Corcoesto Project. With the mine development permit only weeks away, all pieces of the puzzle are falling into place now.
Disclosure: The author holds a long position in Edgewater Exploration Ltd. The author has visited the Corcoesto project in Spain in November 2011, and these costs have been reimbursed by the company. Please see our disclaimer for current positions.